Thai shares hit 10-year high

Thai share prices closed 1.03 percent higher on Friday, reaching a fresh 10-year high after a military-appointed council approved a final draft of a new post-coup Thai constitution, dealers said. They said buying of heavy-weighted energy stocks, which have strong earning prospects, also boosted local trading in line with regional gains.
The Stock Exchange of Thailand (SET) composite index gained 8.45 points to close at 832.38 points, and the blue chip SET 50 added 7.16 points to 595.59. Gainers outnumbered losers 228 to 131 with 104 stocks unchanged on trading of 5.4 billion shares worth 29.3 billion baht (862 million dollars). The Thai baht held firm to the dollar, closing at 34.01-02 to the greenback compared to Thursday's 34.00-02. Against the euro, the Thai unit closed at 46.22-27 from 46.30-50.
"Following early opening losses, the market rose on positive sentiment after the charter was approved, considered another step ahead for Thai politics to move towards a new election," said Pongrat Ratanavaranannda, vice president of Bua Luang Securities.
The Constitution Drafting Assembly - appointed by a junta which seized power in a coup last September - on Friday approved a new constitution, which will go to a referendum next month. If passed, it will pave the way for general elections this year and a return to democracy in Thailand.
Investors also bought energy-related shares, the largest sector of the Thai bourse, on the expectation that the sector would post strong results for the rest of the year. The sector, which accounts for almost 30 percent of Thai stocks, rose 2.4 percent on Friday, Pongrat said.
Thailand's top energy firm PTT jumped 10.00 baht to 294.00, and its unit PTT Exploration and Production gained 3.00 to 119.00. The kingdom's top lender Bangkok Bank rose 1.00 to 128.00, and the third largest lender Kasikorn Bank was up 1.00 to 84.50. Thai Airways International edged down 0.25 to 44.00. The country's largest mobile phone operator Advanced Info Service lost 0.50 to 89.50.