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Acquittal of Thai Prime Minister Raises Confidence in Stock, Currency Markets.
Aug. 4--Investment sentiment is expected to improve sharply in the stock and currency markets next week, following yesterday's acquittal of Prime Minister Thaksin Shinawatra by the Constitutional Court.
Rumours that Mr Thaksin would be cleared of asset concealment charges had been circulating around trading rooms yesterday afternoon, helping push the Stock Exchange of Thailand index up 4.19 percent .
Shares associated with Mr Thaksin, including Thai Military Bank, Shin Corp and Advanced Info Service all posted heavy gains.
The SET index closed at 315.95 points, up 12.72, in heavy turnover worth 10.8 billion baht. Banking shares led the market, gaining 8.09 percent on the day, with communications rising 6.24 percent and finance up 7.52 percent .
Maris Tarab, managing director of ING Mutual Funds Management (Thailand), said that communications and banking shares were both expected to continue benefiting from yesterday's court ruling, which came after the close of the market.
Telecommunications stocks, led by companies within the Shin group, had been gaining ground for days on expectations that Mr Thaksin would be cleared.
Mr Maris said banking stocks were also buoyed by progress made by regulators in finalising details of the Thai Asset Management Corp.
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