SET surges, led by Shinawatra family-related shares
BANGKOK, Dec 25
(TNA) – The Stock Exchange of Thailand’s composite index surged in Tuesday’s morning trading session, led by blue-chip stocks in banking and energy sectors and shares related to the Shinawatra family of ousted prime minister Thaksin Shinawatra.
The SET index opened higher by 8 points and stayed volatile for a while before gaining momentum to close at 832.57, up 18.97 points or 2.33 per cent, with a moderate trading value of 9.12 billion baht.
A source said stocks of all companies related to the Shinawatra family went up across the board after the People Power Party, generally known as a proxy party of the ousted prime minister, won 232 out of 480 parliamentary seats in the general election on December 23.
For instance, the stock price of SC Assets Plc (SC) surged by 1.60 baht or almost 14 per cent to 11.70 baht in the morning trading session.
Major shareholders of the company include Paethongtan and Pinthongta, children of the self-exile Thaksin, Khunying Pojaman, wife of the ex-premier, and Bannapot Damapong, brother of Khunying Pojaman.
The share price of M. Link Asia Corporation Plc (MLINK) soared by 16.4 per cent to 1.28 baht. The company is mainly owned by the Wongsawat family, which is a close relative of Mr. Thaksin.
Other stocks include Wyncoast Indusrtrial Park (WIN) up 6.84 per cent to 1.25 baht, Advanced Info Services (ADVANC) up 2.2 per cent to 93 baht, Shin Satellite (SATTEL) up 8.02 per cent to 10.10 baht, Shin Corporation (SHIN) up 3.24 per cent to 25.50 baht, and CS LoxInfo (CSL) up 1.57 per cent to 3.88 baht. (TNA) – E005
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first sign of a vote of confidence for the future of Thailand ?