Court outcome lifts SET
- Published: 13 Jul 2012 at 16.59
- Online news:
Thai stocks ended the week on a strong note as investors expressed satisfaction with the ruling by the Constitution Court in an anxiously watched case.
The SET index rose 17.16 points, with most of the gains coming in the afternoon, to close on Friday at 1,210.29, its highest close since May 8 and an increase of 0.9% from the previous week. Trading turnover was thin at 24.9 billion baht, with 3.26 billion shares traded.Apisit Limthamrongkul, research manager at Kiatnakin Securities, said market sentiment was upbeat after the Constitution Court dismissed the five petitions against the government's charter amendment bill, saying there was no evidence to prove the alleged intention to topple the constitutional monarchy and democratic administration.He said investors were encouraged that the threat of political violence had eased, and also by gains in European stock markets, and hopes that China would launch new stimulus measures to improve slowing growth.Trade was led by stocks in the telecommunications and banking sectors, on speculation that both would report good second-quarter results.Foreign investors were net sellers on Friday of 1.12 billion baht in Thai stocks. Institutional investors were net buyers of 909.7 million, brokers 178 million and local retail investors 34 million. Among major movers on Friday were tourism-related companies: Airports of Thailand (AOT) rose 3.1% to 66.50 baht, its highest close since November 2006. Asia Aviation (AAV), the parent of the budget carrier Thai AirAsia, gained 2.3% to 3.64 baht. Thai Airways International rose 1.5% to 20.90 baht, the most since June 15.AoT data showed that passenger traffic through Suvarnabhumi Airport in June jumped 15% from a year earlier to 4.03 million.Shares of PTT Plc, the country's biggest company, gained 1.5% to 334 baht, as global crude prices moved up.The SET50...
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