SET jumps 2.4% to 1,598.33

Thai stocks jumped 2.4% on Friday in response to local political factors and global investor enthusiasm for the stimulus plan announced by the European Central Bank (ECB).

The Stock Exchange of Thailand Index rose 37.99 points from Thursday to close at 1,598.33, an increase of 5.3% from the previous Friday's close of 1,517.74. Turnover was heavy at 70 billion baht, with 14.4 billion shares traded.

With local investors focusing on the impeachment of former premier Yingluck Shinawatra, the SET jumped even higher in late trading. The gains reflected relief that no incidents took place following the vote against Ms Yingluck.

The strong finish to the week has left the local market up 6.4% from the end of 2014.

Foreign investors were net buyers on Friday of 3.28 billion baht worth of Thai shares, helping to reduce their net sales for the month to 13.75 billion baht.

Local institutions were net buyers of 5.14 billion baht and brokers bought 708.3 million. Individual investors were net sellers of 9.13 billion baht. 

Global stocks zoomed higher on Friday, energised by the bolder-than-expected stimulus plan announced on Thursday by the ECB.

France's CAC 40 jumped 1.2% in early trade in Europe, Germany's DAX rose 1.3% and Britain's FTSE 100 added 0.6%. Wall Street was also poised to rise with Dow futures up 0.3% and S&P 500 futures up 0.2% ahead of the opening.

The ECB has announced that starting in March, it will buy 60 billion euros worth of government and corporate bonds each month at least through September 2016. The 1.1-trillion-euro programme was seen as an emphatic signal of the ECB's willingness to do all it could to rejuvenate the economy of the 19-country currency alliance.

In Asia, Japan's Nikkei 225 rose 1.1% to close at 17,511.75 and Hong Kong's Hang Seng added 1.3% to 24,850.45. South Korea's Kospi gained 0.8% to 1,936.09. Australia's S&P/ASX 200 jumped 1.5% to 5,501.80. Markets in Taiwan, India and Southeast Asia also rose.

In Bangkok, the SET50 index of blue chips ended at 1,073.00 points, up 33.88, on turnover of 35.94 billion baht, and the SET100 rose 69.16 points to 2,371.13 in trade worth 48.01 billion. The SETHD index of high-dividend shares rose 24.12 points to 1,198.39, with turnover of 17.63 billion baht. The Market for Alternative Investment gained 0.71 to 753.41 points, with transaction value of 4.99 billion baht.

In the currency markets, the baht was trading late Friday in Bangkok at 32.62/64 to the dollar, compared with 32.58/60 on Thursday and 32.62/64 a week earlier.