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Thai Stocks Jump Most in Five Years on Optimism for Transition

  • Baht strengthens 0.9%, heading for biggest advance in a year
  • Bonds, shares had been poised for worst week since 2013
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Thai stocks jumped the most since 2011 and the baht strengthened on prospects for a smooth transition following the death of King Bhumibol Adulyadej, the world’s longest reigning monarch.

The benchmark SET Index surged 4.6 percent to 1,477.61 at the close and the baht advanced 0.9 percent to 35.30 a dollar after gaining as much as 1.6 percent earlier. The SET lost 6.5 percent in the first three days of the week after the royal palace said Sunday the king’s condition was unstable. That brought the measure’s 12-month price-to-earnings ratio to the cheapest level since February.