Baht Gains as Move Forward Leads Vote, Tycoon-Linked Stocks Drop
- Baht rallies as opposition parties seen promoting growth
- Uncertainty will remain high in the near-term: MS Analysts
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The Thai baht rallied after pro-democracy parties emerged as the biggest winners in Sunday’s election, while stocks linked to some of the nation’s billionaires fell on concern that a new government will introduce more industry competition.
The currency rose as much as 0.9% against the dollar, with investors betting that a coalition government led by the Move Forward Party — the leader in the polls — will be pro-growth. The benchmark SET Index though fell 1.3%, the most since April 5, as the winner has pledged to usher in more competition in sectors such as telecom and power.