Thai stock market fluctuates amid MFP leader’s shareholding controversy

[webfact]

The Move Forward Party (MFP) leader’s shareholding case prompts fluctuations in the Thai stock market. Yesterday, the Exchange Commission (EC) referred Pita Limjaroenrat’s iTV shareholding case to the Constitutional Court for resolution, sending ripples through the stock market.

 

Suspicions regarding Mr Limjaroenrat’s iTV shareholding led the EC to propose he ceases all MP duties effective immediately, pending court deliberation in the following three days. This proposal fell a day before the appointment of the new prime minister, creating a sense of unease in an already sensitive market.

 

Early fluctuations saw the Stock Exchange of Thailand (SET) index incrementally increase by 10 points to 1,507.91. This shift in the market reflects the public sentiment towards the MFP and their policies, said an anonymous analyst from KTB Securities (Thailand).

Market uncertainty finds equity related to the Pheu Thai Party and monopoly-related stocks rising in response to a potential new government headed by the Pheu Thai, should Mr Pita’s appointment fall through. Trade on the uprise included Intouch Holdings, Advanced Info Service, SC Asset, True.

However, following the positive clamour of morning trading, the SET index took an afternoon plunge to 1,488.27 points. Market sensitivities to political instability, in this case, rally protests, saw risk reduction sales throughout the afternoon trading period.

 

by Alex Morgan

Supporters of Move Forward Party hold posters during a protest in Bangkok, Thailand, Wednesday, July 12, 2023. (AP Photo/Sakchai Lalit)

 

Full story: https://thethaiger.com/news/business/thai-stock-market-fluctuates-amid-mfp-leaders-shareholding-controversy

 

-- © Copyright Thaiger 2023-07-13

 

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[save the frogs]

the markets are always fluctuating.

 

there's a million reasons why they fluctuate.