Thailand’s SET Index closed at 1,292.69 points, increased 5.10 points or 0.39% with a trading value of 53.35 billion baht. The analyst stated that the Thai stock market initially climbed during the morning session amid speculation that Prime Minister Srettha Thavisin might avoid dismissal. However, the index witnessed a 15-point drop following the Court’s decision to oust the PM and dissolve the entire cabinet. Towards the end of the trading session, selective stock purchases led to a marginal increase in the index.
The analyst anticipates that the market’s performance will hinge on the timeline for appointing the new Prime Minister. A swift transition is likely to alleviate pressure on the Thai market.
Thailand’s Constitutional Court on Wednesday ousted Prime Minister Srettha Thavisin from his position due to a breach of the constitution regarding a cabinet appointment. The court determined that Srettha had significantly violated ethical regulations due to his appointment of a lawyer with a controversial past to his cabinet.
The Constitutional Court voted 5 to 4 to oust the Thai PM from his duty.
Srettha’s swift removal from power has necessitated parliament to gather and select a new premier, while Deputy Prime Minister Phumtham Wechayachai is anticipated to assume the role of caretaker Prime Minister.
