Thai bourse rebounds as Move Forward Party forms coalition government

The Stock Exchange of Thailand (SET) made a positive comeback yesterday, following three days of decline in the aftermath of Sunday’s election. The victorious Move Forward Party (MFP) revealed their plan to form a coalition government with 313 members of parliament. Encouraged by the easing of political concerns and the MFP’s prospects of forming a government, local investors responded positively.

The SET index was also boosted by a regional rally among Asian markets, influenced by overnight gains on Wall Street, as concerns regarding a US debt default subsided. Analysts anticipate that US President Joe Biden and House Speaker Kevin McCarthy will reach an agreement on extending the debt ceiling by Sunday.

Pita Limjaroenrat, leader of the MFP, sought to reassure Thai voters, investors, and markets yesterday about the coalition’s ability to form…