A woman holds a portrait of Thailand's late King Bhumibol Adulyadej at the Siriraj hospital in Bangkok, Thailand, October 14, 2016. REUTERS/Chaiwat Subprasom
BANGKOK: Thailand's stock market rose on Friday and the baht currency firmed as the government urged the country to remain calm after the death of revered King Bhumibol Adulyadej.
Prime Minister Prayuth Chan-ocha said government officials will mourn for one year and that Thai people have been asked not to hold festivities for the next 30 days. But he also urged businesses and individuals to keep investing.
"On the economic side, whether it's the stock market, trade, investment and business sector, please don't stop," he said.
Given a smooth transition, major disruptions are not expected, analysts and diplomats said. Banks and financial markets opened as usual on Friday, though it was declared a holiday for mourning.
"On the assumption that the succession goes smoothly, I would assume that foreign investor inflows will continue," said Andrew Bresler, director at Saxo Capital Markets based in Singapore.
Thailand's major share index rose more than 3 percent in early trade, snapping a four-day losing streak. It has been falling this month on concerns over the king's health, and is still down 4.8 percent so far in October.
The baht opened up more than 1 percent, after recently nearing three-month lows.
The king had been unwell for much of the past year and the announcement by the palace of his passing away followed two announcements made over the past week about his deteriorating health. - Reuters
Limited time offer:
Just RM5 per month.
