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Stocks of Wongsawat family's firms jump

Wyncoast Industrial Park Plc and MLink Asia Corp Plc stocks, politically connected to Somchai Wongsawat, the acting prime minister, jumped significantly on speculation that he would become Thailand's next prime minister.

MLink stock prices jumped 21.48 per cent at the end of the first trading session to close at Bt1.64, while Wyncoast stock rose dramatically by around 40 per cent to Bt0.99.

The two stocks enjoy strong price surge although the general sentiment of the stock market is depressed by the financial sector turmoil in the US surrounding the collapse of Lehman Brothers.

Wongsawat family has earlier sold out Wyncoast stocks but many still believed the stock is related to the family. The family still has majority stake in MLink.

 People Power Party agreed on Monday to nominate Somchai, brotherinlaw of ousted Thaksin Shinawatra as prime minister and husband of Yaowapha Wongsawat. 

Meanwhile despite lifting of the emergency decree, otherThai stocks fell significantly during the morning trading session as global stock markets lose amid news that Lehman Brothers Holdings has filed for bankruptcy.

Thai SET Composite index fell 1.22 per cent to 646.35 as of 12.19 pm, while Thai baht surged over the emergency decree lift.

The fourthlargest US investment bank Lehman Brothers Holdings Inc said today it would file for bankruptcy after Barclays Plc and Bank of America Corp abandoned talks to buy the crippled firm and the US government said it won't bail out the investment bank.

The US Treasury and the Federal Reserve have struggled for three days to prevent the investment bank from failing before markets open on Monday.

The Thai baht rose from its lowest level in more than a year by 0.3 per cent to Bt34.55 a dollar as of 1 am after the government yesterday lifted an emergency decree in Bangkok before this week's vote to choose a new prime minister.



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