Thai Stocks, Currency Gain After Court Suspends Prime Minister
Thai stocks and the baht gained Tuesday as the Constitutional Court's move to suspend Prime Minister Paetongtarn Shinawatra from her duties sparked optimism that the ongoing political tensions in the Southeast Asia nation would subside.
In a blow to her less-than one-year old government, the court temporarily suspended Paetongtarn's powers as it considers a petition from a group of senators seeking to oust her. The petitioners allege that the comments she made criticizing a Thai army commander during a call with former Cambodian leader Hun Sen (a recording of which was leaked to the media) violates ethical standards that could disqualify her as Prime Minister.
Paetongtarn—the youngest daughter of influential former premier Thaksin Shinawatra—has resisted calls for her to resign over the politically sensitive leaked phone call, in which she criticized the Thai army's role in a border standoff with Cambodia. The issue has triggered widespread public anger with thousands mounting street protests in Bangkok over the weekend.
'Previously, the market was unnerved by fears of potential violence or even military intervention,' said Piriyapon Kongvanich, investment strategist at Bualuang Securities in Bangkok. 'The court's decision defused those fears and the market reacted positively.'
The benchmark Thai stock index rose 1.4% to 1,104.58 as of 4:30 pm in Bangkok. The Thai baht gained 0.3% against the greenback.
Thai stocks are also rebounding after slumping more than 20% this year amid concerns over a deteriorating economic outlook and escalating domestic political tensions.
'The current valuation is considered a bargain and some investors just took this opportunity to enter the market,' said Wijit Arayapisit, strategist at Bangkok-based Liberator Securities.
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Litafik, Lexington, Republican strategist: Morris' path to victory relies on two ingredients: a Trump endorsement and mega-money, in that order. Morris has to have President Trump's endorsement and the president's deep involvement in his campaign combined with the ability to self-finance to a degree his rivals cannot match in order to win the race. Tres Watson, Lexington, former Republican Party of Kentucky spokesperson: Nate needs to roll in South Louisville/Bullitt County area where he is from and where there are a lot of new Republicans who switched parties due to Trump. He also needs to over perform in Northern Kentucky — where there are strong pockets of anti-McConnell Republicans — and Lexington. With a little under 25% of the primary vote coming from Jefferson County and over 30% coming from the Louisville media market, he and his deep pocketed allies need to dominate that (market) to be able to win as Cameron and Barr's more traditional campaigns will play better in other parts of the state. Bill Bartleman, Paducah, Republican McCracken county commissioner: He has to answer the questions: who is Morris, (and) what does he bring to the table that will help my region of the state? All of the candidates need to tell why voters should vote for them, and not tell them why they should not vote for the other guys. Tyler Syck, Pikeville, political science professor at the University of Pikeville: Morris lacks the name recognition and institutional support of Barr's candidacy but as Rand Paul's triumph over Trey Grayson proved, outsiders can win in Kentucky if they play the right game. Without the backing of party heavyweights the best path for Morris is to become the populist standard bearer. To do this, he must convince voters that he is a Washington outsider with a Trump-like ability to fight the establishment. Mike Harmon, Danville, former Kentucky auditor: Certainly, Nate has the narrower path but not an impossible path. Cameron has better statewide recognition, while Barr is strong in the 6th District and with fundraising. Morris' best path would be to focus on the low turnout voters and motivate them to go to the polls for him. Andrew Cooperrider, Nicholasville, Republican media figure and former candidate: Morris needs to focus on Northern Kentucky and rural areas. He may be able to chip away at Barr's support in Lexington, but I think these other areas are more wide open and an area that Nate's anti-establishment positioning has greater appeal to. Watson: I think 2026 is the year we will see the Don Jr./JD Vance alliance carve out some independence from the patriarch and this race is prime to be ground zero for that. I have a hard time seeing Trump endorsing against Barr, as strong an ally as he's been the past few years but that doesn't mean Vance and Don Jr. won't go their own way and endorse Morris over Barr and Cameron. Teri Carter, Lawrenceburg, progressive writer and activist: Based on the number of times Morris said 'your father' in his announcement with Don Jr., he could totally get the endorsement. Trump loves a suck up. Jazmin Smith, Louisville, co-host of Kentucky Democratic show 'My Old Kentucky Podcast': I don't think Trump will endorse Daniel Cameron again. He doesn't like losers, and Cameron lost to (Democratic Gov. Andy) Beshear handily for the governorship. The whispers seem to be that he'll endorse Morris, which would be a blow to Andy Barr who has been very supportive of Trump's agenda in Congress. D. Stephen Voss, Lexington, political science professor at the University of Kentucky: Trump's endorsement matters in Republican primaries, especially for politicians with limited name recognition. Morris needs that Trump endorsement. But Trump doesn't matter as much as election commentators seem to think. Trump looks more influential than he actually is because he and his advisors hand out endorsements strategically. They tend not to endorse likely losers. Winning Trump's endorsement shouldn't be a slam dunk in a high-profile Senate race. Bartleman: I don't think Trump will endorse because of his ties to Andy and Daniel. It won't be a factor unless one of the candidates tries to separate himself from Trump's agenda. Cooperrider: Considering McConnell really hasn't defended his recent actions and that his approval with Kentucky Republicans is pretty awful, I don't see a way that it could possibly backfire. It certainly creates a point of contrast between himself and the others in the race that would almost certainly benefit him. Bartleman: It will backfire. Mitch isn't on the ballot. Even those who don't like Mitch know he's done a lot for Kentucky. I think Daniel's trashing of Mitch when he announced was a mistake. Voters realize Daniel's past success is because of support from Mitch. It won't help Morris. Carter: In addition to calling McConnell 'scum,' he also said McConnell — a man Kentuckians have elected to the Senate for almost as long as Morris has been alive — 'completely pulled his pants down for President Biden' when negotiating. Talking like he's in a strip club will backfire. Watson: It's a mixed bag and it depends on how he does it. I think it's off to a rough start. Kentucky GOP voters do have long memories and even if they don't like things he's done recently, they know what Sen. McConnell has done for the state, nation and party during his time in office. That said, there is frustration with the senator, the last year or so for sure, but it's been growing over time. Smith: I think it might actually resonate. Kentuckians don't love Mitch McConnell, even average Republicans. They just never had another competitive choice. McConnell has spent years talking down to his constituents — i.e. recent Medicaid comments — and I think voters would be interested in hearing a different message. Litafik: McConnell is deeply unpopular with the party's grassroots, but kicking an elder politician on his way out the door alone is not sufficient. Morris can register his disagreements with McConnell, but he has to introduce himself to Kentucky Republicans and make the case as to why he is a better choice than Barr or Cameron to be the party's nominee. Voss: The state is full of political activists who appreciate the role McConnell played building the state GOP, including the role his organization played in helping launch many of their careers. Trashing McConnell might play well with disgruntled portions of the Republican electorate, but it can alienate the sort of smart folks needed to mount an effective statewide campaign. Harmon: Help people caught in the Medicaid trap. Make too much, lose your health coverage. Not a one-payer system, but Morris might advocate changes to Medicaid to allow people who choose to pay an actuarially sound percentage of their income above poverty to maintain benefits and avoid the cliff. Rebecca Blankenship, Lexington, former Kentucky Democratic Party state committeewoman, Kentucky's first openly transgender elected official: Nate needs to focus on good jobs and health care. Trump got more votes in 2024 because he promised to help poor and working people. But the 'Big Ugly Bill' is going to kick 200,000 Kentuckians off Medicaid. It's going to fire Kentucky doctors and nurses, slash Kentucky students' financial aid, and end Kentucky job programs, all just to give away $5 trillion in tax cuts to big companies and rich people. Litafik: Nate Morris has to occupy the lane of being a political outsider and successful businessman running against two lawyers and career politicians. He has to connect with voters and communicate in an easily understood way that draws a contrast from the other two candidates. Bartleman: The path to victory for any candidate is to tell voters their plans to deal with issues that directly affect Kentucky. All of the Republican candidates will agree on most, if not all, of the conservative social issues and they will agree on most, if not all, of Trump's agenda. In western Kentucky, the issues are development of the nuclear industry at the former uranium enrichment plant in McCracken County and support to enhance industrial development related to the river transportation industry. Become familiar with and support industrial development unique to each region. Watson: Elections are about the future. McConnell will be gone next year and Trump two years after that. Attacking McConnell and promoting Trump will only get you so far. No one knows Nate or what he stands for so he's going to have to mix some ideas in with the vitriol. People forget, even as blustery as Trump his, he brought policy ideas and platforms with him. Litafik: Morris should not rely solely on slick ads and DC consultants — he should get out in rural communities and put in the shoe leather to meet grassroots Republicans and get a feel for what is on their minds. Blankenship: If there's a lesson for Nate Morris from Kelly Craft's failed run, it's that a billionaire can't win a Republican primary with only culture war junk. People want the government to address their real people issues. Voss: As a dark-horse candidate, Morris faces a difficult dilemma. He needs to get lots of attention fast, but all of the easiest ways to gain attention scare off or alienate voters rather than attracting them. Few outsiders can thread that needle by getting widespread attention in a positive way. Morris needs to avoid grabbing headlines at the expense of winning votes. Watson: His defense of tariffs may play with the union world he grew up in right now, but I don't think I'd hitch my wagon too hard to them. Kentucky is one of the states with the highest negative exposure to economic damage from tariffs and the election is a long way away. Cooperrider: Stay out of the Massie/Rand/Trump disagreements as much as possible. When you are running your own election, you never want to get drawn into the politics of someone else's election or disagreements. Watson: A smart man once said, 'the answer to all your questions is money,' and Nate will have plenty behind him. Smith: Money, a potential Trump endorsement and not already being an entrenched elected official. Carter: Like the 1973 O'Jays song says: 'Money, money, money, money … money.' Cooperrider: He doesn't have a voting record that he has to run away from. Litafik: Deep pockets. Cooperrider: He is largely undefined at this point. If he allows the other campaigns to define him in a negative way early on, it can be hard to recast yourself in the voter's mind. Bartleman: 'Nate who?' Smith: His biggest disadvantage is name recognition. Without help from other Republicans, I don't think people will know who he is. Watson: He has a business past that stands in opposition to many of his political positions. That is understandable, the corporate world is different, but he has no vote history or political past to be able to say 'this is who Nate Morris the politician is' versus 'this is who Nate Morris the CEO trying to make his shareholders money is.' Carter: In his Don Jr. interview, Morris said he's running because he's 'not a politician' and therefore not beholden to to anyone except the people, then he immediately pivoted to, 'I'm so proud to stand with your father [President Trump, currently a politician] to make this announcement.' Sounds pretty beholden, like a politician. Voss: Almost no one has heard of Morris. The Senate nomination race currently is a two-candidate contest, Barr versus Cameron. Becoming a viable third choice is always an uphill climb. My sense is that Morris needs to go all-in on scoring a Trump endorsement.
