opinion polls during the campaign. Its candidates for prime minister included Srettha Thavisin, who was CEO of property developer Sansiri Pcl , which fell nearly 10%, compared with a decline of 1% in the overall market .
Another Pheu Thai candidate, the daughter of former premier Thaksin Shinawatra, Paetongtarn Shinawatra, is the largest shareholder in another property developer, SC Asset Pcl , which saw prices fall 7%.
Pheu Thai and its previous incarnations had won every election since 2001. But its performance on Sunday was "below expectations", said Gun Hathaisattha, an equity strategist at CGS-CIMB Securities, and as a result shares of SIRI and SC "received quite a lot of damage". The liberal Move Forward, which won the most and even won in traditional Pheu Thai strongholds, has among its policy promises said it would curb electricity prices and dismantle monopolies. Energy companies, Gulf Energy Development Pcl , fell 7.6% and Global Power Synergy Pcl fell 4%.
Some analysts, however, suggested that the market may have over-sold energy company shares.
"The market is misreading this because subsidies are paid to
companies. They can't just force them to reduce tariffs
unilaterally since it would violate power purchasing
agreements," said M Corp Review analyst Athaporn Arayasantiparb.
The leader of the Move Forward party said he had invited
five other opposition parties, including Pheu Thai, to form an
alliance, and he was ready to be prime minister.
(Reporting by Chayut Setboonsarng, additional reporting by Rae
Wee; Editing by Robert Birsel)
