Thailand's Bhumjaithai Prepares for Coalition Talks After Big Election Win

Thailand faced a realignment of conservative politics on Monday after Prime Minister Anutin Charnvirakul's Bhumjaithai Party won a stronger-than-expected general election victory, with coalition talks expected to start in the coming days.

With 94% of votes counted, Bhumjaithai was way ahead of its rivals after Sunday's vote, securing 193 of the 500 seats in Thailand's parliament, according to Reuters' calculations based on election commission data.

The election result sent Thai stocks (.SETI), up by around 3%, hitting their highest level in more than a year as the risks of further political instability receded.

The People's Party, which led some polls in the run-up to the vote, trailed on 118, with the Pheu Thai Party third with 74.

A handful of other parties won a combined 115 spots in the 500-seat parliament, according to Reuters calculations, but the final number of party list seats could change under Thailand's proportional electoral system.

Anutin called the election in December after less than 100 days in office, and has sought to capitalise on a wave of nationalism generated by Thailand's three-week conflict with Cambodia in December. He described the election result as "a victory for all Thais".

Bhumjaithai had received 30.2% of the constituency votes, with analysts saying it consolidated the conservative vote after the surge in nationalist fervour, and took a string of seats from the once dominant Pheu Thai, controlled by the billionaire Shinawatra family.