Thai stocks rallied past a sentimental mark of 600 last week amplifies hope of recovery in many sectors.

The market gained 10.97 point on Friday to 604.57, up 2.6%, in line with the regional and global markets.

Foreign investors were heavy net buyer of 2.1 billion baht for first time in weeks, merely fewer than local retail investors’ of 2.84 billion baht while institutional investors netted 715 million.

Analysts forecast the index will get past 700 points this year and 1000 points by the next year.

However, profit-taking could push the index down 10% to 15% in short run while crude oil price rebound helped boosted the energy stocks.

In the meantime, the Bank of Thailand remarked that the market recovery remains heavily dependent on direct foreign capital inflows and political stability.

The central bank said it recently intervene into the currency market by buying the U.S. dollar to curb baht strong.

Thai currency was traded at 34.18/22 baht against the U.S. dollar on Friday.

The Stock Exchange of Thailand last week said it is investigating transactions involved in shares of Thai Industrial & Engineering Service Plc (TIES) after prices fluctuation patterns found largely deviating.