The iShares MSCI Thailand Capped ETF (NYSEArca: THD) has been a stellar performer among emerging markets single-country exchange traded funds, surging more than 33% over the past year. THD is extending that ebullience to start 2017 with a January gain of 3.6% and some market observers believe Thai stocks can continue climbing.

While some observers may believe Thailand is still rife with political volatility, especially after the military took control last year, Thailand’s economy and incomes have historically expanded faster and remained more stable under the three times the military led government, compared to the nine civilian ones.

Thai stocks could also be supported by the country’s Social Security Office’s bid to up its equity positions while trimming its holdings of sovereign debt. “The fund has overweight holdings on commerce, telecommunication and health-care companies as they’re less affected by energy prices and slower global growth,” according to Bloomberg.

Two years ago, the Thai parliament voted to impeach former Prime Minister Yingluck Shinawatra and moved forward with criminal charges against Shinawatra for her role in a rice price-fixing scandal.

Thailand’s economy and incomes have historically expanded faster and remained more stable under the three times the military led government, compared to the nine civilian ones.

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