Thailand holds a general election on July 3 and, given the political turbulence over the past five years, foreign investors have been selling stocks this month to limit risk, offloading $682 million in the past seven sessions.
However, elections have tended to push up the stock market in the past, and the retail sector outperformed around the seven polls from 1992 to 2007.
Here is a look at shares that may win or lose this time.
WILL RETAIL, MEDIA BENEFIT?
Retail and media stocks are seen as the best plays since consumer spending should rise as political parties and state agencies spend on election campaigns.
The state planning agency is reported as saying election activities could lead to spending of up to 30 billion baht ($1 billion), higher than in the previous poll in 2007.
Top convenience store chain CP All is among the top picks in the retail sector. Its shares hit a record high on May 25 after it told Reuters it expected a strong second quarter because of election spending. .
Among other stocks singled out by analysts are motorcycle-loan provider Thitikorn Pcl and top mobile phone firm Advanced Info Service (AIS) .
Advertising spending, which rose 12 percent in April from a year before, should also post strong growth in the second quarter. This is positive for broadcasters BEC World and MCOT , cinema chain Major Cineplex and television programme producer Workpoint Entertainment .
About 1 billion baht of spending is expected to flow into the printing industry, which should benefit printer T.K.S. Technology .
WHICH COMPANIES ARE IN THE SPOTLIGHT FOR POLITICAL LINKS?
The telecoms sector is highly linked to politics because of the regulatory system, under which companies pay concession fees to state firms TOT and CAT Telecom for the right to operate.
Thailand is in the process of setting up a new telecoms regulator, now expected in the third quarter of 2011. Political turbulence and frequent changes of government have delayed reform, in particular stalling the introduction of 3G telephony.
True Corp , the country's largest integrated telecoms provider, appears to have done well under the current Democrat-led government.
After the collapse of a tender for new 3G bandwidth amid regulatory wrangling, True signed deals with CAT Telecom that effectively extended its concession by 15 years and enabled it to be the first to launch nationwide third-generation services on an existing network.
True is part of unlisted food conglomerate Charoen Pokphand Group, which is among the big donors to the Democrat Party of Prime Minister Abhisit Vejjajiva.
Former premier Thaksin Shinawatra made his fortune in the telecoms sector with Shin Corp . His family sold a controlling stake in Shin Corp to Singapore's Temasek Holdings in 2006, which triggered events that led to his ouster by the military in September of that year.
In 2010, the Supreme Court ruled Thaksin had concealed ownership of shares in Shin and tailored government policies to benefit Shin and its satellite arm Thaicom when in office.
The Shin group, including affiliates top mobile firm AIS and Thaicom, denies any connection with politics and says a recent rise in its share price reflects the performance of the two units. Even so, some investors seem to think it might benefit under a government that backs Thaksin.
Also in the spotlight is SC Asset Corp , the property arm of the Shinawatra family. Its shares hit a seven-year high in May just before its president, Yingluck Shinawatra, was selected as Puea Thai's candidate to be prime minister.
Yingluck is Thaksin's sister. Although she will cease to be the president of the company before the election, some investors feel SC Asset will benefit if she leads the next government.
Her husband is Anusorn Amornchat, president of handset distributor M-Link Asia Corp . M-Link was founded by Thaksin's other two sisters.
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