Thai stocks rose briefly while the Thai baht gave up early gains after momentarily touching a three-month high on Monday. Investors are awaiting more tangible outcomes of Sunday’s general election, after preliminary results showed the country’s pro-democracy parties secured a strong majority.

It remains to be seen which parties will eventually form the new Thai government as a coalition is needed since both opposition parties don’t have enough votes to form a new government.

A calculation by Reuters based on data from the country’ Election Commission suggests the anti-military Move Forward party, led by Thai businessman Pita Limjaroenrat, would win the most seats, followed by the Pheu Thai party.

If confirmed, this would represent a resounding rejection of pro-military parties led by former prime minister Prayut Chan-o-cha, ending nine years of pro-military rule.

Official certification of the results are expected to be finalized within 60 days after the polls close.

The Set Composite Index briefly traded 0.3% higher at the open on Monday before paring gains and was last trading 0.2% lower.

The Thai baht