This Is the Only Asian Stock Market That's Surging Today

(Bloomberg) -- North Korea’s ballistic missile launch has pulled almost every equity market down in Asia. But Thailand is bucking the trend -- big time.

Bangkok’s SET Index rallied as much as 1.9 percent on Tuesday, building on gains from the previous session to double its year-to-date advance just in this week. While tensions may be heating up further north, they’re cooling off in Thailand where the issuing of an arrest warrant for former Prime Minister Yingluck Shinawatra on Friday sparked fears of unrest.

Concerns over political-related violence have eased, CLSA Ltd. country head Prinn Panitchpakdi said in an interview from Bangkok. The warrant was issued after Shinawatra failed to show up to hear a verdict in a negligence case.

“Some foreign investors were really concerned that fighting might erupt after the court ruling,” he said. “Now they turn their attention on Thailand’s economic fundamentals.”