Thailand’s parliament will convene for the first time after the May election, kicking off the process of government formation by a coalition of pro-democracy parties seeking to end almost a decade of military-backed and pro-royalist rule.

The new members of the 500-member House of Representatives will gather at the parliament at 5 p.m. in Bangkok on Monday. King Maha Vajiralongkorn will address the gathering that will also be attended by the members of the military-appointed Senate and other dignitaries, according to officials.

The lower chamber is scheduled to elect the Speaker and two deputies on July 4, with Move Forward leader Pita Limjaroenrat saying on Sunday that his party will reach an agreement on the House leadership with Pheu Thai before the vote. Pheu Thai, the party linked to Thaksin Shinawatra, had publicly expressed its aspiration for the Speaker post.

The Speaker will set the date for the prime minister election. The appointment is counted on to end the standstill in Thailand’s government formation that has unnerved markets and prompted foreign funds to dump the nation’s stocks and bonds since the May 14 polls. Once set, a joint voting of pro-democracy controlled House and 250 senators installed by the military will prove a moment of truth for Harvard-educated Pita whose bid for the top job remains uncertain.

Although Pita’s coalition has the support of about 312 lawmakers, it’s still short of the 376 votes needed to ensure his win in a joint sitting.

While Pita and his party have said they are confident of winning the premier vote, the support of the upper chamber remains in doubt with most of the senators opposing his bid as he has stuck to a campaign pledge to seek amendments to Article 112 of the criminal code. That law punishes criticism of the king and other top royals by up to 15 years in prison.

The 42-year-old Pita is also facing a probe by the election body that may lead to his disqualification.

Thailand’s benchmark stock index is the worst performer in Asia this year with foreign investors offloading a net $3.1 billion since the end of 2022, the most among Asia’s emerging markets. The baht is the second-biggest loser in Southeast Asia since the May vote.

Most businesses have temporarily frozen new investment decisions until clearer directions from the new government emerge and as exports remain weak, Kriengkrai Thiennukul, chairman of the the Federation of Thai Industries, said last month.

The May polls saw a defeat of military-backed, pro-royalist establishment in a country that has seen at least a dozen successful coups since 1932, when a revolution ended centuries of absolute monarchy. Prayuth Chan-Ocha, a former military chief has ruled Southeast Asia’s second largest economy since he seized power in a coup in 2014.

--With assistance from Philip J. Heijmans.