Thailand has got its first ever female prime minister as the nation's parliament has selected Yingluck Shinawatra, the sister of toppled former premier Thaksin Shinawatra, to take over the charge.

However, the nation's king Bhumibol Adulyadej has to proclaim Shinawatra before she officially takes the office. After gets announced by the king, she will be the 28th prime minister in Thai history, CNN reported.

Shinawatra, 44, got the majority of supports winning 296 votes in the 500-member parliament. Shinawatra-led Pheu Thai party won a majority in the July 3 vote.

Shinawatra, who is due to name a cabinet, which must present its policies for a confidence vote 15 days after taking office, said earlier that she wanted to develop people's economic situations.

"There is a lot more hard work to do in the future for the well-being of our sisters and brothers, the people of Thailand," she said last month.

Shinawatra's clear victory has boosted the stock up. As per the data compiled by Bloomberg, investors bought 46.3 billion baht of Thai stocks in the past month. In the month before the votes, investors pulled pulled a net 26.9 billion baht out of Thai stocks. After Mongolia, SET Index is the second best performer with a gain of 4.6 percent so far this quarter.

Prior to entering politics, Shinawatra held senior positions at Advanced Info Service Pcl, the mobile-phone company. The company, founded by her brother Thaksin, became Tailand's biggest and is now owned by his children.

Shinawatra holds a master's degree in public administration from Kentucky State University in the U.S.