Thai stocks set to rise as oil hits 7-mth high

BANGKOK, June 10 (Reuters) - Thai shares are expected to
open higher on Wednesday, led by energy and commodity stocks
after crude oil prices CLc1 hit a seven-month high, but
profit-taking could cap gains.

Energy shares .SETEN, which carry a 40 percent weighting
on the Thai bourse, were in focus after oil jumped on data
showing a steep drop in U.S. crude inventories and a U.S.
government report revised global demand expectations higher.
[nSP387179]

By 0146 GMT, U.S. crude for July delivery CLc1 was up
1.06 percent to settle at $70.75 a barrel.

"Rising oil prices will be a theme to support sentiment
today," Chakkrit Charoenmethachai, an analyst with Far East
Securities, said.

"People will try to pick up energy and coal stocks. These
will be the two sectors I think will lead the rally," he said.

Resistance on the main index .SETI was seen at 619 and
support at 598, Chakkrit said.

On Tuesday, the benchmark SET index edged up 1.28 percent
at 607.73 points, led by a late rally in energy and bank
stocks.SETB. However, foreigners sold a net 389.66 million
baht ($11.4 million) of Thai shares.

Click [TH/TRADING01] for cumulative trading value by
investor type.
----------------------MARKET SNAPSHOT @ 0135 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 942.43 0.35% 3.290
USD/JPY JPY= 97.26 -0.14% -0.140
10-YR US TSY YLD US10YT=RR 3.8718 -- 0.010
SPOT GOLD XAU= 957.8 0.42% 4.050
US CRUDE CLc1 70.79 1.11% 0.780
DOW JONES .DJI 8763.06 -0.02% -1.43
ASIA ADRS .BKAS 112.73 0.45% 0.50
-------------------------------------------------------------
MARKET SUMMARY > US STOCKS-Texas Instruments buoys tech
stocks; Dow flat[.N] > FOREX-Dollar pauses slide, seeks clues
on US rates [USD/] > TREASURIES-Shorter bonds surge on strong
auction [US/] > Gold rises as dollar remains pressured,
ETF flat [GOL/]

STOCKS AND FACTORS TO WATCH

- Fitch Ratings (Thailand) said it gave a "A+(tha)"
national long-term rating on PTT Chemical's PTTC.BK unsecured
and unsubordinated debentures worth up to 3 billion baht.
[nWLA6218]

- Prime Minister Abhisit Vejjajiva said the worst may be
over for Thailand's economy, which he expected to grow 1-2
percent next year after contracting as much as 5 percent in
2009. [nBKK253091]

- IRPC IRPC.BK

IRPC, operator of Southeast Asia's biggest integrated
petrochemical complex, said it expected to beat analysts' 2009
profit forecasts on recovering demand and rising oil prices.
[nBKK25644]

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- For Thailand's stock exchange news click on [TH-SET]

- For Thailand corporate earnings: [TH-RES-RTRS]

- For Thailand economic forecast: [POLL-ECI-TH-RTRS]
($1=34.23 Baht)
(Reporting by Ploy Chitsomboon; Editing by Darren Schuettler)