Thai stocks seen lower as investors take profits

BANGKOK, June 4 (Reuters) - Thai shares are expected to
open lower on Thursday, weighed down by easing oil prices and
profit taking after the index touched an 8-month high a day
earlier, analysts said.

"We will see more profit-taking. When you see other bourses
fall along with easing oil prices, our market should react
pretty much the same way," Ronnakit said.

"Foreign investors may have bought quite a bit yesterday,
but we don't know how long that trend will past," he said.

Foreigners bought a net 3.99 billion baht ($117 million) of
Thai shares on Wednesday, and have purchased a net 13.5 billion
baht so far this year.

Resistance on the main index .SETI was expected at 585
and support at 575, Ronnakit said.

On Wednesday, the benchmark SET index shot up 1.38 percent
at 582.25, led by a 4.3 percent rally of shipper Thoresen Thai
Agencies TTA.BK thanks to rising global freight rates.

Click [TH/TRADING01] for cumulative trading value by
investor type.
----------------------MARKET SNAPSHOT @ 0137 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 931.76 -1.37% -12.980
USD/JPY JPY= 96.26 0.38% 0.360
10-YR US TSY YLD US10YT=RR 3.557 -- 0.021
SPOT GOLD XAU= 967.6 0.57% 5.450
US CRUDE CLc1 66.22 0.15% 0.100
DOW JONES .DJI 8675.28 -0.75% -65.59
ASIA ADRS .BKAS 110.87 -2.74% -3.12
-------------------------------------------------------------
MARKET SUMMARY > Oil drops 3 pct on US inventory rise, dollar
gains [O/R] > US STOCKS-Wall St dives on falling oil,
recovery worry [.N] > FOREX-Dollar mostly holds ground after
jump from '09 lows[USD/] > TREASURIES-Bonds gain as weaker
stocks, data boost bids [US/] > PRECIOUS-Gold drops as dollar
rallies;outlook weak [GOL/]

STOCKS AND FACTORS TO WATCH

- Thailand's central bank intervened to slow the baht's
rise on Wednesday, and said it would act again to curb the
currency's volatility. [nBKK237129]

- Thailand's Constitutional Court upheld the use of an
executive decree empowering the government to borrow 400
billion baht ($11.7 billion) from domestic banks to boost the
country's ailing economy. [nBKK487728]

- Central Pattana CPN.BK, top department store operator,
said it expected 2009 revenues to grow more than 25 percent,
higher than analysts' forecasts, after new store openings this
year. [nBKK500063]

- For the Thai press digest click on [PRESS/TH]

- For Thailand's IPO diary click on <TH/IPOMENU>

- 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=34.00 Baht)
(Reporting by Ploy Chitsomboon; Editing by Darren Schuettler)