BANGKOK, May 13 (Reuters) - Thai stocks are likely to take
a pause from their recent rally on Wednesday now the index has
entered overbought terrain and foreign fund flows have slowed,
with signs of institutional selling emerging, dealers said.
"We should probably see consolidation in today's market
after the index rose quite a bit over the past week," said
Chakkrit Charoenmethachai, a senior analyst with Far East
Securities.
"The upside will be capped as we have started to see some
selling by domestic institutions in particular, while fund
flows also started to ease," he said, expecting support on the
main index .SETI at 530 and 527 and resistance at 540 and
550.
On Tuesday, the index closed up 1.75 percent at 544.54,
extending gains into a seventh straight session, led by buying
of energy shares such as PTT Aromatics PTTAR.BK, which surged
11 percent.
Market turnover was heavy at 24.2 billion baht ($700
million) but with foreign investors selling a net 575.7 million
baht.
Among the shares to watch is Land & Houses LH.BK, the
country's biggest house builder, which reported a 4.9 percent
fall in first-quarter earnings as the bearish economic outlook
and recent political instability deterred home buyers.
[nBKK000764]
Click [TH/TRADING01] for cumulative trading value by
investor type.
----------------------MARKET SNAPSHOT @ 0158 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 908.35 -0.1% -0.890
USD/JPY JPY= 96.18 -0.18% -0.160
10-YR US TSY YLD US10YT=RR 3.1911 -- 0.013
SPOT GOLD XAU= 925.4 0.39% 3.550
US CRUDE CLc1 59.58 1.24% 0.730
DOW JONES .DJI 8469.11 0.60% 50.34
ASIA ADRS .BKAS 107.77 0.07% 0.08
-------------------------------------------------------------
MARKET SUMMARY > UPDATE 9-Oil hits 6-month high on economic
recovery bets [O/R] > Pfizer, Coke lift Dow, but Nasdaq off;
Intel up late [.N] > FOREX-Dollar retreats broadly, hits
4-month low [USD/] > TREASURIES-Holding firm on supply
relief [US/] > PRECIOUS-Gold rises 1 pct on weak
dollar, US trade gap [GOL/]
STOCKS AND FACTORS TO WATCH
- Citigroup has raised its target price for Preuksa Real
Estate PS.BK to 6 baht per share from 3 baht, citing its
better outlook. [nBKK464323]
- Samart Corp SAMA.BK
Telecoms group Samart is confident of hitting its revenue
growth target of 30 percent this year due to strong growth in
its information and communications technology (ICT) business.
[nBKK465312]
- 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=34.55 Baht)
(Reporting by Ploy Chitsomboon; Editing by Alan Raybould)
