BANGKOK, June 17 (Reuters) - Thai shares may extend their
fall on Wednesday after hitting a near two-week low a day
earlier, as weaker U.S. stocks and retreating oil prices should
mean more selling of energy and commodity shares, dealers said.
Crude oil CLc1 has dipped from recent highs, under
pressure from strength in the U.S. dollar and a return of
economic concerns.
"The market has entered a consolidation phase after
concerns that the recent rally was probably overdone," said
Therdsak Taveetheeratham, an analyst with Asia Plus Securities.
"With oil prices falling and the profit-taking we've seen
recently, the market is likely to see a correction throughout
this week," he said.
On Tuesday, the benchmark SET index shed 2.51 percent to
596.54, having earlier touched its lowest since June 4 at
593.39, dragged down by selling of energy heavyweights like PTT
PTT.BK, which fell 3.24 percent.
Foreign investors sold a net 2.16 billion baht ($63
million) of shares.
Click [TH/TRADING01] for cumulative trading value by
investor type.
----------------------MARKET SNAPSHOT @ 0122 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 911.97 -1.27% -11.750
USD/JPY JPY= 96.41 0.02% 0.020
10-YR US TSY YLD US10YT=RR 3.6744 -- 0.025
SPOT GOLD XAU= 931.8 -0.25% -2.300
US CRUDE CLc1 70.02 -0.64% -0.450
DOW JONES .DJI 8504.67 -1.25% -107.46
ASIA ADRS .BKAS 107.73 -1.89% -2.07
-------------------------------------------------------------
MARKET SUMMARY > UPDATE 10-Oil slips on dollar, U.S.
industrial data [O/R] > US STOCKS-Wall St hit by economic,
consumer jitters [.N] > FOREX-Euro rally stalls, yen tries
for higher ground[USD/] > TREASURIES-Bonds ride Wall Street
sell-off higher [US/] > Gold rises as dollar's reserve
status in focus [GOL/]
STOCKS AND FACTORS TO WATCH
- Thailand's lower house of parliament has approved the
first of two major fiscal bills authorising the government to
borrow 800 billion baht ($23.4 billion) to finance stimulus
spending and fiscal deficits. [nBKK457132]
- Aberdeen Asset Management (ADN.L) said it was taking a
positive view on emerging Asia equities including Thailand but
it was wary about the "green shoots" sprouting up in the global
economy. [nBKK363831]
- Thailand's 30 billion baht ($880 million) offer of
five-year savings bonds next month could provide a coupon as
high as 5 percent in the fifth year, a senior Finance Ministry
official said. [nBKK484271]
- 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=34.08 Baht)
(Reporting by Ploy Chitsomboon; Editing by Alan Raybould)
