BANGKOK, Oct 19 (Reuters) - Thai stocks look set to move
higher at the start on Monday, extending Friday's 3.5 percent
gain with investors seen snapping up battered big-cap shares
hit by last week's selloff, analysts said.
However, disappointing corporate results in the United
States could weigh on sentiment, they said.
The benchmark SET index .SETI recovered to 717.12 on
Friday, after sinking 7.2 percent last Wednesday and Thursday
to a six-week low on concerns over the health of Thailand's
81-year-old king.
Sentiment improved after the government and the Securities
and Exchange Commission announced plans to take legal action
against people found responsible for rumours that triggered a
plunge of Thai stocks last week. [ID:nBKK32280]
"The market should move up, supported by higher oil prices,
and investors' concerns about last week's rumours should ease,"
said Therdsak Taveeteeratham, an analyst at Asia Plus
Securities.
Banks .SETB, due to announce results by Wednesday, should
be in focus. Overall, most Thai banks are expected to report
weaker profits in the third quarter, hit by soft loan growth
momentum and falling net interest margins.
But their performances should improve from the previous
quarter thanks to rising margins and better asset quality.
Resistance on the main index .SETI is expected at 730 and
support at 700, analysts said.
Click [TH/TRADING01] for cumulative trading value by
investor type. ----------------------MARKET SNAPSHOT @ 0112 GMT
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INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1026.13 1.86% 18.760
USD/JPY JPY= 94.63 0.26% 0.250
10-YR US TSY YLD US10YT=RR 3.5799 -- 0.011
SPOT GOLD XAU= 953 0.04% 0.350
US CRUDE CLc1 74.27 0.51% 0.390
DOW JONES .DJI 9505.96 1.67% 155.91
ASIA ADRS .BKAS 120.80 0.23% 0.28
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MARKET SUMMARY > NYMEX-Oil rises for eighth session, tops $79
[O/R] > US STOCK-Wall St hit by Bank of America, GE
results [.N] > FOREX-Yen near 3-week lows on USD,
high-yielders dip [USD/] > TREASURIES-Bonds gain as stock
fall, consumer mood sours[US/] > PRECIOUS-Gold steady, remains
above $1,050 [GOL/]
STOCKS AND FACTORS TO WATCH
- Kasikornbank (KBAN.BK)
Thailand's fourth-largest lender reported a 3 percent drop
in quarterly net profit, in line with market expectations and
dragged down by rising operating costs and a contraction in
loan growth. [ID:nBAK002898]
- Kiatnakin Bank KK.BK
The country's thrid largest said it made a net profit of
743 million baht in the third quarter of this year, up 10
percent from a year earlier and beating analysts forecast.
[ID:nBKK148078]
- Bank of Ayudhya BAY.BK
Thailand's fifth largest lender, 33 percent owned by a unit
of General Electric Co (GE.N), is looking for more acquisitions
to boost consumer loans to half its loan portfolio in 2010, its
chief said. [ID:nBKK339495]
- Kim Eng Securities KEST.BK
Earnings at Thailand's largest brokerage should rise this
year and next as swelling stock market turnover boosts
brokerage commissions, its chief executive said.
[ID:nBKK152549]
- Thailand's exports likely fell in September from a year
earlier but at a slower double-digit pace than August as demand
improved, but weak imports point to soft consumption and
investment, a Reuters poll shows. [ID:nBKK340277]
- 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=33.40 Baht)
(Reporting by Arada Kultawanich; Editing by Jason Szep)
