Thai stocks seen rebouding, Banks, energy in focus
BANGKOK, May 13 (Reuters) - Thai stocks are expected to recover from a two-day falling streak on Tuesday after a rebound on Wall Street and other Asian markets, analysts said.
Banks .SETB should edge higher a day after falling to a seven-week low, and construction firms .SETCO, which dropped for a third consecutive day, could draw buyers.
"Investors are likely to buy back some battered shares like banks and other firms, except the energy sector," Siam City Securities analyst Sukit Udomsirikul.
However, selling of energy firms .SETEN should continue as rising fuel costs pressure margins in their petrochemical businesses, the analysts said, expecting resistance on the main index .SETI at 846-847 points and support at 838-840 points.
On Monday, the benchmark SET index fell 0.53 percent to 842.22 points, weighed down by selling of energy and petrochemical firms.
Click [TH/TRADING01] for cumulative trading value by investor type. ----------------------MARKET SNAPSHOT @ 0154 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 .SPX 1403.58 1.1% 15.300 USD/JPY JPY= 103.83 -0% 0.000 10-YR US TSY YLD US10YT=RR 3.7974 -- 0.000 SPOT GOLD XAU= 882.3 0.05% 0.400 US CRUDE CLc1 123.88 -0.28% -0.350 DOW JONES .DJI 12876.31 1.02% 130.43 ASIA ADRS .BKAS 163.14 0.30% 0.49 ------------------------------------------------------------- MARKET SUMMARY > Oil falls from record high on China demand worries [O/R] > Tech rally, oil's fall drive Wall St's gains
[.N] > Dollar keeps gains vs yen as stocks eyed [USD/] > Tresuries prices slip as stock rally damps safe-hav[US/] > Gold edges down as oil rally comes to halt
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STOCKS AND FACTORS TO WATCH
- PTT PCL PTT.BK
Thailand's largest energy firm is set to report a 10 percent rise in quarterly profit on Wednesday, boosted by strong gas sales and profits from its petrochemical business. [ID:nBKK222649]
- Thailand will focus on pro-growth economic policies despite a rising inflation outlook, Finance Minister Surapong Suebwonglee said. [ID:nL12709866]
- Thai firms are expected to sell 250-300 billion baht of bonds this year, up from a previous forecast of 200 billion baht, boosted by recent new issues from banks, the Thai Bond Market Association said.
- Minor International MINT.BK
The luxury hotels operator reported a 67 percent rise in first-quarter net profit to 750 million baht, beating analyst forecasts. [ID:nBKK113662]
- Thai Union Frozen TUF.BK
Asia's biggest canned tuna exporter said it expected 20 percent growth in dollar sales in 2008, up from a previous target of 12 percent, after strong quarterly sales. [ID:nBKK171445]
- C.P. ALL CPALL.BK
Thailand's biggest convenience store chain said it expected revenues and net profit for the first quarter of this year to top last year's due to improving domestic spending. [ID:nBKK237808]
- For the Thai press digest click on [ID:nBKK200461]
- 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=32.10 Baht) (Reporting by Arada Therdthammakun; Editing by Ed Cropley)
