Thai stocks seen up, CP Foods, oil firms in focus
BANGKOK, May 20 (Reuters) - Thai stocks are expected to extend gains on Tuesday, boosted by foreign fund inflows and energy companies as oil prices continue to rise, dealers said.
"Foreign investors should continue to snap up banks .SETB and oil firms .SETEN. It isn't about more positive views on our market, but this arrival should be speculation," a dealer at BT Securities said.
Resistance on the main index .SETI was likely at 875-880 points and support at 862-865 points, analysts said.
The Bank of Thailand's Monetary Policy Committee meets to review policy rates on Wednesday. It is likely to keep interest rates unchanged at 3.25 percent. Click on [ID:nBKK52886] for a Reuters poll.
On Friday, the benchmark SET index closed up 1.72 percent to a six-month closing high of 870.33 points, boosted by foreign buyings in energy firms .SETEN and bank .SETB. Click [TH/TRADING01] for cumulative trading value by investor type.
The stock market was closed on Monday for a public holiday. ----------------------MARKET SNAPSHOT @ 0146 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 .SPX 1426.63 0.09% 1.280 USD/JPY JPY= 104.15 -0.14% -0.150 10-YR US TSY YLD US10YT=RR 3.837 -- 0.004 SPOT GOLD XAU= 904.95 0.11% 1.000 US CRUDE CLc1 127.32 0.21% 0.270 DOW JONES .DJI 13028.16 0.32% 41.36 ASIA ADRS .BKAS 169.17 -0.01% -0.02 ------------------------------------------------------------- MARKET SUMMARY > Oil rises past $127, OPEC says no need for hike [O/R] > Energy shares boost Dow, S&P 500 in light volume [.N] > Dollar steadies as German data eyed [USD/] > Bonds climb as tech shares hobble stocks [US/] > Gold ends up above $900; platinum hits 2-mth high [GOL/]
STOCKS AND FACTORS TO WATCH
- Charoen Pokphand Foods CPF.BK
Thailand's biggest chicken exporter will invest $202 million in the construction of a mixed fodder plant and a pig-breeding farm in the Moscow region, local government data showed. [ID:nL19577915]
- Thai Oil TOP.BK
Top oil refiner would sell up to 3 billion baht of 4-year bonds later this month to finance business expansion, fund manager said. [ID:nBKK48919]
- The value of new corporate bonds issued in Thailand could rise by half this year and many firms want to sell them sooner rather than later to lock in low costs, as inflation could well force a rise in interest rates. [ID:nBKK271778]
- The Bank of Thailand will not adopt policies that will hurt economic growth in the short term, central bank chief economist Amara Sripayak said [ID:nBKK286058]
- Car and truck sales in Thailand rose 9.7 percent in April from the same month in 2007 after an 18.0 percent gain in March and a 13.0 percent rise in February, Toyota Motor Corp's (7203.T) Thai unit said [ID:nBKT000659]
- For the Thai press digest click on [ID:nBKK29506]
- 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=32.23 Baht) (Reporting by Arada Therdthammakun; Editing by Kim Coghill)
