Thai stocks seen lower on overseas markets, politics
BANGKOK, May 26 (Reuters) - Thai stocks are expected to open lower on Monday as weak overseas markets, high oil prices and political uncertainty at home weigh on investor sentiment, analysts said.
Thailand's first quarter GDP data due to be released at 0230 GMT is expected to show slowing growth compared to the final three months of last year, a Reuters poll showed. [ID:nBKK45637]
"Concern about oil prices is increasing and an anti-government rally will dent sentiment and slow foreign inflows," TMB Macquarie analyst Chakkrit Charoenmethachai said, referring to scuffles between pro and anti-government demonstrators on Sunday.
Support on the main index .SETI is expected at 870 points and resistance at 880 points, he added.
On Friday, the benchmark SET index closed up 0.12 percent at 875.59 points, helped by continued foreign buyings, which bought Thai shares for a seventh consecutive day.
Click [TH/TRADING01] for cumulative trading value by investor type. ----------------------MARKET SNAPSHOT @ 0109 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 .SPX 1375.93 -1.32% -18.420 USD/JPY JPY= 103.18 -0.11% -0.110 10-YR US TSY YLD US10YT=RR 3.850 -- 0.000 SPOT GOLD XAU= 927.40 0.35% 3.200 US CRUDE CLc1 132.63 0.33% 0.440 DOW JONES .DJI 12479.63 -1.16% -145.99 ASIA ADRS .BKAS 161.09 -1.90% -3.12 ------------------------------------------------------------- MARKET SUMMARY > Oil extends gains on supply concerns, weak dollar [O/R] > Record oil fuels markets' worst week in 3 months [.N] > Dollar eases towards 1-mth lows in thin trade [USD/] > Bonds regain safe-heaven bid on stocks' fall [US/] > Gold ends firmer on oil gains, bargain hunting [GOL/]
STOCKS AND FACTORS TO WATCH
- Bangkok Dusit Medical Service PCL BGH.BK
Thailand's biggest hospital firm said its second-quarter revenues would be lower and it expected 2008 revenues to grow 15 percent from last year.
- GMM Grammy GRAM.BK
Thailand's biggest music and entertainment group said its second-quarter revenues and net profit should be higher than the first quarter and it aimed for revenues of 8 billion baht this year, up 9.3 percent from last year.
- Tipco Foods (Thailand) TIPC.BK
Thailand's biggest fruit juices exporter said it expected 2008 sale revenues to grow 20 percent and second-quarter sales to top the first quarter's 1.2 billion baht due to new product launch.
- Thai stocks are relatively attractive after the country's return to democracy and given its low stock valuations compared to regional peers, Franklin Templeton's Mark Mobius said [ID:nBKK287026]
- For the Thai press digest click on [ID:nBKK304799
- 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=32.07 Baht) (Reporting by Arada Therdthammakun; Editing by Darren Schuettler)
