BANGKOK, Oct 31 (Reuters) - Thai stocks are expected to
extend their gains on Friday, tracking a Wall Street rally
overnight on optimism global interest rate cuts would help
cushion a widening economic slowdown, dealers said.
The Bank of Thailand is due to release September economic
data, which is expected to show a pick-up in exports, but over
the longer term the outlook remains gloomy as the global crisis
threatens a world recession. [ID:nSP293487]
The figures are expected around 0730 GMT.
"We could see a further rise today following last night's
U.S. rally and others in Asia," Syrus Securities analyst
Chakkrit Charoenmethachai said, expecting resistance on the
main index .SETI at 412 and 420 and support at 395.
On Thursday, the benchmark SET index jumped 6.29 percent
to
408.31 after the U.S. Federal Reserve cut its benchmark
interest rate by 50 basis points to 1 percent, the lowest level
since June 2004 .
The move was followed by rate cuts in Taiwan, Hong Kong and
China, with cuts from Japan, Britain and the euro zone
expected.
Click [TH/TRADING01] for cumulative trading value by
investor type.
----------------------MARKET SNAPSHOT @ 0158 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 954.09 2.58% 24.000
USD/JPY JPY= 98.21 -0.4% -0.390
10-YR US TSY YLD US10YT=RR 3.9354 -- -0.031
SPOT GOLD XAU= 729.3 -0.84% -6.200
US CRUDE CLc1 64.75 -1.83% -1.170
DOW JONES .DJI 9180.69 2.11% 189.73
ASIA ADRS .BKAS 96.09 6.94% 6.24
-------------------------------------------------------------
MARKET SUMMARY > UPDATE 8-Oil drops over 2 pct as US economy
shrinks [O/R] > US STOCKS-Wall St rallies on rate cuts,
bargain hunting[.N] > FOREX-Yen rises as risk wariness
remains,BOJ decision[USD/] > TREASURIES-Bond prices hurt by
appetite for stocks [US/] > Platinum drops over 4 pct on
demand worries [GOL/] > TOPWRAP-US economy
contracts;Japan warns of "storm" [nLU504777]
STOCKS AND FACTORS TO WATCH
- Thoresen Thai Agencies TTA.BK
The top dry bulk shipper said a sharp drop in freight rates
due to the global credit crunch would hit its results in the
next two years. [ID:nBKK362368]
- Siam Cement SCC.BK
Thailand's top conglomerate has delayed a cement plant
expansion in Cambodia and a new investment in Indonesia as
cement demand falls due to the global economic slowdown, its
cement division president said. [ID:nBKK370173]
- For the Thai press digest click on [ID:nBKK319898]
- 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=34.81 Baht)
(Reporting by Ploy Chitsomboon; Editing by Alan Raybould)
