BANGKOK, Oct 1 (Reuters) - Thai stocks are expected to
track Wall Street higher on Wednesday, with local investors
looking for bargains among battered blue chips, but turnover
would be thin as several Asian markets are closed for holidays,
analysts said.
Companies that depend on the domestic economy such as
banks, retailers and telecommunications could outperform as the
Thai government was preparing measures to cushion the fallout
from the U.S. financial crisis, Thanomsak Saharatchai, head of
research at Capital Nomura Securties, said.
Ministers and officials said on Tuesday that Thailand's
economy had been little affected by the financial turmoil, but
the government was studying contingency measures.
Expectations of a fall in inflation in September, with data
to be announced later in the day, would also help bolster
sentiment, Thanomsak said.
"The key factor today should be the Wall Street rally," he
said. "Some positive boost should come from the government's
plan for measures and the potentially easing inflation number."
He expected the index to test resistance at 610-611 and
then 620-629.
On Tuesday, the benchmark SET index fell 0.79 percent to
596.54, earlier hitting a five-year low of 568.18 after U.S.
lawmakers' shock rejection of a $700 billion plan to tackle the
financial crisis. A new version of the plan is being drawn up.
Turnover was moderate at 21.34 billion baht ($631 million).
Click [TH/TRADING01] for cumulative trading value by
investor type. ----------------------MARKET SNAPSHOT @ 0159 GMT
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INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1166.36 5.27% 58.350
USD/JPY JPY= 106.09 0.06% 0.060
10-YR US TSY YLD US10YT=RR 3.8177 -- -0.004
SPOT GOLD XAU= 876.45 0.75% 6.500
US CRUDE CLc1 101.44 0.79% 0.800
DOW JONES .DJI 10850.66 4.68% 485.21
ASIA ADRS .BKAS 122.16 4.70% 5.48
-------------------------------------------------------------
MARKET SUMMARY > Oil extends gains on U.S. bailout revival
hopes [O/R] > Wall St rallies on bailout revival hopes
[.N] > Dollar dips vs euro after surge on bailout
hope [USD/] > Bonds plunge in unwind of recent safety
buying [US/] > Gold bounces after 4 pct drop, platinum
near lows [GOL/]
STOCKS AND FACTORS TO WATCH
- Thailand's annual export growth fell sharply in August,
keeping its trade and current accounts in deficit for a second
straight month, and economists said that trend would continue
for the rest of 2008 at least. [ID:nBKK255783] for story
- The financial crisis in the United States and Europe is
having little impact on Thailand but the central bank stands
ready to provide liquidity if the need arises, Bank of Thailand
Governor Tarisa Watanagase said on Tuesday.
[ID:nBKK344944] for story
- Bangkok Mass Transit System (BTS), which runs the city's
elevated "Skytrain", said on Tuesday it planned to sell shares
in an initial public offering in the first quarter of next year
after a restructuring. [ID:nBKK184082] for story
- For the Thai press digest click on [ID:nBKK374748]
- 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= 33.90 Baht)
(Reporting by Viparat Jantraprap; Editing by Alan Raybould)
