BANGKOK, Sept 11 (Reuters) - Thai stocks look set to rise
on Friday, extending an eight-session winning streak as
investors snap up energy and telecom stocks, although
profit-taking could limit the gains, analysts said.
"The index should probably edge higher again today, with
the merger plans in PTT and its group playing a big part,"
said Chakkrit Charoenmetachai, an analyst at Far East
Securities.
PTT has been studying plans to consolidate its
petrochemical and refinery affiliates involving PTT Chemical
(PTTC.BK), PTT Aromatics and Refinery (PTTAR.BK), Thai Oil
TOP.BK and IRPC IRPC.BK.
The decision is due to be made in the fourth quarter but is
already pushing shares in the potential merger candidates
higher.
Telecom stocks could get a further lift on optimism over
the introduction of 3G services, which has boosted the
information and communication sub-index .SETIC 16 percent
since the start of this month.
On Thursday, the benchmark SET index ended up 1.08 percent
at 703.09, having hit a 13-month high of 710.62, with energy
firms leading the way.
Resistance on the main index .SETI was expected at 715
and support at 700, Chakkrit said.
Trading volume was heavy on Thursday at 36.7 billion baht
($1.1 billion), with foreign investors buying a net 3.9 billion
baht of shares.
Click [TH/TRADING01] for cumulative trading value by
investor type.
----------------------MARKET SNAPSHOT @ 0155 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1044.14 1.04% 10.770
USD/JPY JPY= 91.47 -0.33% -0.300
10-YR US TSY YLD US10YT=RR 3.3601 -- 0.006
SPOT GOLD XAU= 996.2 0.07% 0.700
US CRUDE CLc1 72.04 0.14% 0.100
DOW JONES .DJI 9627.48 0.84% 80.26
ASIA ADRS .BKAS 124.32 1.79% 2.19
-------------------------------------------------------------
MARKET SUMMARY > NYMEX-Crude steady under $72 after rise on
stock draw [O/R] > Wall St gains for 5th day on upbeat
company news [.N] > FOREX-Dollar stays vulnerable,
China data eyed [USD/] > TREASURIES-Bonds rally on
robust 30-year debt auction [US/] > PRECIOUS-Gold flat,
hovers below $1,000 [GOL/]
STOCKS AND FACTORS TO WATCH
- Thailand's economy will grow about 2 percent in the third
quarter and accelerate in the final three months of the year,
its finance minister said, adding that a slightly weaker baht
would help. [nBKK384370]
- Thailand's government is expected to borrow about 500
billion baht ($14.7 billion) in the domestic market in the next
fiscal year starting Oct. 1 to revive the economy, Finance
Minister Korn Chatikavanij said. [nBKK46095]
- For the Thai press digest click on [PRESS/TH]
- 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=34.00 Baht)
(Reporting by Ploy Ten Kate; Editing by Alan Raybould)
