BANGKOK, May 7 (Reuters) - Thai stocks are likely to track
Wall Street higher on Thursday, buoyed by healthier U.S.
economic data and an overnight rally in oil prices that should
lift heavyweight energy shares, analysts said.
"It is likely that we will see another rise today," said
Sukit Udomsirikul of Siam City Securities.
"There are hopes for a global economic recovery ... We are
also seeing some money shifting from long-term bond funds to
equity assets," Sukit said.
"Having said that, however, the rise will be limited
because the index has stepped up quite a bit already over the
past few days," Sukit added, expecting resistance on the main
index .SETI at 530 and 535 and support at 515.
On Wednesday, the index .SETI ended up 3.3 percent at
523.14, its highest close since Oct. 7, 2008, led by a 6.3
percent rally in top oil and gas firm PTT (PTT.BK).
Market turnover was heavy at 30.86 billion baht, the
highest in nearly a year, and foreign investors bought a net
869.25 million baht ($24.7 million) of shares.
Officials in the U.S. are due to release the results of
"stress tests" at major banks later in the day, with some banks
expected to be ordered to find further capital to cushion
themselves in the event of a deeper economic downturn.
[nL6943131]
Click [TH/TRADING01] for cumulative trading value by
investor type.
----------------------MARKET SNAPSHOT @ 0150 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 919.53 1.74% 15.730
USD/JPY JPY= 98.67 0.25% 0.250
10-YR US TSY YLD US10YT=RR 3.1911 -- -0.337
SPOT GOLD XAU= 911.4 0.16% 1.500
US CRUDE CLc1 56.34 0.00% 0.000
DOW JONES .DJI 8512.28 1.21% 101.63
ASIA ADRS .BKAS 108.89 1.81% 1.94
-------------------------------------------------------------
MARKET SUMMARY >Oil steadies above $56 after gaining 4.6 pct
[O/R] >US STOCKS-Data, bank optimism lift Wall St;
Cisco up late[.N] >FOREX-Yen falls as U.S. bank worries ease
[USD/] >TREASURIES-Bonds stuck as stocks overrun
solid auction [US/] >Gold firms on fears of financial sector
instability [GOL/]
STOCKS AND FACTORS TO WATCH
- Energy shares .SETEN could be under the spotlight after
oil prices rose to five-month highs above $56 a barrel as a
surprise drop in U.S. gasoline inventories and a slowdown in
private sector job losses in April boosted hopes of a
turnaround in the economy. [nL6091613]
At 0145 GMT, light crude for June delivery was up another
0.09 percent at $56.39 a barrel.
- Thailand's cabinet has approved plans to borrow 800
billion baht ($22.7 billion) to finance stimulus spending and
fiscal deficits between now and 2011, Finance Minister Korn
Chatikavanij said. [nBKK416014]
- CIMB Thai Bank
CIMB Thai, 94 percent owned by Malaysia's CIMB, said it
targeted loan growth of 15 percent this year, higher than
rivals, and aimed to boost its return on equity (ROE) in the
longer term. [nBKK46141]
- 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=35.13 Baht)
(Reporting by Ploy Chitsomboon; Editing by Alan Raybould)
