BANGKOK, May 3 Thai stocks are expected to fall
on Thursday after weak U.S. data rekindled concerns about the
strength of the global economic recovery.
The benchmark SET index rose 0.86 percent to
1,239.06 on Wednesday, the highest close in almost 16 years, led
by energy shares.
Foreign investors bought shares worth 629 million baht
($20.38 million), with retail investors selling 1.9 billion baht
($61.57 million), the bourse said.
The 14-day Relative Strength Index (RSI) closed at 69.82 on
Wednesday, close to an "overbought" level of 70.
"The market seems to be pretty much overbought and it's more
likely to see some correction this week to test the 1,200
level," said Globlex Securities senior analyst Chakkrit
Resistance for the main index was at 1,252, he said.
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> Dow, S&P 500 fall as private-sector hiring spurs worry
> Oil sags on inventory build, soft data
> Euro, kiwi unsettled by weak data; ECB eyed
> Bonds rise on weak U.S., European data
> Gold under pressure from weak US, Europe data
STOCKS TO WATCH
- Bangkok Bank Pcl
The bank expects loan demand to boost its earnings in 2012
and is looking for opportunities to strengthen its foreign
operations before the formation of Southeast Asia's single
market in 2015, its executive chairman said on Wednesday
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(Reporting by Viparat Jantraprap and Wirat
Buranakanokthanasarn; Editing by Alan Raybould)