Thai stocks may bounce back, oil to lift index

BANGKOK, Nov 3 (Reuters) - Thai stocks may bounce back on
Tuesday, coming off previous drops, with rising crude oil
prices expected to support the energy-laden index, analysts
said.

"We should at least see some soft pullback today as the
market has turned down for quite some time already," said
Chakkrit Charoenmetachai, an analyst with Far East Securities.

"Having said that, we should see more selling in blue chips
like PTTEP as we might get to see some brokers cutting
estimates and that would weigh on the market," he said,
referring to a fire incident at an Australian project.

An oil rig operated by its PTTEP Australasia Pty Ltd
subsidiary in the Montara field located in the Southern Timor
Sea, which has been leaking for 10 weeks, caught fire on
Sunday, forcing the evacuation of all workers [ID:nSYD469764].

The company told the exchange it was in the process of
bringing the fire under control. All personnel were safe, with
no injuries. It was due to start commercial operations this
month.

On Monday, the main Thai index .SETI touched a near
two-month low before closing down 1.2 percent at 677.22. The
index earlier hit 667.5, its lowest since Sept. 4, led by sharp
losses of energy counters such as PTTEP PTTE.BK, which was
down 5.5 percent.

Foreign investors sold shares for the eighth straight
session, selling a net 2.03 billion baht ($60.7 million) and
thereby reducing their net purchases so far this year to 53.8
billion baht.

Chakkrit put support on the index at 670 and resistance at
684.

Click [TH/TRADING01] for cumulative trading value by
investor type.
----------------------MARKET SNAPSHOT @ 0151 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1042.88 0.65% 6.690
USD/JPY JPY= 90.39 0.1% 0.090
10-YR US TSY YLD US10YT=RR 3.4182 -- -0.006
SPOT GOLD XAU= 1065 0.55% 5.850
US CRUDE CLc1 78.18 0.06% 0.050
DOW JONES .DJI 9789.44 0.79% 76.71
ASIA ADRS .BKAS 120.11 1.03% 1.22
-------------------------------------------------------------
MARKET SUMMARY > US STOCKS-Wall St ends higher on factory,
housing data [.N] > NYMEX-Crude steady over $78 after rise on
solid data [O/R] > FOREX-Dollar soft, Aussie firms ahead of
rate verdict [USD/] > TREASURIES-Strong economic data hits
demand for govt debt[US/] > Gold returns to near record high as
dollar drops [GOL/]

STOCKS AND FACTORS TO WATCH

- Finance Minister Korn Chatikavanij said the Thai stock
exchange was sticking to the rule under which trading is
automatically stopped when the index falls 10 percent, but a 5
percent fall would now trigger consultations. [ID:nBKK485603]

- Thai consumer prices rose 0.4 percent in October from a
year before, the first annual rise since last December, but
economists still expect there will be no increase in official
interest rates until some way into 2010. [ID:nBKK484248]

- 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=33.42 Baht)
(Reporting by Ploy Ten Kate; Editing by Martin Petty)