Thai stocks may rise on Fed, Land & Houses in focus

BANGKOK, Aug 13 (Reuters) - Thai stocks are set to track
Wall Street and other overseas markets higher on Thursday,
cheered by positive economic comments from the U.S. Federal
Reserve, but any rally could be capped by profit-taking,
analysts said.

The MSCI index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS rose 1.45 percent by 0201 GMT after the Fed
kept interest rates near zero, as expected, and said it would
hold them there for some time to aid the recovery.
[ID:nN1272730]

Land & Houses PCL LH.BK, Thailand's biggest
house-builder, should be in focus after it reported a
smaller-than-expected fall in second-quarter net profit,
suggesting it may be recovering after the economic recession
hurt consumer confidence and brought down home sales
[ID:nBAK000852]

"The market should respond positively to the Fed's
statement. However, it is possible we could face heavy selling
at any time if investors see price-to-earnings ratios in
emerging markets are too high," said Chakkrit Charoenmetachai,
an analyst at Far East Securities.

The main SET index .SETI is trading at 12.54 times the
price-to-earning ratio, compared with 16.64 on the Philippine
market and 17.58 in Malaysia, according to Reuters data.

The Thai market was closed on Wednesday for a public
holiday. On Tuesday, the benchmark SET index dropped 0.11
percent to 643.02, as selling of energy and banks was offset by
buying of property and transportation shares.

Click [TH/TRADING01] for cumulative trading value by
investor type. ----------------------MARKET SNAPSHOT @ 0044 GMT
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INSTRUMENT LAST PCT CHG NET CHG
S&P 500 .SPX 1005.81 1.15% 11.460
USD/JPY JPY= 96.09 0.01% 0.010
10-YR US TSY YLD US10YT=RR 3.7136 -- 0.002
SPOT GOLD XAU= 949.7 0.39% 3.650
US CRUDE CLc1 70.83 0.95% 0.670
DOW JONES .DJI 9361.61 1.30% 120.16
ASIA ADRS .BKAS 121.18 0.81% 0.97
-------------------------------------------------------------
MARKET SUMMARY > NYMEX-Crude rises above $70/barrel after 1 pct
gain [O/R] > Wall Street gains as Fed says economy stabilizing

[.N] > Dollar firm vs yen, but lower on high-yielders
[USD/] > Fed statement, stock rally hurt bonds
[US/] > Gold crawls up towards $950, ETF stable
[GOL/]

STOCKS AND FACTORS TO WATCH

- Glow Energy GLOW.BK

Thailand's third-largest private power producer reported a
net profit of 1.55 billion baht in the second quarter, in line
with market expectations, up from 736 million baht a year
earlier. [nBAK000853]

- Thaicom THCOM.BK

Thailand's leading satellite operator reported a
lower-than-expected net profit of 199 million baht in the
second quarter against a net loss of 282 million baht a year
earlier. [ID:nBKK526905]

- Electricity Generating EGCO.BK

Thailand's second-largest private power producer reported a
67 percent jump in second-quarter net profit to 2.4 billion
baht, beating analysts' forecasts. [nBAK000851]

- Central Pattana PCL CPN.BK

Thailand's biggest department store operator posted a
second-quarter net profit of 587 million baht, up from 519
million baht a year earlier. [ID:nBKK496506]

- Bangkok Expressway PCL BECL.BK

The Thai tollway operator reported a better-than-expected
net profit of 494 million baht in the second quarter, up from
294 million baht a year earlier. [ID:nBKK230533]

- 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=34.05 Baht)
(Reporting by Arada Kultawanich; Editing by Alan Raybould)