BANGKOK, Sept 2 (Reuters) - Thai stocks may move narrowly on Friday with Asian shares weak ahead of key U.S. jobs data but the Thai government's plans to boost domestic spending at home may bolster consumer stocks.
The Puea Thai-led government has aimed to start several of its stimulus programmes in the next fiscal year from Oct. 1, including tax incentives for first-time homebuyers, according to Deputy Finance Minister Boonsong Teriyaphirom.
Broker KGI Securities advised traders to stay sidelined and monitor U.S. job data with selective buying in domestic sectors like residential property for mid-term investors.
"The market backdrop should continue to point to strong relative performance by the residential property sector, in our view," it said in a note to clients.
On Thursday, the benchmark Thai stock index ended nearly flat at 1,069.13, reversing a 1 percent gain in early trade, as investors cashed in quick gains in banks. Siam Commercial Bank edged down 0.4 percent.
The market took in $150 million in foreign inflows at the start of September after $1.4 billion in outflows for August, stock exchange data showed.
Foreign buying interest in bank stocks was relatively active on Thursday after ratings-agency Moody's upgrades of Bangkok Bank and Siam Commercial Bank helped lift sentiment for the banking sector, brokers said.
Analysts expect the main index to move in a range of 1,065 to 1,075. They pegged next resistance at 1,080.
Market players in Asia are looking for clues on whether the U.S. Federal Reserve will start a fresh round of policy easing. By 0216 GMT, the MSCI Asia Pacific ex-Japan index was trading 0.7 percent lower.
Click for cumulative trading value by investor type. ----------------------MARKET SNAPSHOT @ 0147 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 1204.42 -1.19% -14.470 USD/JPY 76.87 -0.05% -0.040 10-YR US TSY YLD 2.146 -- 0.014 SPOT GOLD 1827.09 0.14% 2.540 US CRUDE CLc1 88.91 -0.02% -0.020 DOW JONES 11493.57 -1.03% -119.96 ASIA ADRS 124.53 -0.93% -1.17 ------------------------------------------------------------- MARKET SUMMARY >Wall St falls on payroll fears; Netflix off late >Brent dips on weak economy, US crude up on storm >Euro nurses losses, eyes on U.S. jobs data >Bonds climb as data fuels job worries >PRECIOUS-Gold flat ahead of U.S. payrolls data
STOCKS AND FACTORS TO WATCH:
- PTT Exploration and Production
Thailand's top oil and gas explorer is considering raising more than $1 billion in equity to finance expansion and acquisition plans, banking sources said on Thursday.[ID: nL4E7K11R5]
- Thailand's political stability and the fiscal policies of its new government are key factors for its future credit-rating, a senior Fitch analyst said on Thursday.
- For the Thai press digest click on: - For Thailand's stock exchange news click on: - For Thailand corporate earnings: - For Thailand economic forecast:
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