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Global economic worries seen dragging Thai stocks

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October 6, 2008

Global economic worries seen dragging Thai stocks
Thai stocks are expected to extend losses on Monday after hitting a five-year low last week, with global credit market jitters continuing to weigh on Wall Street and other Asian bourses, Reuters quoted analysts as saying.

The passage of a $700 billion US financial bailout package failed to cheer world markets due to worries that it might not be enough to save the global economy from a slowdown.

Domestic political troubles in Thailand will add to the gloom after the arrest of Chamlong Srimuang, one of the leaders of anti-government protesters occupying the prime minister's official compound.

"I can't see any light today. The political situation should heat up, while global economic concerns should trigger more selling," Tisco Securities strategist Viwat Techapoonphol said, adding the main index .SETI could test 580-585.

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On Friday the benchmark SET index fell 1.28 percent to 590.05, its lowest close since September 2003, due to uncertainty over the US rescue bill.

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