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Stock Watch
July 24, 2007

SET surges to 11-year high
The Stock Exchange of Thailand’s composite index surged by more than 14 points to reach an 11-year high in the morning trading session, led by blue-chip stocks in the energy sector, despite renewed political disturbances over the weekend, according to an analyst.

Puvadol Lapudomsuk, senior director of Asia Plus Securities Plc’s Investment Strategy Division, said the index rose by more than 10 points at the opening bell and broke through a key psychological resistance level of 870 points to make a new high in 11 years of 876.74, up 14.12 or 1.64 per cent with a heavy trading volume of 22.49 billion baht in the morning session.

He said the index soared in the same direction with other markets in the region with foreign investors bargain-hunting for blue-chip stocks in the energy sector, particularly Rayong Refinery and Aromatics, on news that both had already concluded the merger plan.

Anupan Sri-art, senior director of BFIT Securities Plc’s Research Division, said the index is likely to continue rally because foreign capital had still flown into the country in a large amount.

Foreign investors had a net buy of more than 2 billion baht in trading on July 24.

He said the heavy buying of stocks by the foreign investors despite a clash between anti-coup demonstrators and police on Sunday night showed that they did not worry much about the incident.

They expected the index to further increase since more foreign capital is likely to continue to flow into the Thai stock market. TNA

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