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Stock market turns bullish on clear political direction


February 2, 2008

Stock market turns bullish on clear political direction

The Stock Exchange of Thailand has turned bullish with the composite index breaking through a 800-point level again in Friday’s morning trading session, boosted a clear political direction and foreign investor shifting money into the stock market after the United States Federal Reserve’s decision to further cut key interest rates by 50 basis points.

The index opened more than 10 points and gained momentum to close at 805.95 points, up 21.72 or 2.77 per cent, with a heavy trading volume of 20.81 per cent, led by a continued heavy purchase of blue-chip stocks in the energy, banking, and communication sectors by foreign investors and institutional investors.

Charoen Iampattanatham, senior executive vice president of KTB Securities Co, said the SET index made a strong rally perhaps because FED had made a sharp interest cut, which encouraged foreign investors to shift money into stock markets including SET.

Late last year, he said, the foreign investors had dumped shares in the Thai bourse upon concerns over the sub-prime lending crisis in the US.

Now, they appeared to return to accumulate Thai stocks, which remain very cheap, since the political situation seemed to be clear after the new cabinet lineup is reportedly in the pipeline.

The investors were confident the new government is in a good position to drive the country’s economy.

Mr. Charoen said the SET index had a strong resistance and support at 820 and 780 points in Friday’s trading.

Courtesy TNA

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