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Positive factors to boost Thai bourse

 


July 28, 2008

Positive factors to boost Thai bourse
The Stock Exchange of Thailand (SET) composite index is anticipated to recover and test a 700-point level this week on positive factors including a major Thai cabinet reshuffle, expected to be announced before the end of July, Thai News Agency (TNA) said, quoting a report issued by Kasikorn Research Center.

The report said investors are awaiting inflation trends to be announced by the Bank of Thailand  (BoT) on Monday, monthly economic data to be announced by BoT on Thursday and the July inflation figures to be released by the Ministry of Commerce on Friday.

Thailand Hote
Investors are also waiting for the cabinet reshuffle, expected to be announced by Prime Minister Samak Sundaravej late this week, it said.

Attractive second-quarter earnings by major listed firms on the SET will also help boost the market, it said. A decline in domestic oil prices helped cushion the impact of inflation plus an attractive second quarter earnings of banks helped push the SET index to rebound and close at 685.47 points on Friday, up 3.15 per cent from a week ago.

Despite continued net selling by foreign investors, total turnover last week rose to about 57.81 billion baht, up 18.16 percent from the previous week.

According to the Kasikorn Research Center, support level for the SET this week is around 660-676 points while the resistance level is between 700-737 points.

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