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 8 Apr 2009

Thai stocks reel under political strife, overseas fallout

Thai stocks are expected to edge down on Tuesday because of domestic political tension ahead of a big anti-government rally, as well as gloom on overseas markets due to US financial fears, Reuters quoted analysts as saying.

Thousands of red-shirted protesters, supporters of exiled Prime Minister Thaksin Shinawatra, plan a big rally on Wednesday, and Prime Minister Abhisit Vejjajiva has vowed to take firm measures to prevent bloody confrontation.

"Domestic politics remains the key risk factor for our market, with investors likely to sell due to fears related to the big rally on April 8," said Kosin Sripaiboon, head of
research at UOB Kay Hian Securities. "We will also track other Asian markets lower."

On Monday U.S. bank shares were dragged down after analyst Mike Mayo of Calyon Securities warned of rising loan losses by the end of 2010. Support on the main index .SETI is expected at 440 and 437 and resistance at 447 and 450, the analysts added.

The Thai market was closed on Monday for a public holiday. On Friday, it climbed 0.8 percent to 446.04, its highest close since February 16, cheered by improving US data.




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