Thai stocks set to follow global fall
BANGKOK: Thai stocks may fall on Friday amid weakeness in global markets, cautious ahead of a speech by US Federal Reserve Chairman Ben Bernanke later in the day that may bring news on possible new economic stimulus measures.
The benchmark Thai stock index slumped 2.05 percent to a two-month low of 1,025 on Thursday as big-caps fell amid foreign selling. PTT lost 1.9 percent and Krung Thai Bank dropped 5.2 percent.
The market reported foreign outflows of $68 million on Thursday, after $640 million in outflows over the previous five sessions.
Some bargain-hunting could emerge following the market's biggest one-day loss in more than two weeks, with listed firms announcing their dividends after the first-half reporting season, brokers said.
"Overall, the market may be quite volatile today. The index's fall well below the support line of 1,040 has somewhat derailed market confidence," said Asia Plus Securities senior analyst Therdsak Taveeteeratham.
Analysts pegged support for the main index at 1,010, with resistance at 1,040.
Among stocks in focus, top energy firm PTT said in a statement to the exchange its board had approved an interim dividend of 6 baht per share, a potential yield of 1.94 percent on the market price of 309 baht.
Broad Asian stocks were flat on Friday, with the MSCI index of Asia excluding Japan 0.05 percent lower by 0147 GMT.
Copyright Reuters, 2011
Comments
Comments are closed.