Markets

Thai stocks seen rebounding, new cabinet to lend support

BANGKOK : Thai stocks were expected to rebound on Wednesday in line with other Asian bourses, while the announcement of

Published August 10, 2011 Updated August 10, 2011 05:43am

1 min

By Shoaib Ur Rehman

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On Tuesday, the Thai SET index fell 3.31 percent to finish at 1,042.54, tracking falls in global stock markets, which were hammered by fears of a world recession.

Foreign investors sold Thai shares worth a net 8.9 bilion baht ($301 million) on Tuesday, up from 5.3 billion baht on Monday.

"Thai stocks should rebound in line with the Dow Jones and other Asian bourses and I think the announcement of acceptable economic ministers, including the finance minister, should be another positive factor," said Parin Kitchatornpitak, a senior analyst at broker Far East Securities.

Tokyo's Nikkei share average rose more than 2 percent on Wednesday after the US Federal Reserve's pledge to keep rates near zero for another two years sparked a rally in US stocks.

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