Markets

Thai stocks to fall after another global sell-off

BANGKOK : Thai stocks are expected to fall on Friday in line with another slump in global markets because of worries abo

Published August 19, 2011 Updated August 19, 2011 04:23am

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By Shoaib Ur Rehman

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Asian stocks tumbled as much as 4 percent and at 0248 GMT the MSCI index of Asia excluding Japan was 2.9 percent lower.

The benchmark SET index fell 0.4 percent to 1,089.09 on Thursday, erasing early gains, as investors cashed in quick gains in big-cap energy stocks such as PTT .

The market reported 669 million baht ($22.4 million) in outflows on the day, the exchange said.

Brokers see the risk of a market correction in the near term after a 4.5 percent rebound since late last week to two-week highs but funds could be looking for the right level to return, they said.

"The price pattern of the SET Index shows the chance of a new high ... The SET Index has a falling gap to be filled around 1,122.37 level and a rising gap to be filled around 1,063.41," said broker Sicco Securities.

It sees support for the main index on Friday at 1,084 and 1,079, with resistance at 1,093 and 1,099. The next support is 1,069, it said.

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