Saturday, December 22, 2007

Thai bourse to recover in final week of trade for 2007

BANGKOK, Dec 22 (TNA) - The Stock Exchange of Thailand (SET) composite index is expected to continue rising next week, the last week of trade for 2007, and institutional investors are expected to buy stocks following clarification of the country's political transparency on the back of the general election to be held tomorrow, according to a report issued by Kasikorn Research Center.

On Friday the SET index closed at 813.60 points, up 21.89 points from Thursday, after the market retreated four days in a row from Monday due to investor concerns over PTT Public Co., Ltd., Thailand's largest oil firm, after the Supreme Administrative Court on December 14 ordered it to return three natural-gas pipelines and related rights worth Bt15 billion to the Finance Ministry.

The SET will be closed on Monday, a special public holiday following Sunday's election.

The report said there were signs that the SET index would continue advancing early next week as institutional investors were expected to buy on bargain hunting while foreign investors were anticipated to stay away from the market due to Christmas holiday. Locals are expected to 'buy' as domestic political situation becomes clearer after the election.

Investors are also awaiting a release of key economic indicators by the Bank of Thailand next Friday, the report said.

Kasikorn Research Center said the support level for the SET index next week should be around 777-787 points the while resistance level will be at 830-846 points. (TNA)-E111

Business News : Last Update : 16:07:26 22 December 2550 (GMT+7:00)


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