Thai shares continue to advance Thai shares witnessed a slight gain in the morning session of Friday, with some brokerage houses expecting the index to soar above 1,500 points soon. Asia Plus Securities said in its research note that the Stock Exchange of Thailand index is likely to test 1,497 points again in the next 1-2 months, boosted by global stocks. "We continue to recommend that investors hold, waiting to cash in on rebounds. Meanwhile, we believe that the SET will continue to rally to 1550 which is FSS’s new 2013 index target after we have revised down 2013E EPS growth rate to price in downside risks," said Finansia Syrus Securities in a research note. To the house, as US Federal Reserve chairman Ben S. Bernanke declared on the previous day that quantitative easing (QE), which has been continuously used, is likely to be effective until labour sector achieve the target unemployment rate below 6.5 per cent. This has weakened dollar again, as reflected from dollar index lowered to 2.2 per cent in only 3 days, after hardening at 5 per cent since mid-June. These factors might have a short term positive sentiment to global stock markets and help the SET rebound to 1,497 points again. Foreign investor reversed to be net buyers in regional stock market yesterday for the 3rd consecutive day at the total of US$990 million. Taiwan was with the largest net buy of US$633 million. Korea was with US$294 million net buy after 6 consecutive days of sell. Thailand was with US$78 net buy (2nd consecutive day). Indonesia was with US$7 million net buy after 8 consecutive days of sell. Meanwhile, the Philippines faced US$23 million net sell (7th consecutive day). The SET index gained 2.66 points or 0.18 per cent in the morning session on turnover of Bt22 billion. Country Group Securities viewed that the index may head downward in the afternoon due to profit-taking, which is anticipated on any market rebound.
Posted on: Fri, 12 Jul 2013 14:41:44 +0000
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