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(AFX UK Focus)
2009-11-25 02:43
Thai stocks seen weaker on political worries |
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BANGKOK, Nov 25 (Reuters) - Thai stocks are likely to move lower again on Wednesday because of political concerns ahead of an anti-government rally starting this weekend, but some analysts said investors could look for bargains as prices dip. "We see the market falling further today and it may hit a low for the day of 666 because the political worries are still in the market," said Viwat Techapoonphol, a strategist at Tisco Securities. "But big caps which have fallen in recent sessions will attract bargain-hunters and help the market regain some ground," he said. On Tuesday, the benchmark SET index fell for a fourth session, dropping 2.1 percent to 676.22, its lowest since Nov. 4, with top energy firm PTT sliding 3.5 percent and Advanced Info Service, the country's biggest mobile phone operator, declining 4.4 percent. The government has said it would impose tough security in Bangkok from Nov. 28 to Dec. 14 to cope with the anti-government rally starting on Saturday. Foreign investors were net sellers of Thai shares over the past three days, unloading 4.53 billion baht and reducing their net buying this year to 42.9 billion baht. Click for cumulative trading value by investor type. ----------------------MARKET SNAPSHOT @ 0144 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG
------------------------------------------------------------- MARKET SUMMARY > NYMEX-Crude steady near $76 ahead of EIA stockpile data > Wall St dips on revised GDP; Fed's view curbs loss > Dollar near 6-week low on yen, Aussie heads higher > TREASURIES-Prices rise after strong 5-year auction > PRECIOUS-Gold mostly flat, stays near record highs
STOCKS AND FACTORS TO WATCH
Eastern Water Resources Thailand's biggest industrial water supplier said it expected its net profit to rise 40 percent in 2009, better than analysts' forecasts, thanks to lower costs and a price increase. Thailand's economy will probably grow 3.3 percent in 2010, the country's finance minister said on Tuesday, adding to signs the country may lag Southeast Asia's fast-rebounding emerging economies.
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