April 26, 2008
BANGKOK - Thai share prices are likely to rise slightly next week as investors remain upbeat after positive earnings reports from banks and other companies this week, a dealer said Friday.
"The market is likely to rise, although in a narrow range, because investors are optimistic after hearing strong earnings reports from banks and companies," said Sukit Udomsirikul, head of research at Siam City Securities.
Major banks including Bangkok Bank and Siam Commercial Bank this week announced strong performances for the first quarter of 2008, according to AFP.
Sukit said the reports of growing profits in the banking sector would likely act as a good foundation for the market next week, although the profit taking which saw the market slide slightly this week may temper any rise.
"There may be some profit taking in the market continuing next week as well" Sukit said.
For the week to April 25, the Stock Exchange of Thailand composite index fell 1.56 percent or 13.21 points to close at 832.19.
Sukit said the market could move narrowly between 830 and 855 levels next week.
