October 11, 2008
BANGKOK (AFP) - The Thai stock market faces a bleak outlook next week following panic selling worldwide amid a global market meltdown, an analyst said.
"Next week's outlook really depends on the series of measures expected to be adopted by the big global economies, but overall I predict our market will stay put or face further sell-offs," Sukit Udonsirikul, an analyst at Siam City Securities said.
"I don't expect bargain hunters to enter the market yet," he added.
The Thai bourse suspended trading for the second time since December 2006 on Friday, closing for 30 minutes after the index plunged more than 10 percent.
The Thai capital is faced with a continued political stand off between the government and protesters. Protest leaders were released on bail on Friday following the revoking of the most serious charges against them.
The Stock Exchange of Thailand (SET) composite index fell 138.09 points or 23.40 percent over the week to close Friday at 451.96.
