November 1, 2008
BANGKOK 008 (AFP) - Thai share prices are expected to rise next week as further bargain hunting is expected, an analyst said Friday.
"Next week the market is likely to rise, driven by positive momentum from this week. We can expect further bargain hunting next week," said Pongrat Ratanatavanananda, vice president at Bua Luang Securities.
"If there are no bad surprises or negative news coming next week, the market sentiment is likely to be positive and will help drive the index up," she added.
The market dropped sharply by more than 10 percent on Monday, leading to an automatic suspension of trading for half-an-hour.
But later in the week share prices rebounded mainly due to bargain hunting, although fears over the global financial crisis lingered.
"The market may rise to 420 points next week," Pongrat said.
The Stock Exchange of Thailand composite index fell 16.34 points or 3.77 percent over the week to close at 416.53.
