June 27, 2009
BANGKOK (AFP) - The Thai stock market is likely to trade rangebound next week with some profit-taking as investors cautiously watch political developments at home, an analyst said.
The Stock Exchange of Thailand (SET) composite index gained 6.82 points over the past week to close Friday at 595.80 points.
But the average daily trading value fell 14.4 percent from last week to 17.7 billion baht (519.8 million dollars).
"The index is expected to zig-zag in a narrow range next week with the resistance level of 600-points and a supporting level of 585-points," Pichai Lertsupongkit, an analyst at Thanachart Securities said.
He said investors would closely monitor an anti-government rally being held on Saturday by supporters of ousted fugitive prime minister Thaksin Shinawatra.
The demonstrations in the Thai capital are expected to be the largest since bloody riots by the same group ended with the threat of a military crackdown on the streets in April.
"They will be watching to see if the rally will be prolonged or not," Pichai said.
