August 29, 2009
BANGKOK (AFP) - Profit taking is expected in the Thai stock market next week after a mass political rally this weekend could cause concern among investors, an analyst said.
The Stock Exchange of Thailand (SET) composite index gained 12.35 points or 1.92 percent over the past week to close Friday at 656.98.
But the daily trading value dropped 0.52 percent over the last week to 20.1 billion baht (590.8 million dollars).
"The market is likely to trade in a narrow sideways range but there may be profit taking since the index has gained in past weeks," Teerada Chanyingyong, an analyst at Phillip Securities (Thailand) said.
She said investors worrying about the market may engage in short-term trading.
"Therefore, the strategy that we are advising customers is selective buying," she added.
Teerada said that although Bangkok was well prepared to handle Sunday's rally by anti-government protesters who support former prime minister Thaksin Shinawatra, investors will closely watch the situation.
She forecast that the index would move between 637 and 685 next week.
