September 26, 2009
BANGKOK (AFP) - Investors are likely to take profits in the Thai stock market next week because of the closing of third quarter accounts, dealers said.
The Stock Exchange of Thailand (SET) composite index rose 7.90 points or 1.11 percent over the past week to close Friday at 721.57.
The average daily value jumped 17.46 percent from last week to 27.7 billion baht (824.2 million dollars).
"The index is likely to continue to fluctuate but overall it is likely to drop," said Kosin Sripaiboon, an analyst at UOB Kay Hian Securities (Thailand).
He said both local and overseas institutional investors as well as domestic investors are likely to take profits at the end of the third quarter.
Other analysts said external factors would affect the market, such as the movement of the dollar and oil prices.
"I think the dollar will remain weak against the baht because Thailand still enjoys a huge current account surplus," said Kitti Hemnilrat, an analyst at Ayudhya Securities.
The Thai stock market has soared 66.74 percent over the past six months, and jumped 22.28 percent in last three months.
Analysts predicted the index will move between 730 to 705 next week.
