October 10, 2009
BANGKOK (AFP) - The Thai stock market was predicted to see a further bull run next week because of an ongoing inflow of funds and impressive earnings in banking stocks, an analyst said.
The Stock Exchange of Thailand (SET) composite index jumped 22.31 points or 3.08 percent over the past week to close Friday at a 15-month high of 746.87 points.
The average daily value soared 22.3 percent from a week earlier to 22.6 billion baht (828.6 million dollars).
"I think the market will continue to gain further due to speculative buying in banking stocks. Global oil prices are also likely to go up, boosting the energy sector," said Viriya Lappromratana, an analyst at Kiatnakin Securities.
"Also funds will continue to flow into our market," she said.
She expected the index to move between 765 and 735 points over the next week.
Thai stocks have continued to gain in recent weeks, despite analysts' warnings of heavy profit-taking after the market soared 26.57 percent in past three months. It has risen 65.35 percent so far this year.
