August 18th, 2008 | by admin |
BANGKOK, Aug 18 (Reuters) - Thai stocks are likely to tradein a narrow range in cautious trade on Monday, a day ahead ofan Election Commission ruling that could lead to thedissolution of the ruling People Power Party (PPP), analystssaid.
The commission was due to rule on whether the party itselfwas implicated in the electoral fraud of which a senior partyleader has been convicted. It will pass its findings to theConstitutional Court, which will then decide how to proceed.
"Domestic politics should keep investors sitting on theringside, while lower oil prices should help draw some buyingof property firms .SETPR and banks .SETB," KTB Securitiesstrategist Charoen Iampattanatham said.
The main index .SETI is expected to move in a rangebetween 700 and 710, analysts said.
On Friday the benchmark SET index closed up 0.27 percent ata five-week closing high of 707.48. Click [TH/TRADING01] forcumulative trading value by investor type.----------------------MARKET SNAPSHOT @ 0135 GMT ------------
INSTRUMENT LAST PCT CHG NET CHGS&P 500 .SPX 1298.2 0.41% 5.270USD/JPY <JPY=> 110.28 -0.21% -0.23010-YR US TSY YLD <US10YT=RR> 3.8556 -- 0.008SPOT GOLD <XAU=> 795.45 1.27% 9.950US CRUDE CLc1 114.66 0.78% 0.890DOW JONES .DJI 11659.90 0.38% 43.97ASIA ADRS .BKAS 137.18 -0.72% -1.00-------------------------------------------------------------MARKET SUMMARY > Oil rises over $1 on Gulf of Mexico stormthreat [O/R] > Wall St Week Ahead: Oil's fall, dollar'srise key to gains[.N] > Dollar hits 6-mth high vs euro ongrowth worry, oil [USD/] > TREASURIES-Yields at 1-mth low asinflation fears recede [US/] > Gold advances after sell-off butbear mood stays [GOL/]
STOCKS AND FACTORS TO WATCH
- Total Access Communication PCL DTAC.BK
The second-largest mobile phone firm told the stockexchange it had won approval from the NationalTelecommunications Commission to import equipment for upgradingits existing networks to third-generation mobile services (3G);it is expected to start operating a 3G business soon.
- Thailand's central bank said there was room for furthermonetary policy tightening this year, but the decision at thenext meeting on Aug. 27 would depend on oil prices.[ID:nBKK277477]
- Kuwait signed more than $27 billion of investmentagreements with nine Asian countries, including Brunei and thePhilippines, during an Asian tour this month, its financeminister said. [ID:nLH495151]
- For the Thai press digest click on [ID:nBKK101496]
- For Thailand's IPO diary click on <TH/IPOMENU>
- For Thailand's stock exchange news click on [TH-SET]
- For Thailand corporate earnings: [TH-RES-RTRS]
- For Thailand economic forecast: [POLL-ECI-TH-RTRS] ($1=33.81 Baht) (Reporting by Arada Therdthammakun; Editing by Alan Raybould)