BANGKOK, July 22 (Reuters) - Thai stocks are expected to open
lower on Tuesday, weighed down by weaker overseas markets while
investors digest second quarter results from several key
companies, analysts said.
Shares in Siam Commercial Bank <SCB.BK> could rise after it
reported a higher-than-expected net profit on Monday. Mobile
phone operator Total Access Communication <DTAC.BK> may fall
after it reported results below analysts' forecasts.
Thailand's prolonged political uncertainty continued to weigh
on market sentiment, analysts said.
"There is no progress. Our political picture is not clearer
and we will continue to see selling by foreign funds," a dealer
at BT Securities said.
Foreigners have sold Thai shares worth a net 81.6 billion
baht ($2.45 billion) so far this year.
Support on the main index <.SETI> was expected at 678-682
points and resistance at 691 points, the analysts said.
On Monday, the benchmark SET index rose 3.43 percent to
687.30 points after nearing an 18-month low on Friday. Click
[TH/TRADING01] for cumulative trading value by investor type.
----------------------MARKET SNAPSHOT @ 0114 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 <.SPX> 1260 -0.05% -0.680
USD/JPY <JPY=> 106.4 -0.01% -0.010
10-YR US TSY YLD <US10YT=RR> 4.0515 -- 0.012
SPOT GOLD <XAU=> 967.85 0.26% 2.550
US CRUDE <CLc1> 130.37 -0.51% -0.700
DOW JONES <.DJI> 11467.34 -0.25% -29.23
ASIA ADRS <.BKAS> 145.73 0.94% 1.35
-------------------------------------------------------------
MARKET SUMMARY
> Oil rises as Dolly threatens Gulf of Mexico [O/R]
> US STOCKS-Stocks slip on oil, drugs; Apple, Amex drop late[.N]
> FOREX-Dollar steady but capped by financial concerns [USD/]
> TREASURIES-Bonds firm late as stocks turn negative [US/]
> Gold extends gains on dlr, platinum near 2-mth low [GOL/]
STOCKS AND FACTORS TO WATCH
- Siam Cement <SCC.BK>
Thailand's biggest industrial conglomerate is expected to
report a small 2.7 percent rise in second-quarter operating
earnings on Wednesday as higher energy and raw material costs
capped profits. [ID:nBKK216014]
- Siam Commercial Bank PCL
Thailand's third-largest bank by assets reported a 35 percent
rise in quarterly net profit, higher than expectations, helped by
fatter net margins and strong fee income. [ID:nSP336412]
- Total Access Communication PCL
The country's second-largest mobile phone operator said its
second-quarter net profit nearly tripled due to a one-off gain,
although it was slightly below analysts' forecasts.
The company also cut its 2008 revenue growth forecast.
[ID:nBKK35740]
- BankThai <BT.BK>
BankThai, 42 percent owned by a consortium led by U.S.
private equity fund TPG Newbridge [TPG.UL], reported a net profit
of 214 million baht in the second quarter against a net loss of
514 million baht a year earlier. [ID:nBKK12495]
- Bank of Ayudhya <BAY.BK>
Thailand's fifth-largest lender, 35 percent owned by a unit
of General Electric <GE.N>, said it expected lending to rise 26
percent in 2008 from last year due to a merger with GE's Thai
auto hire purchase unit. [ID:nBKK159418]
- Thailand's economy is expected to grow 5.3-5.5 percent in
the third and fourth quarters from a year earlier after an
estimated 5.8 percent in the second quarter, a senior Finance
Ministry official said. [ID:nBKK135461]
- For the Thai press digest click on [ID:nBKK290474]
- 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=33.33 Baht)
(Reporting by Arada Therdthammakun; Editing by Darren
Schuettler)
(([email protected]; +662 648 9732, Reuters
Messaging: [email protected]))
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* ASIA-PACIFIC STOCK MARKETS:
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Keywords: MARKET THAILAND/STOCKS