SET index to move up this week

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BANGKOK, 5 September 2011– Kasikorn Research Centre (KResearch) has projected that the Stock Exchange of Thailand (SET) index is likely to edge up this week (from 5 to 9 September 2011) while the US economic situation remains in focus.

KResearch reported that the SET index last week went up due to purchases of mutual funds as it closed at 1,065.18 points, up 2.70% from the week earlier. Meanwhile, the MAI index closed at 298.18 points, up 3.45% from the previous week.

The SET index went up last Monday after repurchases of domestic mutual funds but slipped the day after following selling forces. The market went up again on Wednesday but then fell in the end of the week as investors sold shares to gain profits.

KResearch and Kasikorn Securities predicted that the SET index this week would edge up thanks to foreign selling forces. The support line will be at 1,058-1,044 points and the resistance line at 1,080-1,102 points.

No significant domestic factors should be monitored this week while external factors in focus are still with US economic figure reports such as the Fed’s Beige book and the declaration of US President Barack Obama regarding job creation on 8 September 2011.