SET to move in narrow range this week

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BANGKOK, 30 May 2011 – Kasikorn Research Centre (KResearch) has projected that the Stock Exchange of Thailand (SET) this week from 30 May to 3 June 2011 will fluctuate in a narrow range mainly depending on external factors.

KResearch reported that the SET index last week closed at 1,067.00 points, down 0.55% from the week earlier in line with other global stock markets following concerns over economic slowdown. Meanwhile, the MAI index closed at 289.66 points, down 0.82% from the week earlier.

The Thai stock index went down following other countries due to selling forces amid concerns over the Euro debt crisis and reports of the US economic figures before bouncing back later on due to local stock speculation before the general election

KResearch and Kasikorn Securities predicted that the SET index this week might fluctuate in a narrow range largely because of external factors, especially debt crisis in the Euro zone. The support line and resistance line will be at around 1,053-1,034 points and 1,093-1,113 points respectively.

Factors that should be monitored include prices of fuel and consumer goods in the global market, domestic politics plus important economic figure reports from Thailand by the Bank of Thailand and the Ministry of Commerce as well as from the US.