SET likely to rebound this week

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BANGKOK, 13 June 2011 – Kasikorn Research Centre (KResearch) has projected that the Stock Exchange of Thailand (SET) index is likely to rebound this week (from 13 to 17 June 2011) on profit speculations amid heating-up general election campaigns. 

KResearch reported that the SET index last week closed at 1,020.37 points, down 3.54% from the week earlier due to massive selling forces from foreign investors. Meanwhile, the MAI index closed at 291.41 points, down 1.75% from the week earlier.

The SET index had been falling last week while some foreign companies reduced the weight of their investment on Thai stocks upon concerns over violence and political uncertainty in the domestic political situation; however, the index went up a bit on Friday.

KResearch and Kasikorn Securities predicted that the SET index this week should rebound due to speculation on stocks benefiting from the general election. The support line will be at 1,017-988 points and the resistance line at 1,042-1,050 points respectively.

Factors that should be monitored for this week include development of Euro zone debt crisis, global oil prices and reports of US economic figures.