The Nation (30 November 2007)
Blue chips lead the rally, with further increases expected today
Thai shares rallied almost 3 per cent yesterday, tracking strong gains on Wall Street and the regional stock market on hopes of a US Federal Reserve rate cut next month.
The Stock Exchange of Thailand Index moved up strongly from the opening bell and headed further north to close at the day's high of 844.8 points. Turnover was moderate at Bt22.32 billion. Foreign investors, however, were
the net sellers in Thai shares, with a position of Bt92.18 million.
Blue-chip stocks were at the centre of the rally. PTT rose 2.75 per cent to Bt374, even though a court hearing on its privatisation in a suit brought by the Foundation for Consumers will be held today. Thoresen Thai Agencies surged 10.87 per cent to Bt51, Banpu rose 4.81 per cent to Bt436, PTT Exploration and Production jumped 7.04 per cent at Bt152, and Siam Commercial Bank increased 4.27 per cent to Bt85.50.
The Dow Jones Industrial Average gained 331 points, its second-best single-day advance of the year. That rally was triggered by comments from Donald Kohn, the Fed's No-2 high-ranking official, who signalled that the Fed would trim its overnight rate further in its upcoming meeting next month.
The Chinese stock market was the best performer in the region yesterday, surging 4.16 per cent. The Hang Seng Index rose 4.06 per cent, while Singapore's Straits Times Index increased 3.22 per cent.
"The Thai stock market shows good signs, as evidenced by the fact that foreign investors made long positions in the derivatives market yesterday," Mayuree Chovikarn, head of research at Siam City Securities, told Reuters.
The stock market is expected to rise further today, with support and resistance levels at 835 points and 850 points, respectively.
However, Thanachart Securities senior vice president Pichai Lertsupongkit, warned the trading volume was relatively thin and that it was insufficient to prove yesterday's rally would be sustainable.
The latest fund managers' survey on weighting recommendations conducted by Dow Jones Newswires showed they had yet to increase investment weight in the Thai stock market.
The Indonesian stock market is their favourite one. Others are those in China, Hong Kong and India.
Blue chips lead the rally, with further increases expected today
Thai shares rallied almost 3 per cent yesterday, tracking strong gains on Wall Street and the regional stock market on hopes of a US Federal Reserve rate cut next month.
The Stock Exchange of Thailand Index moved up strongly from the opening bell and headed further north to close at the day's high of 844.8 points. Turnover was moderate at Bt22.32 billion. Foreign investors, however, were
the net sellers in Thai shares, with a position of Bt92.18 million.
Blue-chip stocks were at the centre of the rally. PTT rose 2.75 per cent to Bt374, even though a court hearing on its privatisation in a suit brought by the Foundation for Consumers will be held today. Thoresen Thai Agencies surged 10.87 per cent to Bt51, Banpu rose 4.81 per cent to Bt436, PTT Exploration and Production jumped 7.04 per cent at Bt152, and Siam Commercial Bank increased 4.27 per cent to Bt85.50.
The Dow Jones Industrial Average gained 331 points, its second-best single-day advance of the year. That rally was triggered by comments from Donald Kohn, the Fed's No-2 high-ranking official, who signalled that the Fed would trim its overnight rate further in its upcoming meeting next month.
The Chinese stock market was the best performer in the region yesterday, surging 4.16 per cent. The Hang Seng Index rose 4.06 per cent, while Singapore's Straits Times Index increased 3.22 per cent.
"The Thai stock market shows good signs, as evidenced by the fact that foreign investors made long positions in the derivatives market yesterday," Mayuree Chovikarn, head of research at Siam City Securities, told Reuters.
The stock market is expected to rise further today, with support and resistance levels at 835 points and 850 points, respectively.
However, Thanachart Securities senior vice president Pichai Lertsupongkit, warned the trading volume was relatively thin and that it was insufficient to prove yesterday's rally would be sustainable.
The latest fund managers' survey on weighting recommendations conducted by Dow Jones Newswires showed they had yet to increase investment weight in the Thai stock market.
The Indonesian stock market is their favourite one. Others are those in China, Hong Kong and India.
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