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 Energy
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22 Oct 07 11:22
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Rising world oil prices pivotal for Thai baht, stocks this week
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TNA
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BANGKOK, Oct 21 - The impact of high oil prices in the world market plus several other factors will play a significant role in the movement of the Thai currency, the baht, and the Bangkok stock market this week, according to a report issued by the Kasikorn Research Center.
The report said the baht -- which closed at around Bt34.15-34.18 against the dollar late Friday on the onshore market -- is projected to move within a 15 satang range at Bt34.05-34.20 against the greenback this week.
Other factors which will influence the baht this week include a possible intervention by the Bank of Thailand in the money market, movements of foreign capital inflows, selling of dollars by exporters and key US economic data which will be released, Kasikorn said.
The Stock Exchange of Thailand (SET) composite index is expected to move with some volatility this week as investors monitor trends of global oil prices which hit a new record high last week, the report said. An increase in crude oil prices will hurt blue-chip energy stocks on the SET, it said.
Other factors which could influence the Thai bourse this week are the movements of major foreign stock markets, major US economic data which will be released to the public and preliminary Thailand's trade balance figures for September to be announced by the Commerce Ministry tomorrow.
The SET index on Friday closed at 875.83 points, down 0.92 points from Thursday.
The support level for the SET this week is projected at between 847-868 points while resistance level is at around 886-893 points, the report said.
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