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 Investment
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30 Sep 06 19:18
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Stock, baht to move in narrow range this week
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TNA
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BANGKOK, Sept 30 - The Stock Exchange of Thailand (SET) index and the Thai baht are anticipated to move within a narrow range this week as investors are expected to stay on the sidelines, awaiting
further developments on the political stage.
The markets have not yet settled following the military Council's toppling of the government of ex-premier Thaksin Shinawatra two weeks ago, according to reports issued by Kasikorn Research Centre.
Investors in the stock market are closely monitoring the political scene, attempting to get a clearer picture, especially of who will become interim prime minister as well as the list of cabinet ministers, the report said.
The Kasikorn Research Centre expects that the SET index will move in a narrow range as investors will likely make profit-taking moves before the names are released.
They are also waiting for consumer price index for September to be released on Monday, it said.
Thailand's ruling Council for Democratic Reform is expected to appoint former army commander Gen. Surayud Chulanont as the new prime minister this weekend.
Regarding the baht, the Centre forecasts that liquidity in the system and short-term interest rates would not change much as commercial banks start making preparations for their compulsory fortnightly
reserves which have to be submitted on Friday.
The overnight interbank rate is projected to move slightly at around 4.95 per cent to 4.96 per cent as before, while the baht will be at Bt37.40 to 37.75 per dollar this week.
Finally, the composition of the new cabinet may affect the performance of the baht this week, the Centre said. (TNA)
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