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BANGKOK, Sept 30 - Investors in the Stock Exchange of Thailand (SET) await listed bank earnings projections for the third quarter, a decision by the Bank of Thailand (BoT) on interest rate, consumer price index (CPI) figures for September and several key US economic data reports before entering the market this week, while at the same time Thailand's baht is expected to move within a narrow range, according to a report issued by Kasikorn Research Center.
The SET composite index on Friday closed at a record high in the past two months at 845.50 points, up 1.68 per cent from a week ago, while the average daily turnover rose to about Bt21.45 billion from Bt16.15 billion, the report said.
This week, the SET index will be affected by third quarter bank earnings projections and the BoT Monetary Policy Committee interest rate policy during a meeting scheduled to be held on October 10 as well as CPI figures for September to be released by the Commerce Ministry on Monday it said.
Also, SET investors are awaiting several important US economic indicators as well, including production and employment figures to be released in the coming week, so that they can assess the impact of the US sub-prime lending crisis, the report said. Rising global oil prices are also anticipated to impact local energy stocks.
Kasikorn Research Center forecasts that the support level for the SET index this week is expected between 835-842 points and resistance at around 860-870 points.
This week, the baht is projected to move between Bt34.10-34.40 against the dollar as traders wait whether the BoT would intervene in the money market, the direction of the dollar following heavy selling and importantly the key US economic indicators, the report said.
The baht on late Friday closed at Bt34.26 against the greenback compared to Bt34.21 a week ago, and money market watchers also noted the Canadian dollar passed the US dollar.
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