SET soars in response to rally cancellation

BANGKOK, 20 April 2010 (NNT) – The Thai stock market continued on the uptrend in the afternoon, soaring by 4%, after the anti-government protestors canceled a march on Silom Road today.

According to Assistant Director of the Analysis Division of Phillip Securities Thailand Theerada Chanyingyong, the 4% increase of the Stock Exchange of Thailand (SET) index was favored by the easing political tension after the United Front of Democracy against Dictatorship (UDD) supporters decided to suspend their parade on Silom Road. She reasoned that the investors were relieved by the news.

The SET index closed in positive this morning with the net purchase value of over one billion THB. Foreign investors are expected to continue buying as the political weight has been slightly lifted.

Ms Theerada added that the market had anticipated the Prime Minister to turn down the House dissolution demand of the UDD and believed he would stand firm on his decision.

However, the assistant director advised investors to focus on short-term speculation due to the uncertainty. The short-run resistance line is expected to be at 758-763 points.