SET to plunge this week

BANGKOK, 14 March 2011 (NNT) – Kasikorn Research Center (KResearch) has estimated that the Stock Exchange of Thailand (SET) index this week would be falling down following the impact of the huge quake and tsunami in Japan plus the situation in the Middle East and North Africa.

According to KResearch and Kasikorn Securities (KSecurieis), the Thai stock market this week (from 14 to 18 March 2011) would drop because of the negative impact from the disaster in Japan while the domestic political situation should also be monitored closely.

Other external factors to affect the stock market are the situation in the Middle East and North Africa, reports of key US economic figures as well as the meeting of monetary policy panel of the US central bank.

KSecurities projected that the support and resistance lines of the Thai bourse would be around 994-978 points and 1,018-1,024 points respectively.

Meanwhile, KResearch expected that the Thai baht this week would be moving around 30.40-30.70 baht per US dollar.

Only ten minutes after the market opened on Monday, the Japanese Nikkei index dropped by over 5.42% or 556.06 points to stand at 9,698.37 points, the lowest since November last year. Investors are selling Japanese shares, especially in auto group after the disaster struck Japan last Friday.