Thai stocks likely to fluctuate next week

BANGKOK, 21 November 2009 (NNT) – The Kasikorn Research Center forecasts that Thai stocks next week will remain volatile due to concerns over problems in Thailand’s largest industrial estate and political instability.

According to the center, other factors expected to influence the stocks next week included the third quarter GDP by the Office of the National Economic and Social Advisory Board, oil prices, regional stocks, as well as important economic data of the US.

The support line is estimated at 684 and 660 points and resistance line 709 and 718 points.

Kasikorn also reported that last week’s trading saw a two-week recode low. The market closed at 695.25 points, decreasing by 0.44% from 698.33 of the previous week, with a 23.30% drop in value from 106 billion THB to 81.6 billion THB.

76 projects in the Map Ta Phut Industrial Estate in the eastern seaboard province of Rayong have been put on hold after the Administrative Court ruled the projects violated an environmental law. The Supreme Administrative Court is likely to rule on an appeal against the suspension next week.