Thai shares to fall on U.S. data, Greece concerns
BANGKOK, June 2 (Reuters) - Thai stocks are expected to fall on Thursday in line with losses in the rest of Asia after weak data raised concerns about the U.S. recovery, sending Wall Street down more than 2 percent overnight.
Wall Street ended a four-day rally with its worst session since August, and the Standard & Poor's 500 fell 2.3 percent as slower growth in jobs and manufacturing fuelled concern the economy is faltering.
"We expect such external factors as Wall Street and lingering concerns over Greece's debt woes to give another correction in today's session," Asia Plus Securities analyst Therdsak Taveeteeratham said.
The risks surrounding the euro have not eased much, with Greece fighting to avoid a debt restructuring that analysts say could have a huge ripple effect across other high-risk European countries struggling with gaping fiscal deficits.
On Wednesday, the benchmark SET index fell for a second day, closing down 0.8 percent at 1,065.63, led by selling of energy and banking counters as investors remained wary about the outlook for the global economy.
Turnover was 24.7 billion baht ($817 million), pulling back from a five-day high of 31 billion baht a day earlier but with the market recording a net $10.9 million in foreign inflows on the day, the exchange said.
Resistance for the main index was seen at 1,070, with support at 1,050, Therdsak said.
Click for cumulative trading value by investor type.
-----------------MARKET SNAPSHOT @ 0157 GMT ---------------- INSTRUMENT LAST PCT CHG NET CHG S&P 500 1314.55 -2.28% -30.650 USD/JPY 81.19 0.41% 0.330 10-YR US TSY YLD 2.9697 -- 0.025 SPOT GOLD 1540.29 0.01% 0.090 US CRUDE CLc1 100.09 -0.20% -0.210 DOW JONES 12290.14 -2.22% -279.65 ASIA ADRS 136.53 -1.32% -1.83 ----------------------------------------------------------- - MARKET SUMMARY > US STOCKS-June starts ominously for teetering Wall St > UPDATE 9-Oil falls on weak U.S. economic data > FOREX-Euro off 4-week high; Moody's cuts Greece rating > TREASURIES-Fears of slowdown send 10-yr yield below 3 pct > Gold stays strong as safety asset after weak US data
STOCKS AND FACTORS TO WATCH:
- PTT Aromatics and Refining Pcl
The company told the exchange it planned to shut down its aromatics complex 1 (AR2) from June 20 to July 2 to improve the effciency of aromatics production units.
- Siam Commercial Bank Pcl
The country's third largest lender expects 2011 loans to grow 15 percent, above its previous target of 10-12 percent, President Kannikar Chalitoporn told reporters. [ID:nL3E7H115K]
- Malaysia's fifth-largest lender, RHB Bank Berhad , is interested in acquisitions in Thailand to tap strong growth in the country's banking sector, an executive said. [ID:nL3E7H10HO]
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ASIA-PACIFIC STOCK MARKETS: Pan-Asia...... Japan....... S.Korea... S.E. Asia..... Hong Kong... Taiwan.... Australia/NZ.. India....... China..... * OTHER MARKETS: Wall Street .. Gold ....... Currency.. Eurostocks... Oil ........ JP bonds... ADR Report ... LME metals. US bonds.. Stocks News US Stocks News Europe * DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Thailand diary Wall Street Week Ahead Eurostocks Week Ahead * TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: topnews.session.rservices.com * LIVE PRICES & DATA: World Stocks <0#.INDEX> Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt <0#USBMK=> Thai baht LME price overview ($1 = 30.24 Baht) (Reporting by Ploy Ten Kate; Editing by Alan Raybould)
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