April 23, 2009 / 2:33 AM / 10 years ago

Wall St to drag on Thai shares, foreigners selling

 BANGKOK, April 23 (Reuters) - Thai stocks could track Wall Street lower on Thursday on concerns about the financial sector, with continued foreign outflows likely to depress the market, dealers said.
 The Dow and S&P fell as fears that government stress tests would reveal weakness in banks and the wider economy.
 "I see the market coming down, with the support level at 460 and then 453. Today's factor will be a drop on Wall Street on concerns that U.S. government stress tests will undermine confidence in banks," said Chakkrit Charoenmethachai, a senior analyst with Far East Securities.
 "Fund flows could continue to drag the market down as we see profit-taking in this region," Chakkrit added, expecting resistance at 470 if the market did manage to rise.
 On Wednesday, the benchmark SET ended down 1.24 percent at 460.62, ending a four-day rise, weighed down by energy heavyweights and top banks, with foreigners selling a net 151.3 million baht ($4.3 million) of shares.
 Click [TH/TRADING01] for cumulative trading value by investor type.  ----------------------MARKET SNAPSHOT @ 0206 GMT ------------
                  INSTRUMENT   LAST       PCT CHG   NET CHG  S&P 500             .SPX       843.55      -0.77%    -6.530  USD/JPY             JPY=       97.82       -0.14%    -0.140  10-YR US TSY YLD    US10YT=RR  2.9304          --    -0.011  SPOT GOLD           XAU=       891.7        0.29%     2.550  US CRUDE            CLc1       48.5        -0.72%    -0.350  DOW JONES           .DJI       7886.57     -1.04%    -82.99  ASIA ADRS           .BKAS      96.93       -0.76%     -0.74  -------------------------------------------------------------  MARKET SUMMARY > UPDATE 9-Oil rises,stock market outweighs inventory builds[O/R] > Dow and S&P drop on bank worries, Apple jumps late        [.N] > FOREX-Yen gains on export data, dollar dips vs euro     [USD/] > TREASURIES-Bonds slip as home data, supply fears curb bid [US/] > PRECIOUS-Gold rises on higher physical demand, PGMs rise [GOL/]
 STOCKS AND FACTORS TO WATCH
 - The Thai economy could shrink as much as 3.5 percent this year, the worst performance since 1998, because of the global economic crisis and political turmoil at home, the Bank of Thailand said. [nBKK429052]
 - Thailand's plan to auction new licences for third-generation mobile phone services may be delayed from this year if its political crisis drags on, the industry regulator said. [nBKK469236]
 - Tongkah Harbour PCL (THL.BK)
 The second-biggest gold miner expects to complete the purchase of a tin mine in Indonesia by the middle of this year as it extends capacity, its managing director said. [nBKK403269]
 - Phatra PCL PHAT.BK
 Stockbroker Phatra said a drop of over 50 percent in daily share trading volume and dwindling foreign interest would weaken its business in 2009 and first-quarter profit was certain to be lower. [nBKK457529]
 - For the Thais press digest click on [PRESS/TH]
 - For Thailand's IPO diary click on <TH/IPOMENU>
 - For Thailand's stock exchange news click on [TH-SET]
 - For Thailand corporate earnings: [TH-RES-RTRS]
 - For Thailand economic forecast: [POLL-ECI-TH-RTRS]  ($1=35.55 Baht)  (Reporting by Ploy Chitsomboon; Editing by Alan Raybould)                                                                  

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