Friday July 3, 03:35 AM
Thai shares to extend losses as oil price drops
BANGKOK, July 3 (Reuters) - Thai stocks are likely to extend
recent losses on Friday, especially after a drop in oil to nearly
$66 a barrel, which will trigger a sell-off in energy blue chips.
Wall Street tumbled on Thursday, with a 2.6 percent drop in
the Dow after a steeper-than-expected slide in June non-farm
payrolls revived caution about economic recovery prospects.
'It's going to be a down day for us, largely because of the
external factors,' said Chakkrit Charoenmethachai, an analyst
with broker Far East.
Chakkrit expected resistance on the main index at 600
and support at 580 and 567.
On Thursday, the index shed 1.85 percent to 586.42, having
touched an eight-day low of 582.58 at one stage, dragged down by
late selling of energy stocks after oil dropped below $70 a
barrel.
Click for cumulative trading value by investor
type.
----------------------MARKET SNAPSHOT @ 0200 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG
S&P 500 896.42 -2.91% -26.910
USD/JPY 95.9 -0.04% -0.040
10-YR US TSY YLD 3.5023 -- 0.000
SPOT GOLD 933.1 0.48% 4.450
US CRUDE 66.34 -0.58% -0.390
DOW JONES (news) 8280.74 -2.63% -223.32
ASIA ADRS 106.70 -2.77% -3.04
-------------------------------------------------------------
MARKET SUMMARY
> Crude nears $66, extends losses after grim US jobs data
> Dollar, yen hold gains as job losses cloud outlook
> Bonds gain as payrolls data drives safety bid
> PRECIOUS-Gold falls as jobs data quashes inflation fear
STOCKS AND FACTORS TO WATCH
- PTT
Top energy firm has set coupons on bonds worth 30 billion
baht ($881 million) to be sold later this month, underwriters
said.
- The Asian Development Bank sees economic growth in
developing Asia this year being weighed down by recession in
Europe but is maintaining a projection of 3.4 percent average
growth for now, its chief economist said.
- BEC World
The country's largest listed operator of a TV network told
Reuters it expected 2009 revenue to be higher than last year's
now that the global economy was showing signs of recovery, but
advertising markets remained a challenge.
- For the Thai press digest click on
- For Thailand's IPO diary click on
- For Thailand's stock exchange news click on
- For Thailand corporate earnings:
- For Thailand economic forecast:
($1=34.09 Baht)
(Reporting by Ploy Chitsomboon; Editing by Alan Raybould)
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