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Thai Shares Tipped To Open Lower 78 days ago
(RTTNews) - The Thai stock market has finished lower now in consecutive trading days, shedding more than a dozen points or 1.5 percent in the process. The Stock Exchange of Thailand fell through support at 700 points, and now analysts are forecasting continued weakness at the opening of trade on Monday.
The global forecast offers little in the way of guidance for the Asian markets as investors are expected to stand largely pat ahead of a raft of crucial economic data out of the world's largest economy this week. Commodities may see a bit of strength after some profit taking last week, while technology stocks may remain weak. The European and U.S. markets finished slightly on the soft side, and the Asian markets are also forecast to trend modestly lower.
The SET finished modestly lower on Friday, thanks to losses among the energy stocks and the financials.
For the day, the index declined 5.17 points or 0.74 percent to finish at 695.25 after trading between 694.65 and 700.68. Volume was 2.495 billion shares worth 14.351 billion baht. There were 209 decliners and 115 gainers, with 128 stocks finishing unchanged.
Among the actives, energy giant PTT was down 0.86 percent, while PTT Exploration and Production shed 2.24 percent, coal producer Banpu added 1.65 percent, Kasikornbank fell 1.79 percent and Siam Commercial Bank lost 1.81 percent.
The lead from Wall Street is mildly negative as stocks moved mostly lower on Friday, with a lack of significant economic catalysts denying traders the opportunity to cash in on recent gains. The major averages all closed in negative territory, slipping further away from Tuesday's yearly highs.
The weakness in the markets was partly due to disappointing quarterly results from computer marker Dell (DELL), which reported third quarter earnings that fell to $0.17 per share from $0.37 per share in the year-ago quarter. Excluding one-time items, the company earned $0.23 per share compared to analyst estimates of $0.28 per share. Revenue for the quarter fell 15 percent to $12.9 billion, coming in below analyst estimates of $13.18 billion. Looking forward, Dell said it expects fourth quarter revenue to improve over the third quarter.
Homebuilder D.R. Horton (DHI) also released results that disappointed investors, reporting a fourth quarter net loss of $0.73 per share compared to a loss of $2.53 per share in the year-ago quarter. Analysts had expected the company to report a loss of $0.30 per share.
In other corporate news, mobile phone giant Nokia Corp. (NOK) said this morning that it plans to align its research and development operations in Finland and Denmark, effectively eliminating up to 330 R&D jobs.
While the Dow briefly peeked above the unchanged line in the final hour of trading, the major averages all ended the day in the red. The Dow closed down by 14.28 points or 0.1 percent at 10,318.16, the NASDAQ fell by 10.78 points or 0.5 percent to 2,146.04 and the S&P 500 slipped by 3.52 points or 0.3 percent to 1,091.38. Amid some profit taking over the past few sessions, the major averages closed on a mixed note for the week. The Dow posted a weekly gain of 0.5 percent, while the NASDAQ fell 1.0 percent and the S&P 500 posted a more modest 0.2 percent weekly loss.
In economic news, Thailand is on Monday scheduled to release gross domestic product figures for the third quarter of 2009. Analysts are expecting the Thai economy to expand 2.3 percent compared to the previous three months - the same rate of quarterly gain as in Q2. On an annual basis, GDP is called lower by 3.2 percent after the 4.9 percent contraction in the second quarter.
Also, Thailand's exports dropped 3 percent year-on-year to US$14.8 billion in October, compared to the 8.5 percent fall in the previous month, the Commerce Ministry said on Friday. Economists expected a decline of 5 percent for October.
Meanwhile, imports decreased 17.5 percent on an annual basis to US$ 13.1 billion in October, after falling 17.9 percent in September. Economists were looking for a decrease of 16.5 percent.
The trade balance showed a surplus of US$1.76 billion in October, narrowing from US$1.98 billion in September.
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