Thai bourse to remain volatile next week

BANGKOK, July 20 (TNA) - The Stock Exchange of Thailand (SET) index is expected to remain in volatility but there are opportunities that it could continue rising next week, according to a report issued by the private-run Kasikorn Research Centre (KRC). The report said the bourse market which will be closed next Monday due to public Buddhist religious Asarnha Bucha Day holiday could see its index remain in volatility, while investors monitor key U.S. economic data. Support of the SET index is expected to stay between 1,464 and 1,468-point, while resistance is projected at between 1,522 and 1,534-point, it said. On Friday, the SET index closed at 1,481.84 points, up 1.94 per cent from a week ago. However, average daily trade this week declined 7.21 per cent to about 43.3 billion baht from the previous week with foreigners, retail investors and securities firms were net buyers, while institutional investors were net sellers. KRC said the SET index moved in narrow range during the beginning and middle this week as investors awaited testimony of Fed chairman Ben Bernanke to Congress on Wednesday and Thursday. The Thai bourse rebounded late in the week on buying from foreign investors after Bernanke said the central bank will likely stick to a near-zero policy for a long time, even after it stops its Treasury and mortgage-backed securities purchases. On Thai baht, KRC said the currency on Friday strengthened to 31.07 baht against the dollar compared to 31.14 baht a week ago. It projected that the Thai baht is expected to move within the range of 30.9 and 31.3 against the greenback next week. (TNA)