Market Outlook: Choppy in range but overall sentiment still positive Overall sentiment remains positive on the external front while other factors are little changed. In the absence of fresh cues, we believe there is a lack of ammunition for a sustainable rally in the composite SET index. Thai stocks are therefore likely to be range-bound but have an upside bias while the market is waiting for fresh catalysts to play on. This week, focus will turn to US economic rescue measures, more stimulus measures at home to be proposed to economic ministers for consideration this Wed, and optimism over possible end-of-quarter institutional window-dressing.
Factors affecting the market:
- US stocks plunged 122.42 points last Friday, as the Federal Reserve's plan to rekindle consumer and small business lending fell short of expectations after investors applied for less than 2.5% of the US$200b the Fed pledged to lend through a program considered key to reviving ailing banks, and economic bellwether and Dow component General Electric was hit by analysts' bearish comments, lowering 2009 profit forecasts.
- NYMEX crude settled down 55 cents or 1.07% at US$51.06/barrel last Friday as weaker euro and the stock market seemed to have invited profit taking in the oil markets
- Thailand's Finance Ministry revised down its 2009 GDP growth forecast and expected the economy to contract by 2-3% as global financial losses might double from US$1.1 trillion to US$2.2 trillion.
0/- The Fiscal Policy Office was studying the possibility of an increase in telecom excise tax from the current zero, Thai newspaper Daily News quoted a source at the Finance Ministry saying. Excise tax on mobile phone services might be raised back to the previous levels at 10% of revenues, while excise tax on fixed line services would be 2%.
Factors affecting the market:
- US stocks plunged 122.42 points last Friday, as the Federal Reserve's plan to rekindle consumer and small business lending fell short of expectations after investors applied for less than 2.5% of the US$200b the Fed pledged to lend through a program considered key to reviving ailing banks, and economic bellwether and Dow component General Electric was hit by analysts' bearish comments, lowering 2009 profit forecasts.
- NYMEX crude settled down 55 cents or 1.07% at US$51.06/barrel last Friday as weaker euro and the stock market seemed to have invited profit taking in the oil markets
- Thailand's Finance Ministry revised down its 2009 GDP growth forecast and expected the economy to contract by 2-3% as global financial losses might double from US$1.1 trillion to US$2.2 trillion.
0/- The Fiscal Policy Office was studying the possibility of an increase in telecom excise tax from the current zero, Thai newspaper Daily News quoted a source at the Finance Ministry saying. Excise tax on mobile phone services might be raised back to the previous levels at 10% of revenues, while excise tax on fixed line services would be 2%.
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