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Thai Hot Stocks - Market seen down, TMB, IRPC eyed
BANGKOK, Nov 8 (Reuters) - Thai stocks were expected to drop on Thursday following Wall Street's tumble because of renewed worries about the global credit market, analysts said.
Resistance on the main index (.SETI: Quote, Profile, Research) was expected at 890 points and support at 860 points, Asia Plus Securities strategist Puwadol Lapudomsuk said. On Wednesday, the index fell 0.68 percent to 880.27 points, led by profit-taking on energy shares (.SETEN: Quote, Profile, Research) such as top oil and gas firm PTT (PTT.BK: Quote, Profile, Research) and PTT Exploration & Production (PTTE.BK: Quote, Profile, Research). Foreign investors bought shares worth a net 1.03 billion baht ($30.3 million) after three days of net selling, raising their net purchases to 99.2 billion baht this year. Stocks and factors to watch: By Rajesh Kumar, Section Business Posted on Wed Nov 07, 2007 at 06:50:40 PM EST
TMB Bank PCL (TMB.BK: Quote, Profile, Research) would be in the spotlight after ING financial group ING (ING.AS: Quote, Profile, Research) said it would buy a 30 percent stake in Thailand's sixth largest lender for about $675 million.
TMB shares were suspended trading on Wednesday. They last closed at 1.58 baht. See [ID:nSIN241242] for full story - IRPC PCL (IRPC.BK: Quote, Profile, Research), Southeast Asia's largest petrochemical complex, was likely to report a strong quarterly net profit after rising oil prices boosted petrochemical prices and refining margins. - Seamico Securities (ZMIC.BK: Quote, Profile, Research) said it was talking to five or six brokerages on a merger deal and planned to be a top 10 broker in Thailand over the next 12-18 months. - Banpu PCL (BANP.BK: Quote, Profile, Research), Thailand's largest coal miner, said it expected lower fourth-quarter revenues and net profit than in the third quarter due to a planned maintenance shutdown. See [ID:nBKK6489] for full story - Ratchaburi Electricity Generating Holding PCL (RATC.BK: Quote, Profile, Research) said its fourth-quarter revenues and net profit should be higher than the third quarter and a year earlier as only one unit planned a shutdown. See [ID:nBKK257534] for full story - U.S. stocks tumbled on Wednesday as a probe of the home loan industry by New York's attorney general drew in the country's biggest mortgage finance companies and Washington Mutual Inc (WM.N: Quote, Profile, Research) said the housing downturn would extend well into next year. See [ID:nN07589864] for full story
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