BANGKOK, Nov 23 (Reuters) - Thailand's benchmark stock index was down 1.37 percent at 685.69 at 0454 GMT on Monday,
having hit a two-week low of 684.82 in early trade.
Thailand's economy grew by a weaker-than-expected, seasonally adjusted 1.3 percent in the third quarter, slowing slightly from the second quarter but confirming the recovery from a brief recession early this year.
The state planning agency said it expected the economy to shrink 3.0 percent in 2009 and projected 2010 economic growth of between 3.0 and 4.0 percent. and
Brokers said the GDP forecasts for this year and next were in line with expectations, but worries about domestic politics and a court case involving environmental health problems at the country's top industrial estate would keep investors cautious.
'The lack of a buying catalyst remains the major problem, amid the uncertainty over Map Ta Phut industrial estate and the 'red-shirt' rally planned for later this week,' KGI Securities said in a research note to clients.
Stocks on the move included:
SHRIMP EXPORTERS UP
Shares in small-cap Asian Seafoods jumped 9.4 percent to 3.26 baht and Seafresh Industry rose 2.5 percent to 4.10 baht after newspapers reported the United States was considering cutting anti-dumping duties on shrimps from Thailand.
'Because there are no fresh factors boosting big caps, investors are snapping up small-cap stocks ... such as Asian and Seafresh, which are being pushed up by speculation about the anti-dumping duties,' said Chakkrit Charoenmetachai, an analyst with Far East Securities.
0453 GMT
SIAM COMMERCIAL BANK DOWN
The number three lender fell 2.8 percent to a two-week low of 79.50 baht, underperforming a 1.5 perent drop in the banking subindex, as investors took profit after the stock rose to a four-month high last Wednesday, brokers said.
0419 GMT
THORESEN THAI, PRECIOUS SHIPPING DOWN
Falls in the Baltic Dry Index, which measures the cost of shipping key commodities, depressed shipping shares, led by a 4.4 percent drop in Thoresen Thai Agencies, Thailand's largest dry bulk carrier, to a near-three-week low of 27.
Precious Shipping eased 1.6 percent to a two-week low of 18.60 baht, and Regional Container Lines fell 1.85 percent to 10.60 baht.
The Baltic index, which tracks rates to ship commodities, ended a three-week rally on Friday, falling over 3 percent.
0337 GMT
- 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=33.19 Baht)
(Reporting by Arada Kultawanich; Editing by Alan Raybould)
((arada.kultawanich@thomsonreuters.com; +662 648 9732, Reuters Messaging: arada.kultawanich.reuters.com@reuters.net)) * ASIA-PACIFIC STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... * OTHER MARKETS: Wall Street .... Gold ....... Currency.. Eurostocks..... Oil ........ JP bonds... ADR Report ..... LME metals. US bonds.. Stocks News US.. Stocks News Europe * DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Thailand diary Wall Street Week Ahead Eurostocks Week Ahead * TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com * LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Thai baht LME price overview Keywords: MARKETS THAILAND/STOCKS . (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Thailand's economy grew by a weaker-than-expected, seasonally adjusted 1.3 percent in the third quarter, slowing slightly from the second quarter but confirming the recovery from a brief recession early this year.
The state planning agency said it expected the economy to shrink 3.0 percent in 2009 and projected 2010 economic growth of between 3.0 and 4.0 percent. and
Brokers said the GDP forecasts for this year and next were in line with expectations, but worries about domestic politics and a court case involving environmental health problems at the country's top industrial estate would keep investors cautious.
'The lack of a buying catalyst remains the major problem, amid the uncertainty over Map Ta Phut industrial estate and the 'red-shirt' rally planned for later this week,' KGI Securities said in a research note to clients.
Stocks on the move included:
SHRIMP EXPORTERS UP
Shares in small-cap Asian Seafoods jumped 9.4 percent to 3.26 baht and Seafresh Industry rose 2.5 percent to 4.10 baht after newspapers reported the United States was considering cutting anti-dumping duties on shrimps from Thailand.
'Because there are no fresh factors boosting big caps, investors are snapping up small-cap stocks ... such as Asian and Seafresh, which are being pushed up by speculation about the anti-dumping duties,' said Chakkrit Charoenmetachai, an analyst with Far East Securities.
0453 GMT
SIAM COMMERCIAL BANK DOWN
The number three lender fell 2.8 percent to a two-week low of 79.50 baht, underperforming a 1.5 perent drop in the banking subindex, as investors took profit after the stock rose to a four-month high last Wednesday, brokers said.
0419 GMT
THORESEN THAI, PRECIOUS SHIPPING DOWN
Falls in the Baltic Dry Index, which measures the cost of shipping key commodities, depressed shipping shares, led by a 4.4 percent drop in Thoresen Thai Agencies, Thailand's largest dry bulk carrier, to a near-three-week low of 27.
Precious Shipping eased 1.6 percent to a two-week low of 18.60 baht, and Regional Container Lines fell 1.85 percent to 10.60 baht.
The Baltic index, which tracks rates to ship commodities, ended a three-week rally on Friday, falling over 3 percent.
0337 GMT
- 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=33.19 Baht)
(Reporting by Arada Kultawanich; Editing by Alan Raybould)
((arada.kultawanich@thomsonreuters.com; +662 648 9732, Reuters Messaging: arada.kultawanich.reuters.com@reuters.net)) * ASIA-PACIFIC STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... * OTHER MARKETS: Wall Street .... Gold ....... Currency.. Eurostocks..... Oil ........ JP bonds... ADR Report ..... LME metals. US bonds.. Stocks News US.. Stocks News Europe * DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Thailand diary Wall Street Week Ahead Eurostocks Week Ahead * TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com * LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt Thai baht LME price overview Keywords: MARKETS THAILAND/STOCKS . (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
