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Published on January 18, 2008

The main Stock Exchange of Thailand Index closed at 791.25, with trading valued at Bt21.05 billion. PTT soared 5.26 per cent to Bt320 from its low of Bt290 on Wednesday.

Adisak Kammool, vice president and economics and strategy of KGI Securities (Thailand), said the rally was a technical rebound as a result of bargain-hunting. However, the rise was a significant adjustment following a fall of 9 per cent so far this year.

Adisak added that investors were in a positive mood over the establishment of the new government, although this was not the main factor behind the rally.

An analyst from Sirus Securities said the SET had risen along with other Asian markets, after a better performance by the Dow Jones in the US, due to lower-than-expected losses at JP Morgan.

The analyst believes the Thai political factor has also given a psychological boost to market sentiment.

Meanwhile, Dimet (Siam) will be the first stock to make its debut this year, with managing director Suraphol Rujikarnchana expecting trading at above the initial-public-offering price of Bt1 per share.

He said Dimet, which makes its SET debut next Monday, would benefit from an improving political situation and better market sentiment.

Another stock to be listed soon is that of the Central River Group, an oilfield-service company. It plans to do so after it has completed selling shares valued at Bt122 million via private placement.

Siriporn Chanjindamanee

The Nation