May 30, 2013 / 5:53 AM / 4 years ago

Thai stocks at 3-week low; rate cut weighs on banking shares

BANGKOK, May 30 (Reuters) - The Thai main SET index 
was at a three-week low at midday on Thursday, with banking
shares under selling pressure amid caution at commercial
banks over interest rate direction after the central bank's rate
cut.
    Leading the losers were large cap banks such as Siam
Commercial Bank Pcl, Kasikornbank Pcl and
Bangkok Bank Pcl.
    Bangkok Bank was reviewing its interest rates after the Bank
of Thailand's rate cut, president Chartsiri Sophonpanich said
late on Wednesday.
    The broader market was weak, in line with global equities
amid worries that the United States may curb its monetary
stimulus programme earlier than expected. 
    Technically, the main index could fall to 1,582 later in the
day, Phillip Securities said in a report. The index was at
1,583.84, falling at one point to 1,581.68, the lowest since May
7.
    "The overall market picture is quite fragile ... Concerns
about U.S. QE exit continued to be used as an excuse to take
profits," the broker said.
    
 ----------------------MARKET SNAPSHOT @ 0545 GMT ------------
                     INSTRUMENT   LAST       PCT CHG   NET CHG
 SET INDEX                        1583.84     -1.11%   -17.770
 SET 100 INDEX                    2333.86     -1.28%   -30.340
 SET 50 INDEX                     1044.71     -1.31%   -13.880
 SET 50 INDEX FUTURES<0#S50:>     1041.1      -1.33%   -14.000
 SET ENERGY                       21057.21    -1.37%  -293.370
 SET BANK                         567.15      -1.93%   -11.160
 SET TELECOMS                     259.54       -0.9%    -2.350
 SET PROPERTY                     350.85      -0.48%    -1.680
 SET FINANCE                      2152.01     -0.35%    -7.650
                                  VOLUME    TURNOVER          
 SET TRADING VOLUME               4769249   28824967     X1000
 -------------------------------------------------------------
 
 (Reporting by Viparat Jantraprap in Bangkok; Editing by Anupama
Dwivedi)

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