Thai stocks to trade in range-bound manner

The Thai stock market is likely to trade range-bound with some profit-taking as investors cautiously watch political developments at home, an analyst said. The Stock Exchange of Thailand (SET) composite index gained 6.82 points over the past week to close on Friday at 595.80 points.
But the average daily trading value fell 14.4 percent from last week to 17.7 billion baht (519.8 million dollars). "The index is expected to zig-zag in a narrow range next week with the resistance level of 600-points and a supporting level of 585-points," Pichai Lertsupongkit, an analyst at Thanachart Securities said. He said investors would closely monitor an anti-government rally being held on Saturday by supporters of ousted fugitive Prime Minister Thaksin Shinawatra.