Following a long weekend, the Stock Exchange of Thailand swung down towards a support level at 1,520 points and consolidated this week. In the final leg of the second-quarter earnings season, profit-taking was seen in stocks that enjoyed a recent rally, alongside speculative buying of stocks with positive earnings surprises.
However, overall sentiment was pressured by negative factors such as weaker and more volatile regional currencies (particularly the Japanese yen) versus the US dollar, ratings downgrades of major US banks, and debt defaults by Chinese property firms.
Focusing on regional foreign exchange factors, there is a fair chance of intervention by the Bank of Japan to keep the yen from going much lower….
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