Thailand SETI at 4 years low - Currently at support level, but may find next support level

The political drama in the past one month has sent the Thailand markets into a frenzy and now the fear of further credit crunch, the investors in Thailand were selling off. The benchmark SETI is in its lowest in more than 4 years. Today as at 12.50 pm, the SETI fell 31.2 points or 5.16% to close at 573.89 points.

A new prime minister was elected and will be officially installed soon. Deputy President of ruling party PPP Mr. Somchai Wongsawat who is only an MP for seven months and also the brother-in-law of ousted former Prime Minister Thaksin Shinawatra is set to be the Thailand's 26th Prime Minister. He vows to make peace with opposition party PAD, which held street protests that demanded former Prime Minister Samak Sundaravej to resign.

Recently Thailand's central bank, the Bank of Thailand announces that Thailand is insulated from Lehman collapse. AIA in Thailand gave assurance to their policy holders that they are still fundamentally strong in Thailand.


Monthly SETI chart as at 12.50pm, 18 September 2008 using NextVIEW Advisor. Click on chart to view enlarged chart.

Technically, the Thailand SETI currently at the support level and evidence is needed to confirm whether there are any support, which is not seen at this moment. The chart also suggests that the current support level may not hold and it may lead the SETI to the next support level between 480 and 500 points.

Commentary and Analysis by Benny Lee