Bangkok--12 Oct--Phillip Market Trend: Positive momentum likely to continue but watch out for a possible profit-taking Yesterday, strong foreign buying across Asian markets helped lead Thailand’s benchmark stock index higher 1.6% in brisk trade worth Bt33,921m. Foreign investors were net buyers of Bt2,838.82m worth of Thai shares. Today, a steady rise in global oil prices should underpin support for the SETI, but watch out for a possible profit taking pressure, as several regional markets in this morning early trade opened in the negative territory. On the technical front, the SETI is now in the overbought condition though near-term trend remains in an up-trend. For today’s investment strategy, our recommendation remains ‘Selective Trading.’ Laggards as well as shipping and brokerage sectors are in spotlight today as we expect shipping and brokerage stocks to ride a crest of a record-high surge in the BDI and soaring market turnover. Resistance: 896-900 Support: 884-880 FACTORS AFFECTING THE MARKET: + NYMEX light sweet crude for Nov delivery rose 2.2% or US$1.78 to settle at US$83.08 a barrel on Thursday as a surprise drop in US weekly crude inventories stoked investor concerns about supplies ahead of winter. + The Baltic Exchange’s Dry Bulk Index (BDI), which gauged the strength of seaborne dry commodities trade closed 295 points higher yesterday to hit 10513 points, the highest in this year and all-time record high. The BDI hit the lowest of this year at 4219 and reached an all-time record low at 843. For the year, the BDI surged 132.39%, against a rise of 82.68% in a year earlier. + Foreign investors continued net buyers of up to Bt2,838.82m on the Thai stock market yesterday. 0 Consumer confidence index edged slightly up to 75.8 in Sep 2007, the highest in 11 months from 75.7 in the prior month, according to the University of the Thai Chamber of Commerce. The increase was attributed to the planned general election by year-end, steady growth in exports and stock market rally. - The Dow industrials fell 0.45% or 63.57 points on Thursday and the tech-heavy Nasdaq composite dropped 1.40% or 39.41 points, as downbeat brokerage comment on Chinese Internet company Baidu.com Inc unnerved investors after record highs earlier in the day.