Bangkok--19 Oct--Phillip Market Trend: Correction likely to continue; gains from energy stocks seen as short-lived Even if a sharp rise in global oil prices would give energy stocks a boost, it would at the same time deal a blow to other industries in terms of higher costs and raise inflation, putting a drag on market upside. Though the index is likely to extend gains, we believe the upside remains unsustainable and the market should continue its correction. Big-cap stocks in the energy and banking sector remain attractive but it makes sense to accumulate on weakness. Near term, Selective BUY should remain in focus. Mid-caps and laggards expected to report strong earnings also look attractive like FORTH, HANA and SAT. We also recommend TRADING on SCB following announcement of stronger-than-expected third-quarter results.Resistance: 883-889 Support: 872-863FACTORS AFFECTING THE MARKET:+ US crude for Nov delivery rose US$2.07 to a record close above US$89/barrel on Thursday boosted by US dollar weakness, winter supply worries and political tensions in the Middle East.+ Most business operators expected the Thai economy to grow in a range of 4-51-5% as they were confident that the overall business climate would improve after a planned general election and a new government in place, according to a survey by the University of the Thai Chamber of Commerce’s Business and Economic Forecasting Center. The survey was conducted among 810 business operators nationwide during Oct 9-15, 2007. The overall Thai economy was expected to grow by 4.01-4.5% this year.- Foreign investors sold a net Bt1.18b worth of Thai shares yesterday.0 US stocks closed little changed on Thursday with the blue-chip Dow industrials down 3.58 points after a disappointing earnings report from the Bank of America. The optimism of strong profits in technology companies however helped ease concerns of the impact from a global credit squeeze on the economy, leading the tech-heavy Nasdaq composite index higher 6.64 points.0 The International Monetary Fund (IMF) said that the world economy would see sequential growth but slow down next year. The IMF expected China, India and Russia to be emerged as new economic powerhouses in the future.