Traders cautious amid mixed signals from China

RECAP: Asian stocks traded cautiously on Friday after mixed readings on the health of China’s economy. The dollar traded close to an 11-week high as robust US economic data suggested the Federal Reserve need not cut interest rates too aggressively.
The SET index moved in a range of 1,461.01 and 1,506.82 points this week, before closing on Friday at 1,489.82, up 1.3% from the previous week, with daily turnover averaging 66.04 billion baht.
Institutional investors were net buyers of 4.99 billion baht, followed by brokerage firms at 1.83 billion. Retail investors were net sellers of 6.12 billion, followed by foreign investors at 714.19 million.
NEWSMAKERS: The European Central Bank cut interest rates by a quarter point to 3.25% on Thursday, the third reduction in four months, as inflation has cooled faster than expected to 1.7%, below its 2% target for the first time in more than three years.
COMING UP: On Monday, Germany releases monthly producer prices. On Tuesday, the Brics summit opens in Kazan, Russia, with aspiring member Thailand in attendance, and Japan releases an inflation update. On Wednesday, The Bank of Canada announces a rate decision and the US reports existing home sales. On Thursday, the US announces manufacturing and services PMI and new home sales. On Friday, Russia announces a rate decision and the US updates durable goods orders.
Domestically, on Tuesday, JP Morgan Asset Management and Kasikorn Asset Management co-host a conference: “Know the Markets Summit 24 – Shaping the Future”.
STOCKS TO WATCH: Yuanta Securities estimates third-quarter aggregate net profit of listed companies at 240 billion baht, down 6% from the second quarter and 15% on the year, due mainly to pressures from energy prices and flood impact.
TECHNICAL VIEW: CGS International (CGSI) sees support at 1,480 points and resistance at 1,520. Aira Securities sees support at 1,470 and resistance at 1,520.