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Thai Bourse Inherits Positive Lead

The Thai stock market bounced higher again on Thursday, one session after it had snapped the three-day winning streak in which it had advanced more than 20 points or 1.2 percent. The Stock Exchange of Thailand now rests just above the 1,690-point plateau and it draws another green light for Friday.

The global forecast for the Asian markets is upbeat thanks to solid economic data and a rebound in the price of crude oil. The European and U.S. markets were up and the Asian markets are expected to follow that lead.

The SET finished slightly higher on Thursday following mixed performances from the financial shares and energy producers.

For the day, the index added 3.10 points or 0.18 percent to finish at 1,690.87 after trading between 1,685.46 and 1,692.95. Volume was 11.877 billion shares worth 51.079 billion baht. There were 634 gainers and 566 decliners, with 484 stocks finishing unchanged.

Among the actives, Advanced Info jumped 1.05 percent, Thailand Airport added 0.43 percent, Banpu gained 0.57 percent, Bangkok Bank collected 0.53 percent, Kasikornbank picked up 0.48 percent, Krung Thai Bank perked 0.53 percent, PTT skidded 1.42 percent, PTT Exploration and Production was up 0.56 percent, PTT Global Chemical climbed 1.58 percent, Siam Commercial Bank fell 0.65 percent, Siam Concrete lost 0.80 percent and Charoen Pokphand Foods, Bangkok Medical and Bangkok Expressway were unchanged.

The lead from Wall Street is positive as stocks moved higher on Thursday as the major averages again hit fresh record closing highs.

The Dow rose 113.75 points or 0.50 percent to 22,775.39, while the NASDAQ advanced 50.73 points or 0.78 percent to 6,585.36 and the S&P added 14.33 points or 0.56 percent to 2,552.07.

Positive sentiment was generated after the House approved a $4.1 trillion budget resolution. The resolution includes major spending cuts but is largely seen as a vehicle for Republicans to enact their proposed tax cuts.

Trading activity was subdued ahead of the closely watched monthly jobs report due later today. Employment is expected to rise by 90,000 jobs in September, and the unemployment rate is expected to hold at 4.4 percent.

In economic news, the Labor Department said first-time claims for unemployment benefits fell more than expected in the week ended September 30. Also, the Commerce Department said the trade deficit narrowed by more than expected in August, and also that factory orders jumped 1.2 percent.

Crude oil rebounded on Thursday after weakness earlier in the week. November WTI crude oil was up 81 cents of 1.6 percent to $50.79/bbl.

by RTT Staff Writer

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