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Thai Stock Market May Extend Losing Streak

The Thai stock market has ticked lower in back-to-back sessions, sliding more than 5 points or 0.3 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,695-point plateau and it may open under mild pressure again on Thursday.

The global forecast for the Asian markets is flat to lower, thanks to concerns of violence in the Middle East and a decline in crude oil prices. The European and U.S. markets were mixed and little changed and the Asian markets figure to follow suit.

The SET finished slightly lower on Wednesday as losses from the food stocks were tempered by support from the energy producers and a mixed picture from the financial sector.

For the day, the index eased 3.22 points or 0.19 percent to finish at 1,694.39 after trading between 1,686.02 and 1,696.63. Volume was 10.620 billion shares worth 65.468 billion baht. There were 922 decliners and 442 gainers, with 384 stocks finishing unchanged.

Among the actives, Advanced Info jumped 1.14 percent, while Thailand Airport added 0.41 percent, Bangkok Medical shed 0.92 percent, Charoen Pokphand Foods tumbled 1.65 percent, Kasikornbank climbed 1.78 percent, Krung Thai Bank dropped 1.02 percent, PTT gained 0.48 percent, PTT Exploration and Production picked up 0.27 percent, PTT Global Chemical advanced 0.31 percent, Siam Commercial Bank fell 0.97 percent, Siam Concrete jumped 0.85 percent and Bangkok Expressway, Banpu and Bangkok Bank were unchanged.

The lead from Wall Street offers little clarity as stocks turned in a lackluster performance on Wednesday, bouncing back and forth across the unchanged line before ending mixed.

The NASDAQ added 14.16 points or 0.21 percent to 6,776.38, while the Dow shed 39.73 points or 0.16 percent to 24,140.91 and the S&P 500 fell 0.30 points or 0.01 percent to 2,629.27.

The choppy trading came as traders expressed uncertainty about the economic impact of the Republican tax reform plan.

Concerns about the possibility of violence in the Middle East also weighed on the markets as President Donald Trump announced he is officially recognizing Jerusalem as the capital of Israel.

In economic news, payroll processor ADP noted a slightly bigger than expected increase in private sector employment. Also, the Labor Department saw a significant increase in labor productivity in the third quarter.

Crude oil futures plunged Wednesday, extending recent losses after official data confirmed a huge build in U.S. gasoline supplies. WTI light sweet crude oil for January was down $1.66 or 2.9 percent to $55.96 a barrel.

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