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Thai Stock Market May Extend Monday's Losses

The Thai stock market on Monday snapped the four-day winning streak in which it had advanced almost 55 points or 2.9 percent. The Stock Exchange of Thailand now rests just above the 1,790-point plateau although it may take further damage on Tuesday.

The global forecast for the Asian markets is mixed as many of the regional bourses are overbought and overdue for profit taking although the oil and technology stocks are expected to provide continued support. The European and U.S. markets were mixed but little changed and the Asian markets figure to follow that lead.

The SET finished slightly lower on Monday as losses from the energy producers were tempered by support from the financial shares.

For the day, the index shed 2.64 points or 0.15 percent to finish at the daily low of 1,792.81 after peaking at 1,813.17. Volume was 12.087 billion shares worth 78.350 billion baht. There were 856 decliners and 488 gainers, with 356 stocks finishing unchanged.

Among the actives, Advanced Info added 0.51 percent, while Thailand Airport surged 3.12 percent, Banpu skidded 1.44 percent, Bangkok Bank collected 0.49 percent, Bangkok Medical added 0.48 percent, Bangkok Expressway dropped 1.27 percent, Charoen Pokphand Foods lost 0.82 percent, PTT fell 0.43 percent, PTT Exploration and Production tumbled 1.40 percent, PTT Global Chemical gave away 1.11 percent, Siam Commercial Bank jumped 1.35 percent and Kasikornbank and Krung Thai Bank were unchanged.

The lead from Wall Street is inconclusive as stocks turned in a lackluster performance on Monday, lingering near the unchanged line before closing mixed.

The Dow shed 12.87 points or 0.05 percent to 25,283.00, while the NASDAQ climbed 20.83 points or 0.29 percent to 7,157.39 and the S&P 500 rose 4.56 points or 0.17 percent to 2,747.71.

The choppy trading came as traders expressed uncertainty about the near-term outlook for the markets after the recent run to record highs. A lack of economic data also kept traders on the sidelines, while earnings season is also about to begin.

Oil service stocks showed a significant move to the upside, driving the Philadelphia Oil Service Index up by 1.9 percent. The strength came amid an increase by the price of crude oil, with crude for February delivery rising $0.29 to $61.73 a barrel.

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