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Thai Bourse May See Continued Strength On Wednesday

The Thai stock market bounced higher again on Tuesday, one session after it had ended 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 1,795-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is firm, thanks to another jump in the price of crude oil. The European and U.S. markets were up, and the Asian markets figure to follow that lead.

The SET finished slightly higher on Tuesday following gains from, the energy producers and a mixed picture from the financial sector.

For the day, the index added 2.40 points or 0.13 percent to finish at 1,795.21 after trading between 1,784.75 and 1,798.69. Volume was 13.874 billion shares worth 75.384 billion baht. There were 763 decliners and 530 gainers, with 390 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.77 percent, while Thailand Airport tumbled 1.35 percent, Banpu surged 4.88 percent, Bangkok Bank collected 0.48 percent, Bangkok Expressway added 0.64 percent, Charoen Pokphand Foods gained 0.41 percent, Kasikornbank skidded 2.49 percent, Krung Thai Bank spiked 3.02 percent, PTT Exploration and Production jumped 1.42 percent, PTT Global Chemical soared 4.20 percent, Siam Commercial Bank lost 0.33 percent, Siam Concrete advanced 0.81 percent and Bangkok Medical and PTT were unchanged.

The lead from Wall Street is upbeat as stocks moved mostly higher on Tuesday as the major averages again climbed to new record closing highs.

The Dow rose 102.80 points or 0.41 percent to 25,385.80, while the NASDAQ inched up 6.19 points or 0.09 percent to 7,163.58 and the S&P 500 edged up 3.58 points or 0.13 percent to 2,751.29.

Stocks continued to benefit from recent upward momentum, which has lifted the markets to record highs amid optimism about the economic outlook. Continued strength in the overseas markets also contributed to buying interest.

Traders may have been reluctant to make significant moves ahead of earnings season, which start Friday with financial giants JPMorgan Chase (JPM) and Wells Fargo (WFC).

Crude oil futures continued to surge Tuesday on expectations the global oil market will soon re-balance. February WTI oil gained $1.23 or 2 percent to $62.96/bbl, the highest finish since December 2014.

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