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Thai Bourse May Head South Again On Friday

The Thai stock market on Thursday snapped the four-day slide in which it had given away almost 50 points or 2.9 percent. The Stock Exchange of Thailand remains just above the 1,785-point plateau although it's expected to turn lower again on Friday.

The global forecast for the Asian markets is broadly negative thanks to growing concerns over interest rates and a drop in crude oil prices. The European and U.S. markets were sharply lower and the Asian bourses figure to follow suit.

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

For the day, the index collected 1.22 points or 0.07 percent to finish at 1,786.66 after trading between 1,781.18 and 1,796.07. Volume was 9.393 billion shares worth 55.935 billion baht. There were 688 gainers and 592 decliners, with 460 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.52 percent, while Thailand Airport lost 0.36 percent, Banpu skidded 0.95 percent, Bangkok Bank climbed 0.98 percent, Bangkok Expressway jumped 1.35 percent, Charoen Pokphand Foods fell 0.44 percent, Kasikornbank tumbled 0.51 percent, Krung Thai Bank slid 0.51 percent, PTT retreated 0.83 percent, PTT Exploration and Production plummeted 1.73 percent, PTT Global Chemical fell 1.63 percent, Siam Commercial Bank collected 0.33 percent and Siam Concrete and Bangkok Medical were unchanged.

The lead from Wall Street is brutal as stocks quickly shrugged off an early move to the upside on Thursday, and tumbled deep into negative territory.

The Dow shed 1,032.89 points or 4.15 percent to 23,860.46, while the NASDAQ lost 274.82 points or 3.90 percent to 6,777.16 and the S&P 500 fell 100.66 points or 3.75 percent to 2,581.00.

The lead from Wall Street is awful as the mid-day sell-off sent the Dow into correction territory. Stocks have tumbled from record highs over the past week as traders grew concerned about inflation and higher interest rates.

In economic news, Federal Reserve Bank of Dallas President Robert Kaplan said on Thursday that the recent correction in U.S. stocks will have little impact on the broader economy, a sign that the FOMC still plans to raise interest rates at least three times in 2018.

Crude oil futures fell Thursday, slipping to their lowest in five weeks due to a stronger dollar and demand concerns. WTI light sweet crude oil was down 64 cents or 1 percent to $61.15/bbl.

by RTT Staff Writer

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