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Thai Bourse Ripe For Profit Taking On Tuesday

Ahead of the four-day holiday weekend for the Songkran Festival, the Thai stock market had climbed higher in five straight sessions - gathering more than 40 points or 2.1 percent along the way. The Stock Exchange of Thailand now rests just above the 1,765-point plateau although it figures to catch up on some negative sentiment on Tuesday.

The global forecast for the Asian markets is cautiously optimistic as easing geopolitical concerns were offset by sliding oil prices. The European markets were mixed and the U.S. bourses were higher, and the Asian markets figure to split the difference.

The SET finished modestly higher on Thursday as gains from the energy producers were capped by weakness from the financial sector.

For the day, the index added 3.95 points or 0.22 percent to finish at 1,767.17 after trading between 1,757.76 and 1,770.01. Volume was 9.070 billion shares worth 46.002 billion baht. There were 597 decliners and 590 gainers, with 504 stocks finishing unchanged.

Among the actives, Advanced Info added 0.50 percent, while Thai Airport shed 0.35 percent, Banpu lost 0.49 percent, Bangkok Bank fell 0.25 percent, Bangkok Medical skidded 1.27 percent, Bangkok Expressway gained 0.68 percent, Charoen Pokphand Foods jumped 1.27 percent, Kasikornbank slid 0.50 percent, Krung Thai Bank retreated 0.54 percent, PTT advanced 0.73 percent, PTT Exploration and Production spiked 1.72 percent, PTT Global Chemical perked 0.52 percent, Siam Commercial Bank dipped 0.35 percent and Siam Concrete was down 0.81 percent.

The lead from Wall Street is positive as stocks moved higher on Monday, reacting to positive earnings and economic news while extending last week's gains.

The Dow added 212.90 points or 0.87 percent to 24,573.04, while the NASDAQ gained 49.63 points or 0.70 percent to 7,156.28 and the S&P climbed 21.54 points or 0.81 percent to 2,677.84.

The strength reflected a positive reaction to earnings news from financial giant Bank of America (BAC), which beat Q1 forecasts.

In economic news, the Commerce Department noted stronger than expected retail sales growth in March. Also, the National Association of Home Builders saw a modest drop in homebuilder confidence in April.

Stocks remained positive in the afternoon after President Donald Trump said he intends to nominate Richard Clarida as Federal Reserve Vice Chairman.

Crude oil prices fell Monday after data showed the shale sector is expected to rise by 125,000 barrels a day in May. June WTI oil settled at $66.22/bbl on Nymex, down $1.17 or 1.7 percent. Prices tumbled from last week's three-year peak.

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