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Thai Stock Market May Halt Losing Streak

The Thai stock market has finished lower in back-to-back trading days, giving up almost 25 points or 1.4 percent along the way. The Stock Exchange of Thailand now rests just above the 1,750-point plateau although it may stop the bleeding on Thursday.

The global forecast for the Asian markets suggests mild upside, thanks to a bump in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The SET finished modestly lower on Wednesday following losses from the financial shares and a mixed picture from the energy producers.

For the day, the index shed 10.54 points or 0.60 percent to finish at 1,756.32 after trading between 1,751.76 and 1,761.06. Volume was 6.021 billion shares worth 29.571 billion baht. There were 797 decliners and 357 gainers, with 411 stocks finishing unchanged.

Among the actives, Advanced Indo tumbled 2.30 percent, while Thailand Airport skidded 1.41 percent, Banpu soared 2.39 percent, Bangkok Bank shed 0.26 percent, Bangkok Medical dropped 1.21 percent, Bangkok Expressway lost 0.62 percent, Kasikornbank slid 0.77 percent, Krung Thai Bank fell 0.58 percent, PTT Exploration and Production jumped 1.47 percent, PTT Global Chemical dipped 1.32 percent, Siam Commercial Bank slid 0.74 percent and PTT and Charoen Pokphand Foods were unchanged.

The lead from Wall Street is positive as stocks fluctuated on Wednesday but finished mostly higher - offsetting somewhat the sharp pullback in the previous session.

The Dow rose 62.52 points or 0.25 percent to 24,768.93, the NASDAQ advanced 46.67 points or 0.63 percent to 7,398.30 and the S&P 500 climbed 11.01 points or 0.41 percent to 2,722.46.

Buying interest was subdued, with geopolitical uncertainty keeping some traders on the sidelines after North Korea threatened to cancel an historic meeting between leader Kim Jong Un and President Donald Trump.

In economic news, the Commerce Department reported a sharp pullback in new residential construction in April, while building permits also tumbled. Also, the Federal Reserve said industrial production increased more than expected in April.

Crude oil futures nudged higher Wednesday amid a large decrease in U.S. oil stockpiles. June WTI oil inch up by 18 cents, or nearly 0.3 percent, to settle at $71.49/bbl.

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