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No Help Yet For Thai Stock Market

The Thai stock market has finished lower in back-to-back trading days, slipping more than 15 points or 0.9 percent along the way. The Stock Exchange of Thailand now rests just above the 1,720-point plateau and it may extend its losses on Monday.

The global forecast for the Asian markets is uncertain, with higher closes from Europe and the United Sates overshadowed by renewed concerns of a trade war after a contentious G7 meeting. A fall in crude oil prices adds to the soft sentiment.

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

For the day, the index sank 11.01 points or 0.64 percent to finish at 1,722.04 after trading between 1m721.88 and 1,736.00. Volume was 10.466 billion shares worth 43.421 billion baht. There were 830 decliners and 424 gainers, with 451 stocks finishing unchanged.

Among the actives, Advanced Info added 0.26 percent, while Thailand Airport shed 0.72 percent, Banpu lost 0.46 percent, Bangkok Bank collected 0.26 percent, Charoen Pokphand Foods soared 3.00 percent, Kasikornbank tumbled 2.51 percent, Krung Thai Bank added 0.56 percent, PTT skidded 2.39 percent, PTT Exploration and Production dropped 2.51 percent, PTT Global Chemical fell 0.28 percent, Siam Commercial Bank retreated 2.16 percent and Bangkok Medical and Bangkok Expressway were unchanged.

The lead from Wall Street is positive as stocks opened lower Friday but rebounded as the day progressed. With the turnaround, the Dow and the S&P hit their best closing levels in three months.

The Dow climbed 75.12 points or 0.30 percent to 25,316.53, the NASDAQ gained 10.44 points or 0.14 percent to 7,645.51 and the S&P rose 8.66 points or 0.31 percent to 2,779.03. For the week, the Dow soared 2.8 percent, the S&P surged 1.6 percent and the NASDAQ jumped 1.2 percent.

The rebound by stocks came as traders kept a close eye on any developments out of the G7 summit in Canada.

The summit focused on trade relations amid the ongoing dispute over President Donald Trump imposing tariffs on steel and aluminum imports from Canada, Mexico, and the European Union.

Crude oil inched lower Friday as the dollar strengthened on safe have demand amid a breakdown in trade relations between the U.S. and its closest allies. West Texas Intermediate oil for July fell 21 cents or 0.3 percent to $65.74/bbl.

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