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Thai Stock Market Likely To Reverse Tuesday's Damage

The Thai stock market has alternated between positive and negative finishes through the last four trading days since the end of the three-day slide in which it had fallen more than 35 points or 2 percent. The Stock Exchange of Thailand now rests just above the 1,670-point plateau although it figures to see renewed support on Wednesday.

The global forecast for the Asian markets is upbeat that to a surge in crude oil prices, while bargain hunting also is expected. The European markets were mixed but little changed and the U.S. bourses were up - and the Asian markets figure to follow the latter lead.

The SET finished sharply lower on Tuesday following losses from the financials, energy producers and cement stocks.

For the day, the index skidded 19.09 points or 1.13 percent to finish at 1,672.42 after trading between 1,672.40 and 1,694.86. Volume was 12.262 billion shares worth 50.027 billion baht. There were 868 decliners and 479 gainers, with 415 stocks finishing unchanged.

Among the actives, Advanced Info added 0.25 percent, while Thailand Airport tumbled 3.50 percent, Banpu skidded 1.04 percent, Bangkok Medical dropped 1.89 percent, Beauty Community plunged 4.42 percent, Bangkok Expressway retreated 1.20 percent, Charoen Pokphand Foods shed 2.86 percent, Kasikornbank lost 2.40 percent, Krung Thai Bank declined 1.55 percent, PTT plummeted 2.99 percent, PTT Exploration and Production gained 0.36 percent, PTT Global Chemical fell 2.53 percent, Siam Commercial Bank was down 1.03 percent, Siam Concrete contracted 1.36 percent and Bangkok Bank was unchanged.

The lead from Wall Street is positive as stocks shrugged off a lower open on Tuesday, bouncing off early lows to end in positive territory.

The Dow rose 113.99 points or 0.44 percent to 25,971.06, while the NASDAQ climbed 48.31 points or 0.61 percent to 7,972.47 and the S&P added 10.76 points or 0.37 percent to 2,887.89.

The strength came largely as traders looked to pick up stocks at reduced levels following recent weakness.

Trading activity remained somewhat subdued, however, as a lack of major U.S. economic data kept some traders on the sidelines.

Crude oil futures ended higher on Tuesday, snapping a four-day losing streak, with falling output in Iran tightening global crude supply. Crude oil futures for October ended up $1.70 or 2.5 percent at $69.25 a barrel, the highest settlement price in a week.

by RTTNews Staff Writer

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