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Thai Bourse Poised To Snap Losing Streak

The Thai stock market has ticked lower in back-to-back trading days, dipping more than 6 points or 0.4 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,590-point plateau although it may find traction on Friday.

The global forecast for the Asian markets is upbeat on optimism over the outlook for rate hikes and continued support from crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The SET finished slightly lower on Thursday as losses from the financial shares were offset by gains among the energy producers.

For the day, the index slid 2.87 points or 0.18 percent to finish at 1,587.63 after trading between 1,579.20 and 1,599.10. Volume was 14.417 billion shares worth 53.524 billion baht. There were 779 decliners and 428 gainers, with 459 stocks finishing unchanged.

Among the actives, Advanced Info tumbled 2.52 percent, while Banpu added 0.62 percent, Bangkok Bank skidded 1.44 percent, Bangkok Medical added 0.44 percent, Charoen Pokphand Foods jumped 1.98 percent, Kasikornbank plunged 3.23 percent, Krung Thai Bank lost 0.50 percent, PTT climbed 1.04 percent, PTT Exploration and Production advanced 0.82 percent, PTT Global Chemical perked 0.35 percent, Siam Commercial Bank collected 0.37 percent, Siam Concrete dropped 1.38 percent and Thailand Airport and Bangkok Expressway were unchanged.

The lead from Wall Street is positive as stocks shook off early weakness Thursday to finish higher for the fifth straight session.

The Dow added 122.80 points or 0.51 percent to 24,001.92, while the NASDAQ gained 28.99 points or 0.42 percent to 6,986.07 and the S&P rose 11.68 points or 0.45 percent to 2,596.64.

The initial weakness on Wall Street came as traders cashed in on recent strength after trade talks between the U.S. and China showed no significant breakthroughs. Selling pressure waned shortly thereafter as traders remain optimistic the U.S. and China will eventually reach a long-term trade deal.

On the U.S. economic front, the Labor Department reported a bigger than expected drop in initial jobless claims in the week ended January 5.

Traders also followed remarks from Federal Reserve Chairman Jerome Powell, who reiterated the Fed will be patient in raising interest rates further, noting the central bank is waiting and watching.

Crude oil futures ended higher on Thursday, extending gains to a ninth successive session on reports of declines in crude output from OPEC and other major producers. Crude oil futures ended $0.23 or 0.4 percent at $52.59 a barrel.

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