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Additional Support Tipped For Thai Stock Market

The Thai stock market has alternated between positive and negative finishes through the last five 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 beneath the 1,680-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is cautiously optimistic thanks to a spike in crude oil prices. The European markets were slightly higher and the U.S. bourses were mixed but little changed - and the Asian markets figure to split the difference.

The SET finished modestly higher on Wednesday following gains from the financial shares and the energy producers.

For the day, the index added 6.97 points or 0.42 percent to finish at 1,679.39 after trading between 1,666.07 and 1,680.54. Volume was 17.222 billion shares worth 59.725 billion baht. There were 741 decliners and 494 gainers, with 501 stocks finishing unchanged.

Among the actives, Advanced Info added 0.25 percent, while Thailand Airport gained 0.40 percent, Banpu skidded 1.57 percent, Bangkok Bank shed 0.50 percent, Bangkok Medical advanced 0.96 percent, Charoen Pokphand Foods climbed 0.98 percent, Kasikornbank jumped 1.48 percent, Krung Thai Bank perked 1.05 percent, PTT spiked 1.54 percent, PTT Exploration and Production soared 2.17 percent, PTT Global Chemical was up 0.65 percent, Siam Commercial Bank surged 2.44 percent and Siam Concrete, Beauty Community and Bangkok Expressway were unchanged.

The lead from Wall Street is murky as stocks showed a lack of direction on Wednesday before ending mixed and roughly flat.

The Dow added 27.86 points or 0.11 percent to 25,998.92, while the NASDAQ fell 18.25 points or 0.23 percent to 7,954.23 and the S&P 500 gained 1.03 points or 0.04 percent to 2,888.92.

Traders seemed reluctant to make significant moves amid lingering uncertainty about the trade dispute between the U.S. and China, despite reports of a new round of talks in the near future.

In economic news, the Labor Department noted a drop in producer prices in August, while the Federal Reserve's Beige Book said the U.S. economy expanded at a moderate pace through the end of August.

Crude oil prices climbed higher on Wednesday after the U.S. Energy Information Administration noted a drop in crude inventories last week. Crude oil futures for October delivery ended up $1.12 or 1.6 percent at $70.37 a barrel, the best settlement price in about eight weeks.

by RTTNews Staff Writer

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