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Thai Stock Market May Extend Tuesday's Gains

The Thai stock market on Tuesday ended the five-day losing streak in which it had tumbled more than 65 points or 3.8 percent. The Stock Exchange of Thailand now rests just above the 1,695-point plateau and it may inch higher again on Wednesday.

The global forecast for the Asian markets is unclear, with concerns over the outlook for interest rates offset by support from crude oil prices. The European markets were slightly higher and the Asian bourses were mixed and little changed - and the Asian markets figure to follow the latter lead.

The SET finished barely higher on Tuesday following mixed performances from the financial shares and the energy producers.

For the day, the index added 0.70 points or 0.04 percent to finish at the daily low of 1,696.92 after peaking at 1,708.72. Volume was 14.114 billion shares worth 52.507 billion baht. There were 773 decliners and 494 gainers, with 573 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.76 percent, while Banpu added 0.54 percent, Bangkok Bank collected 0.96 percent, Bangkok Medical lost 0.40 percent, Beauty Community soared 2.62 percent, Bangkok Expressway gained 0.61 percent, Kasikornbank picked up 0.48 percent, Krung Thai Bank perked 0.51 percent, PTT gathered 0.97 percent, PTT Global Chemical spiked 2.07 percent, PTT Global Chemical slid 0.64 percent, Siam Commercial Bank skidded 1.39 percent, Siam Concrete fell 0.93 percent and Thailand Airport and Charoen Pokphand Foods were unchanged.

The lead from Wall Street offers little guidance as stocks fluctuated on Tuesday, bouncing back and forth across the unchanged line before closing mixed for the second straight day.

The Dow shed 56.21 points or 0.21 percent to finish at 26,430.57, while the NASDAQ added 2.07 points or 0.03 percent to 7,738.02 and the S&P fell 4.09 points or 0.14 percent to 2,880.34.

The choppy trading on Wall Street came as traders kept an eye on treasuries amid renewed concerns about the outlook for interest rates. With the bond markets re-opening after Monday's Columbus Day holiday, treasury yields turned lower after an initial move higher.

Traders shrugged off news that the International Monetary Fund lowered its forecast for U.S. and Chinese economic growth, citing the "negative effect of recent tariff actions."

Crude oil prices moved up on Tuesday amid reports of falling crude exports from Iran ahead of the U.S. sanctions against the country. Crude oil futures for November delivery ended up $0.67 or 0.9 percent at $74.96 a barrel.

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