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Thai Stock Market May Add To Its Winnings

The Thai stock market on Wednesday snapped the two-day slide in which it had stumbled more than a dozen points or 0.7 percent. The Stock Exchange of Thailand now rests just above the 1,675-point plateau and it's tipped to open higher again on Thursday.

The global forecast is positive following the U.S. midterm elections. The European and U.S. markets were solidly higher and the Asian bourses are expected to follow suit.

The SET finished modestly higher on Wednesday following gains from the energy producers and a mixed picture from the financial sector.

For the day, the index added 6.00 points or 0.36 percent to finish at 1,675.33 after trading between 1,656.51 and 1,676.09. Volume was 15.121 billion shares worth 50.638 billion baht. There were 815 decliners and 568 gainers, with 443 stocks finishing unchanged.

Among the actives, Advanced Info climbed 1.38 percent, Thailand Airport shed 0.38 percent, Banpu jumped 1.13 percent, Bangkok Bank lost 0.46 percent, Bangkok Medical added 0.81 percent, Beauty Community soared 3.88 percent, Krung Thai Bank and Charoen Pokphand Foods both advanced 1.00 percent, Kasikornbank collected 0.98 percent, PTT perked 1.01 percent, PTT Global Chemical spiked 1.29 percent, Siam Commercial Bank fell 0.36 percent, Siam Concrete picked up 0.93 percent and PTT Exploration and Production and Bangkok Expressway were unchanged.

The lead from Wall Street is solid as stocks showed a significant move to the upside on Wednesday, adding to the gains posted in the previous session.

The Dow added 545.29 points or 2.13 percent to 26,180.30, while the NASDAQ jumped 194.79 points or 2.64 percent to 7,570.75 and the S&P gained 58.44 points or 2.12 percent to 2,813.89.

The rally on Wall Street came as the results of the highly anticipated midterm elections on Tuesday came largely in line with expectations.

Democrats are projected to retake control of the House for the first time since 2010 - which will give them subpoena power, potentially leading to numerous investigations of President Donald Trump's administration.

Democrats did not fare as well as in the Senate, as Republicans appear poised to expand their majority in the upper chamber.

Crude oil prices tumbled on Wednesday after data showed a seventh straight weekly rise in U.S. crude inventories. Crude oil futures for December were down $0.54 or 0.9 percent at $61.67 a barrel, the lowest settlement price in nearly eight months.

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