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Higher Open Tipped For Thai Stock Market

The Thai stock market has moved higher in back-to-back trading days, collecting more than 30 points or 2 percent along the way. The Stock Exchange of Thailand now rests just above the 1,590-point plateau and it may extend its gains on Tuesday.

The global forecast for the Asian markets is upbeat on optimism for the global trade outlook - plus a bump in crude oil prices. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

The SET finished sharply higher on Monday following gains form the financial shares and the energy producers.

For the day, the index climbed 17.59 points or 1.12 percent to finish at 1,592.72 after trading between 1,582.69 and 1,596.97. Volume was 11.990 billion shares worth 44.999 billion baht. There were 915 gainers and 425 decliners, with 376 stocks finishing unchanged.

Among the actives, Thailand Airport shed 0.39 percent, while Banpu soared 4.46 percent, Bangkok Bank jumped 2.46 percent, Bangkok Medical and Charoen Pokphand Foods both climbed 1.00 percent, Bangkok Expressway advanced 1.03 percent, Kasikornbank perked 1.08 percent, Krung Thai Bank collected 1.02 percent, PTT added 2.67 percent, PTT Exploration and Production gained 2.11 percent, PTT Global Chemical surged 2.86 percent, Siam Commercial Bank gathered 1.50 percent and Siam Concrete and Advanced Info were unchanged.

The lead from Wall Street is positive as stocks extended Friday's gains, allowing the major averages to offset last month's selloff.

The Dow added 98.19 points or 0.42 percent to 23,531.35, while the NASDAQ gained 84.61 points or 1.26 percent to 6,823.47 and the S&P rose 17.75 points or 0.70 percent to 2,549.69.

The continued strength on Wall Street reflected optimism about high-level trade talks between the U.S. and China in Beijing; the two-day meeting was described as positive and constructive.

Meanwhile, traders largely shrugged off an Institute for Supply Management report showing growth in U.S. service sector activity slowed more than expected in December.

Crude oil futures were up Monday, extending gains to a sixth straight session on reports Saudi Arabia will reduce crude exports by the end of this month. Crude oil futures for February were up $0.56 or 1.2 percent at $48.52 a barrel.

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