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Rebound Predicted For Thai Stock Market

The Thai stock market on Wednesday snapped the three-day winning streak in which it had advanced more than 30 points or 2 percent. The Stock Exchange of Thailand now rests just above the 1,590-point plateau although it figures to bounce higher again on Thursday.

The global forecast for the Asian markets is firm on continued trade optimism and surging crude oil prices. The European and U.S. markets were higher and the Asian bourses are tipped to open in slimier fashion.

The SET finished slightly lower on Wednesday following mixed performances from the financial shares and the energy producers.

For the day, the index shed 3.50 points or 0.22 percent to finish at 1,590.50 after trading between 1,587.53 and 1,609.39. Volume was 11.737 billion shares worth 46.576 billion baht.

Among the actives, Advanced Info added 0.56 percent, while Thailand Airport jumped 1.93 percent, Banpu shed 0.61 percent, Bangkok Bank collected 0.48 percent, Bangkok Medical plummeted 8.10 percent, Bangkok Expressway lost 0.51 percent, Charoen Pokphand Foods dropped 0.98 percent, IRPC tumbled 2.48 percent, Kasikornbank dipped 0.27 percent, PTT perked 0.52 percent, PTT Global Chemical sank 0.70 percent, Siam Commercial Bank rose 0.74 percent, Siam Concrete advanced 0.93 percent and Krung Thai Bank and PTT Exploration and Production were unchanged.

The lead from Wall Street is upbeat as stocks fluctuated on Wednesday but still finished higher, extending gains for a fourth consecutive session.

The Dow added 91.67 points or 0.39 percent to 23,879.12, while the NASDAQ gained 60.08 points or 0.87 percent to 6,957.08 and the S&P was up 10.55 points or 0.41 percent to 2,584.96.

The markets continued to benefit from optimism about a potential trade deal between the U.S. and China after talks between U.S. and Chinese officials were extended to a third day. Traders remain hopeful the U.S. and China will reach a long-term agreement before a March 1 deadline.

Stocks remained positive after the minutes of the latest Federal Reserve meeting confirmed Fed Chairman Jerome Powell's recent remarks suggesting the central bank will take a patient approach to further interest rate increases.

Crude oil prices rose sharply Wednesday, extending gains to an eighth straight session amid easing concerns about energy demand. Crude oil futures for February ended up $2.58 or 5.2 percent at $52.36 a barrel.

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