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Lower Open Expected For Thai Stock Market

The Thai stock market has finished lower in two of three trading days since the end of the four-day winning streak in which it had gathered more than 30 points or 1.8 percent. The Stock Exchange of Thailand now rests just beneath the 1,655-point plateau and it may extend its losses on Friday.

The global forecast for the Asian markets is broadly lower on global growth concerns and sliding oil prices. The European and U.S. bourses were down and the Asian markets are tipped to follow that lead.

The SET finished modestly lower on Thursday following losses from the financials and cement companies.

For the day, the index sank 5.60 points or 0.34 percent to finish at 1,653.11 after trading between 1,649.50 and 1,667.01. Volume was 14.228 billion shares worth 50.123 billion baht. There were 877 decliners and 465 gainers, with 507 stocks finishing unchanged.

Among the actives, Advanced Info spiked 1.94 percent, while Thailand Airport shed 0.72 percent, Bangkok Bank shed 0.47 percent, Bangkok Medical skidded 1.27 percent, Charoen Pokphand Foods advanced 0.92 percent, Krung Thai Bank tumbled 1.50 percent, PTT perked 0.51 percent, Siam Concrete fell 0.85 percent and Siam Commercial Bank, PTT Exploration and Production, PTT Global Chemical, Kasikornbank, Banpu and Bangkok Expressway all were unchanged.

The lead from Wall Street is weak as stocks opened lower on Thursday and crept further into the red as the day progressed - extending losses from the previous session.

The Dow shed 220.77 points or 0.87 percent to 25,169, while the NASDAQ lost 86.93 points or 1.18 percent to 7,288.93 and the S&P 500 fell 25.56 points or 0.94 percent to 2,706.05.

Renewed concerns about a U.S.-China trade deal generated selling pressure after reports said President Donald Trump and Chinese President Xi Jinping are "highly unlikely" to meet before March 2 - when tariffs on Chinese goods are set to jump automatically.

Worries about the U.S.-China trade talks added to concerns about the global economy after the European Commission lowered its eurozone growth forecast. The downgrade reflected external factors, such as trade tensions, the uncertainty concerning Brexit and the slowdown in emerging markets, notably in China.

Crude oil prices declined on Thursday on concerns of demand growth due to the ongoing trade dispute between the U.S. and China. West Texas Intermediate Crude oil futures for March ended down $1.37 or 2.5 percent at $52.64 a barrel, the lowest settlement in more than a week.

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