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Thai Stock Market May Snap Losing Streak

The Thai stock market has finished lower in two straight sessions, sliding more than 7 points or 0.4 percent. The Stock Exchange of Thailand now rests just above the 1,650-point plateau and it may find traction on Monday.

The global forecast for the Asian markets is mixed and flat, with trade concerns offset by bargain hunting. The European markets were down and the U.S. bourses were little changed and the Asian markets figure to follow the latter lead.

The SET finished barely lower on Friday following losses from the energy producers and a mixed picture from the financial sector.

For the day, the index eased 1.43 points or 0.09 percent to finish at 1,651.68 after trading between 1,637.58 and 1,657.58. Volume was 17.336 billion shares worth 56.862 billion baht. There were 885 decliners and 504 gainers, with 467 stocks finishing unchanged.

Among the actives, Advanced Info spiked 2.45 percent, while Banpu tumbled 1.78 percent, Bangkok Medical soared 2.58 percent, Bangkok Expressway dropped 0.94 percent, Charoen Pokphand Foods plunged 2.73 percent, Kasikornbank retreated 1.49 percent, Krung Thai Bank collected 0.51 percent, PTT shed 1.02 percent, PTT Exploration and Production lost 0.80 percent, PTT Global Chemical fell 0.72 percent, Siam Commercial Bank slid 0.74 percent, Siam Concrete advanced 1.29 percent and Thailand Airport and Bangkok Bank were unchanged.

The lead from Wall Street offers little clarity as stocks fell under pressure early on Friday but recovered later in the day to end mixed and little changed.

The Dow shed 63.20 points or 0.25 percent to 25,106.33, while the NASDAQ added 9.85 points or 0.14 percent to 7,298.20 and the S&P 500 rose 1.83 points or 0.07 percent to 2,707.88. For the week, the Dow added 0.2 percent, and the NASDAQ and S&P both gained 0.1 percent.

The early weakness on Wall Street came amid lingering concerns about a potential trade deal between the U.S. and China. Adding to worries, reports suggested the U.S. and China don't even have a draft that specifies where they disagree.

Bargain hunting triggered the recovery later in the session as investors scooped up some of the oversold shares.

Crude oil prices settled slightly higher on Friday, despite concerns about possible drop in energy demand in the near term due to global economic slowdown. West Texas Intermediate crude oil futures for March ended up $0.08 or 0.2 percent at $52.72 a barrel.

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