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Higher Open Predicted For Thai Stock Market

The Thai stock market on Tuesday halted the three-day slide in which it had fallen more than 20 points or 1.2 percent. The Stock Exchange of Thailand now rests just above the 1,640-point plateau and it's called higher again on Wednesday.

The global forecast for the Asian markets is upbeat on signs the United States government may avoid another shutdown. The European and U.S. markets were up and the Asian bourses are predicted to follow that lead.

The SET finished modestly higher on Tuesday following mixed performances from the financial shares and the energy producers.

For the day, the index added 4.49 points or 0.27 percent to finish at 1,642.49 after trading between 1,635.54 and 1,645.73. Volume was 10.872 billion shares worth 34.886 billion baht. There were 768 gainers and 534 decliners, with 514 stocks finishing unchanged.

Among the actives, Banpu added 0.60 percent, while Bangkok Bank shed 0.47 percent, Bangkok Medical advanced 0.85 percent, Charoen Pokphand Foods jumped 1.87 percent, Kasikornbank collected 0.51 percent, Krung Thai Bank lost 0.51 percent, PTT perked 0.52 percent, PTT Exploration and Production tumbled 1.62 percent, PTT Global Chemical fell 0.37 percent, Siam Commercial Bank rose 0.75 percent, Siam Concrete fell 0.85 percent and Advanced Info, Thailand Airport and Bangkok Expressway were unchanged.

The lead from Wall Street is broadly positive as stocks moved sharply higher on Tuesday, hitting their best closing levels in two months.

The Dow climbed 372.65 points or 1.49 percent to 25,425,76, the NASDAQ jumped 106.71 points or 1.46 percent to 7,414.62 and the S&P 500 added 34.93 points or 1.29 percent to 2,744.73.

The rally on Wall Street came amid optimism lawmakers will avoid another government shutdown after negotiators reached a tentative agreement on border security. Lawmakers face a deadline of midnight Friday to pass a spending bill and avoid another government shutdown.

Optimism about this week's next round of U.S.-China trade talks also contributed to the strength on Wall Street as President Donald Trump may defer his deadline for raising tariffs.

Crude oil prices surged higher Tuesday on hopes OPEC-led production cuts and the U.S. sanctions on Iran and Venezuela will tighten crude supply in the global market. West Texas Intermediate Crude oil futures for March ended up $0.69 or 1.3 percent at $53.10 a barrel.

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