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Thai Shares Expected To Stop The Bleeding On Tuesday

The Thai stock market has ticked lower in consecutive trading days, sliding almost 6 points or 0.4 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,630-point plateau although it's likely to find traction on Tuesday.

The global forecast for the Asian markets is firm thanks to solid economic data, rising oil prices and expected bargain hunting. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.

The SET finished slightly lower on Monday following losses from the financial shares and the energy producers.

For the day, the index slid 2.69 points or 0.16 percent to finish at 1,627.43 after trading between 1,625.06 and 1,636.20. Volume was 10.917 billion shares worth 30.926 billion baht. There were 743 decliners and 464 gainers, with 564 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.28 percent, while Bangkok Bank collected 0.49 percent, Bangkok Expressway tumbled 1.49 percent, Charoen Pokphand Foods dropped 0.97 percent, Kasikornbank slid 0.26 percent, Krung Thai Bank and PTT both shed 0.53 percent, PTT Exploration and Production fell 0.41 percent, PTT Global Chemical lost 0.73 percent, Siam Commercial Bank sank 0.38 percent, Siam Concrete added 0.42 percent, Star Petroleum plunged 3.60 percent and Thailand Airport, Banpu and Bangkok Medical were unchanged.

The lead from Wall Street is broadly positive thanks to bargain hunting after a rough couple of sessions. The major averages opened in the green on Monday and stayed there throughout the session.

The Dow added 200.64 points or 0.79 percent to 25,650.88, while the NASDAQ spiked 149.92 points or 2.02 percent to 7,558.06 and the S&P 500 jumped 40.23 points or 1.47 percent to 2,783.30.

The rally on Wall Street came following a report from the Commerce Department showing an unexpected uptick in U.S. retail sales in January. The Commerce Department also noted business inventories increased as expected in December.

But the upside for the Dow was limited by a big drop in shares of Boeing, with the aerospace giant slumping 5.3 percent. Boeing came under pressure following the crash of Ethiopian Airlines Flight 302, which was the second crash in five months involving the company's 737 Max 8 model.

Crude oil prices moved higher on Monday, lifted by reports that Saudi Arabia will extend output cuts. West Texas Intermediate Crude futures for April ended up $0.72 or 1.3 percent at $56.79 a barrel.

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