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Thai Stock Market Likely Rangebound On Monday

The Thai stock market on Friday snapped the three-day winning streak in which it had advanced more than 15 points or 1 percent. The Stock Exchange of Thailand now rests just beneath the 1,675-point plateau and it's expected to see very little movement on Monday.

The global forecast for the Asian markets is likely all about inertia, since most of the European and U.S. markets were closed Friday for the long Easter weekend. Little movement is expected for the Asian bourses.

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

For the day, the index eased 0.90 points or 0.05 percent to finish at 1,674.10 after trading between 1,671.83 and 1,679.75. Volume was 9.115 billion shares worth 36.009 billion baht. There were 659 decliners and 564 gainers, with 520 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.78 percent, while Thailand Airport added 0.36 percent, Banpu soared 2.50 percent, Bangkok Bank collected 0.48 percent, Bangkok Expressway dropped 0.96 percent, BTS Group tumbled 1.71 percent, Kasikornbank skidded 1.55 percent, Krung Thai Bank fell 0.52 percent, PTT lost 0.51 percent, PTT Exploration and Production dipped 0.38 percent, PTT Global Chemical spiked 1.80 percent, Siam Commercial Bank climbed 0.78 percent, TMB Bank was down 0.96 percent and Siam Concrete, Bangkok Medical and Charoen Pokphand Foods were unchanged.

There are precious few catalysts for trade on Monday as the U.S. and most major European was closed for Good Friday. The European markets remain closed for Easter Monday as well, while Wall Street returns to action later today.

The geopolitical scene remained blissfully quiet and many traders are expected to remain away from their desks today, so the Asian markets are setting up for a quiet session.

In U.S. economic news, the Commerce Department reported an unexpected drop in new residential construction and building permits in March.

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