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Losses May Accelerate For Thai Stock Market

The Thai stock market headed south again on Monday, one session after it had ended the three-day slide in which it had stumbled more than 30 points or 2 percent. The Stock Exchange of Thailand now rests just above the 1,640-point plateau and it's expected to open in the red again on Tuesday.

The global forecast for the Asian markets is broadly negative on concerns of a full-fledged trade war between the U.S. and China. The European and U.S. markets were firmly in the red and the Asian bourses are expected to open in similar fashion.

The SET finished modestly lower on Monday following losses from the energy producers and a mixed performance from the financial shares.

For the day, the index sank 8.56 points or 0.52 percent to finish at 1,640.13 after trading between 1,634.93 and 1,652.33. Volume was 11.918 billion shares worth 41.044 billion baht. There were 987 decliners and 387 gainers, with 378 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.79 percent, while Thailand Airport added 0.74 percent, Banpu plunged 4.40 percent, Bangkok Bank collected 0.50 percent, Bangkok Medical skidded 1.20 percent, Bangkok Expressway spiked 1.82 percent, Krung Thai Bank dropped 1.06 percent, PTT dipped 0.52 percent, PTT Global Chemical tumbled 2.62 percent, Siam Commercial Bank sank 1.18 percent and TMB Bank, Siam Concrete, PTT Exploration and Production, Kasikornbank, BTS Group and Charoen Pokphand Foods all were unchanged.

The lead from Wall Street is brutal as stocks moved sharply lower on Monday, with the Dow sliding to a three-month closing low and the NASDAQ and S&P 500 hitting one-month lows.

The Dow shed 617.38 points or 2.38 percent to 25,324.99, while the NASDAQ plummeted 269.92 points or 3.41 percent to 7,647.02 and the S&P 500 fell 69.53 points or 2.41 percent to 2,811.87.

The sell-off on Wall Street came after China announced plans to raise tariffs on $60 billion worth of U.S. goods, shrugging off a warning from U.S. President Donald Trump. The move by China comes in retaliation for Trump's recent decision to raise tariffs on approximately $200 billion worth of Chinese goods to 25 percent from 10 percent.

Trump has previously threatened to raise tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion.

Crude oil futures settled notably lower Monday as worries about global growth following an escalation in U.S.-China trade tensions raised concerns about energy demand. West Texas Intermediate crude oil futures for June ended down $0.62 or 1 percent at $61.04 a barrel.

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