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Recovery Tipped For Thai Stock Market

The Thai stock market has moved lower in back-to-back trading days, sliding almost 15 points or 0.9 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,635-point plateau although it's looking at a green light on Wednesday.

The global forecast for the Asian markets is positive on bargain hunting, rising crude oil prices and optimism that the United States and China will reach a trade agreement. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The SET finished modestly lower on Tuesday as losses from the energy producers were offset by sild support from the financials.

For the day, the index shed 6.29 points or 0.38 percent to finish at 1,633.84 after trading between 1,629.56 and 1,639.63. Volume was 12.995 billion shares worth 53.923 billion baht. There were 977 decliners and 414 gainers, with 391 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.53 percent, while Thailand Airport lost 0.37 percent, Banpu plummeted 3.95 percent, Bangkok Medical added 0.41 percent, Bangkok Expressway fell 0.89 percent, BTS Group dropped 0.86 percent, Charoen Pokphand Foods retreated 0.90 percent, Kasikornbank collected 0.27 percent, Krung Thai Bank climbed 1.08 percent, PTT slid 0.53 percent, TMB Bank was down 0.51 percent and Siam Commercial Bank, Siam Concrete, Bangkok Bank, PTT Exploration and Production and PTT Global Chemical all were unchanged.

The lead from Wall Street is firm as stocks opened higher on Tuesday and remained in the green throughout the session, offsetting the losses from the previous day.

The Dow added 207.06 points or 0.82 percent to end at 25,532.05, while the NASDAQ jumped 87.47 points or 1.14 percent to 7,734.49 and the S&P 500 rose 22.54 points or 0.80 percent to 2,834.41.

Bargain hunting has contributed to the rebound on Wall Street, with traders picking up stocks at reduced levels following Monday's sell-off.

The markets are also benefiting from optimism the U.S. and China will eventually reach a trade deal despite the retaliatory tariffs announced by China.

President Donald Trump has continued to express confidence the Chinese will yield to U.S. demands, repeatedly arguing that the U.S. is in a stronger position than China in the negotiations.

Crude oil prices moved higher on Tuesday amid supply concerns and slightly easing worries about energy demand after the U.S. and China struck a conciliatory tone on trade talks. West Texas Intermediate Crude oil futures for June ended up $0.74 or 1.2 percent at $61.78 a barrel.

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