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Rally May Stall For Thai Stock Market

The Thai stock market has moved higher in six straight sessions, collecting more than 50 points or 3.3 percent along the way. The Stock Exchange of Thailand now rests just above the 1,670-point plateau although investors are likely to cash in on Wednesday.

The global forecast for the Asian markets is mixed and flat, with profit taking expected following recent gains. The European markets were up and the U.S. bourses were slightly lower and the Asian markets figure to split the difference.

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

For the day, the index added 5.68 points or 0.34 percent to finish at 1,670.41 after trading between 1,663.36 and 1,675.60. Volume was 14.781 billion shares worth 50.095 billion baht. There were 712 decliners and 658 gainers, with 497 stocks finishing unchanged.

Among the actives, Advanced Info added 0.26 percent, while Thailand Airport gained 0.38 percent, Bangkok Bank collected 0.50 percent, Bangkok Expressway advanced 0.84 percent, BTS Group rose 0.86 percent, Charoen Pokphand Foods jumped 1.79 percent, Kasikornbank was up 0.52 percent, Krung Thai Bank shed 0.52 percent, PTT perked 0.53 percent, PTT Exploration and Production gained 0.39 percent, TMB Bank soared 2.04 percent and Siam Commercial Bank, Siam Concrete, PTT Global Chemical, Banpu and Bangkok Medical all were unchanged.

The lead from Wall Street is soft as stocks failed to sustain an initial move to the upside Tuesday, bouncing back and forth across the unchanged line before closing slightly lower.

The Dow shed 14.17 points or 0.05 percent to end at 26,048.51, while the NASDAQ lost 0.60 points or 0.01 percent to 7,822.57 and the S&P 500 fell 1.01 points or 0.03 percent to 2,885.72.

The initial strength on Wall Street reflected recent optimism for a potential interest rate cut by the Federal Reserve, with the central bank due to make its next monetary policy decision next week.

Buying interest waned shortly after the start of trading, however, inspiring traders to cash in on recent gains as they await further developments regarding the ongoing trade dispute between the U.S. and China.

Crude oil futures ended little changed on Tuesday as traders appeared to be waiting for a clear picture to emerge from the OPEC meeting scheduled June 25 in Vienna. West Texas Intermediate crude oil futures for July ended at $53.27 a barrel, up a penny from Monday's close.

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