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Losses May Accelerate For Thai Stock Market

The Thai stock market on Friday wrote a finish to the eight-day winning streak in which it had collected almost 55 points or 3.5 percent. The Stock Exchange of Thailand now rests just above the 1,670-point plateau and it may take further damage on Monday.

The global forecast for the Asian markets is slightly negative, although technology stocks are likely to weigh. The European and U.S. market were down and the Asian bourses are predicted to follow suit.

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

For the day, the index eased 1.81 points or 0.11 percent to finish at 1,672.33 after trading between 1,667.38 and 1,675.90. Volume was 12.596 billion shares worth 42.432 billion baht. There were 739 decliners and 562 gainers, with 518 stocks finishing unchanged.

Among the actives, Advanced Info and Bangkok Bank both shed 0.25 percent, while Thailand Airport added 0.38 percent, Bangkok Expressway jumped 1.77 percent, BTS Group advanced 0.85 percent, PTT skidded 1.06 percent, PTT Exploration and Production sank 0.39 percent, PTT Global Chemical retreated 1.19 percent, Siam Commercial Bank lost 0.74 percent, Siam Concrete dropped 0.87 percent and TMB Bank, Kasikornbank, Krung Thai Bank, Charoen Pokphand Foods, Banpu and Bangkok Medical all were unchanged.

The lead from Wall Street is soft as stocks opened lower on Friday, staged a mild recovery in afternoon trade but still finished in the red.

The Dow shed 17.19 points or 0.07 percent, while the NASDAQ lost 40.47 points or 0.562 percent to 7,796.66 and the S&P fell 4.66 points or 0.16 percent to 2,886.98. For the week, the Dow added 0.4 percent, the NASDAQ rose 0.7 percent and the S&P advanced 0.5 percent.

Tech stocks came under pressure after Broadcom (AVGO) reported better than expected fiscal second quarter earnings but lowered its full-year revenue guidance due to ongoing geopolitical uncertainties.

In economic news, the Commerce noted a solid gain in retail sales in May and a strong upward revision in April. Also, the Federal Reserve noted a bigger than expected increase in industrial production in May, although the University of Michigan said its reading on consumer sentiment dropped in June.

Crude oil prices moved up Friday amid rising geopolitical tensions following the recent attacks on two oil tankers in the Gulf of Oman. West Texas Intermediate crude oil futures for July ended up $0.23 or 0.4 percent at $52.51 a barrel. For the week, WTA crude oil futures shed 2.7 percent.

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