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Soft Start Predicted For Thai Stock Market

The Thai stock market on Friday snapped the three-day winning streak in which it had spiked more than 50 points or 3 percent. The Stock Exchange of Thailand remains just above the 1,715-point plateau although the losses may accelerate on Monday.

The global forecast for the Asian markets suggests mild consolidation on geopolitical and trade concerns. The European and U.S. markets were slightly lower and the Asian markets are expected to open in similar fashion.

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

For the day, the index eased 0.68 points or 0.04 percent to finish at 1,717.14 after trading between 1,714.09 and 1,727.83. Volume was 19.617 billion shares worth 81.233 billion baht. There were 957 decliners and 497 gainers, with 482 stocks finishing unchanged.

Among the actives, Advanced Info added 0.98 percent, while Thailand Airport rose 0.34 percent, Banpu skidded 1.35 percent, Bangkok Bank dropped 1.48 percent, Bangkok Medical retreated 0.97 percent, Bangkok Expressway sank 0.88 percent, BTS Group tumbled 1.64 percent, Charoen Pokphand Foods plunged 1.75 percent, Kasikornbank shed 0.78 percent, PTT gained 0.51 percent, Siam Concrete perked 0.43 percent, TMB Bank collected 0.50 percent and Siam Commercial Bank, Krung Thai Bank, PTT Exploration and Production and PTT Global Chemical were unchanged.

The lead from Wall Street is soft as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending lower.

The Dow shed 34.04 points or 0.13 percent to end at 26,719.13, while the NASDAQ lost 19.63 points or 0.24 percent to 8,031.71 and the S&P 500 fell 3.72 points or 0.13 percent to 2,950. For the week, the Dow added 2.4 percent, the NASDAQ jumped 3 percent and the S&P perked 2.2 percent.

Traders were looking ahead to this week's G20 summit in Japan, where Trump and Chinese President Xi Jinping are due to meet in an effort to revive trade talks.

Traders were also cautious amid escalating tensions between the U.S. and Iran after Iran's Revolutionary Guard shot down an unmanned U.S. surveillance drone on Thursday.

Crude oil prices moved higher on Friday, extending gains from previous session as escalating tensions between the U.S. and Iran raised concerns about a disruption in global crude supplies. West Texas Intermediate crude oil futures for August ended up $0.36 or 0.6 percent at $57.43 a barrel.

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