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Renewed Selling Pressure Likely For Thai Shares

The Thai stock market has alternated between positive and negative finishes through the last six trading days since the end of the three-day winning streak in which it had gained more than 15 points or 0.9 percent. The Stock Exchange of Thailand now rests just above the 1,730-point plateau and it figures to head south again on Monday.

The global forecast for the Asian markets is negative on pessimism over the outlook for interest rates. The European and U.S. markets were down Friday and now the Asian bourses are expected to open in similar fashion.

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

For the day, the index picked up 6.86 points or 0.40 percent to finish at 1,731.23 after trading between 1m719.61 and 1,731.84. Volume was 21.477 billion shares worth 63.687 billion baht. There were 818 gainers and 570 decliners, with 482 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.47 percent, while Thailand Airport added 0.67 percent, Banpu climbed 1.39 percent, Bangkok Bank rose 0.25 percent, BTS Group advanced 0.80 percent, Charoen Pokphand Foods gained 0.84 percent, Kasikornbank collected 0.27 percent, Krung Thai Bank dropped 1.03 percent, PTT Exploration and Production perked 0.75 percent, PTT Global Chemical shed 0.40 percent, Siam Commercial Bank fell 0.36 percent, Siam Concrete tumbled 1.28 percent, TMB Bank plunged 1.52 percent and PTT, Bangkok Medical and Bangkok Expressway were unchanged.

The lead from Wall Street is soft as stocks opened sharply lower Friday, recovered as the day progressed but still ended in the red.

The Dow shed 43.88 points or 0.16 percent to finish at 26,922.12, while the NASDAQ lost 8.44 points or 0.10 percent to 8,161.79 and the S&P 500 fell 5.41 points or 0.18 percent to 2,990.41. For the week, the Dow jumped 1.2 percent, the NASDAQ surged 1.9 percent and the S&P rose 1.7 percent.

The early pullback followed the release of the Labor Department report showing a substantial growth in U.S. employment in June. While the data points to a rebound in the labor market, the report dampened investor hopes for a near-term interest rate cut by the Federal Reserve.

Oil futures settled modestly higher on Friday but saw a loss of 1.6 percent for the week as traders continued to weigh the commodity's near-term supply and demand prospects. West Texas Intermediate crude oil futures for August ended up $0.17 or 0.3 percent at $57.51 a barrel.

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