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Continued Consolidation Called For Thai Stock Market

The Thai stock market has alternated between positive and negative finishes through the last seven 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 remains just above the 1,730-point plateau and it's expected to open in the red again on Tuesday.

The global forecast for the Asian markets is modestly negative, with weakness from technology stocks likely offset by mild upside from crude oil prices. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The SET finished barely lower on Monday following losses from the financial shares and the energy producers.

For the day, the index eased 0.20 points or 0.01 percent to finish at 1,731.03 after trading between 1,722.53 and 1,734.13. Volume was 22.708 billion shares worth 57.308 billion baht. There were 827 decliners and 599 gainers, with 5087 stocks finishing unchanged.

Among the actives, Advanced Info added 0.47 percent, while Thailand Airport dropped 1.00 percent, Banpu gained 0.68 percent, Bangkok Bank collected 0.25 percent, Bangkok Medical skidded 0.97 percent, Charoen Pokphand Foods advanced 0.83 percent, Kasikornbank fell 0.27 percent, Krung Thai Bank and TMB Bank both shed 0.52 percent, PTT Global Chemical tumbled 1.99 percent, Siam Commercial Bank rose 0.36 percent and Siam Concrete, PTT, PTT Exploration and Production, BTS Group and Bangkok Expressway all were unchanged.
The lead from Wall Street is soft as stocks opened lower on Monday as stayed in the red throughout the session.

The Dow shed 115.98 points or 0.43 percent to 26,806.14, while the NASDAQ lost 63.41 points or 0.78 percent to 8,098.38 and the S&P 500 fell 14.46 points or 0.48 percent to 2,975.95.

The weakness on Wall Street partly reflected waning optimism about a near-term interest rate cut following last Friday's much better than expected jobs data.

A drop by Apple (AAPL) also weighed on markets, with the tech giant tumbling by 2.1 percent after a downgrade on the company's stock.

Crude oil futures settled modestly higher Monday amid rising geopolitical tensions and on hopes for monetary easing by the Federal Reserve this month. West Texas Intermediate Crude oil futures for August rose $0.15 or 0.3 percent at $57.66 a barrel.

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