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Thai Stock Market May Add To Its Winnings

The Thai stock market on Wednesday snapped the two-day slide in which it had stumbled almost 10 points or 0.6 percent. The Stock Exchange of Thailand now rests just beneath the 1,740-point plateau and it's called higher again on Thursday.

The global forecast for the Asian markets is upbeat in surging crude oil prices and renewed optimism for the outlook on interest rates. The European markets were down and the U.S. bourses were up - and the Asian markets also figure to open higher.

The SET finished sharply higher on Wednesday following gains from the financial shares and energy producers.

For the day, the index climbed 17.95 points or 1.04 percent to finish at 1,739.43 after trading between 1,724.58 and 1,741.76. Volume was 21.535 billion shares worth 73.610 billion baht. There were 998 gainers and 556 decliners, with 407 stocks finishing unchanged.

Among the actives, Advanced Info spiked 2.36 percent, while Thailand Airport advanced 1.02 percent, Banpu added 0.69 percent, Bangkok Bank collected 0.77 percent, Bangkok Medical accelerated 2.00 percent, Kasikornbank climbed 1.07 percent, Krung Thai Bank jumped 1.57 percent, PTT perked 1.05 percent, PTT Exploration and Production soared 1.89 percent, PTT Global Chemical gained 0.81 percent, Siam Commercial Bank rose 0.36 percent, Siam Commercial Bank tumbled 1.72 percent. TMB Bank was up 0.53 percent and Charoen Pokphand Foods, Bangkok Expressway and BTS Group were unchanged.

The lead from Wall Street is positive as stocks opened higher on Wednesday, gave ground in the afternoon but still finished in the green.

The Dow added 76.71 points or 0.29 percent to 26,860.20, while the NASDAQ gained 60.80 points or 0.75 percent to 8,202.53 and the S&P 500 rose 13.44 points or 0.45 percent to 2,993.07.

Early buying interest was generated by Federal Reserve Chairman Jerome Powell's remarks before the House Financial Services Committee. Powell told lawmakers that crosscurrents, such as trade tensions and concerns about global growth, have continued to weigh on the U.S. economic outlook since the central bank's June meeting.

Powell's comments led to renewed optimism about a potential rate cut by the Fed at its next meeting later this month. Mirroring Powell's remarks, the minutes of the central bank's June meeting released later in the day said many participants believe the case for lowering interest rates has strengthened.

Crude oil prices rose sharply Wednesday after data showed a larger than expected decline in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for August ended up $2.60 or 4.5 percent at $60.43 a barrel, a seven-week high.

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