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Thai Stock Market Tipped To Halt Losing Streak

The Thai stock market has finished lower in four straight sessions, skidding more than 50 points or 3 percent along the way. The Stock Exchange of Thailand now rests just above the 1,620-point plateau although it's expected to stop the bleeding on Wednesday.

The global forecast for the Asian markets is broadly positive on an improved outlook for trade between the United States and China, and the resulting surge in crude oil prices. The European and U.S. markets were firmly higher and the Asian bourses are expected to open in similar fashion.

The SET finished sharply lower on Tuesday following losses from the financial shares and the energy producers.

For the day, the index tumbled 30.41 points or 1.84 percent to finish at 1,620.23 after trading between 1,619.03 and 1,644.15. Volume was 18.529 billion shares worth 64.186 billion baht. There were 1,325 decliners and 399 gainers, with 238 stocks finishing unchanged.

Among the actives, Advanced Info advanced 0.90 percent, while Thailand Airport plunged 3.58 percent, Banpu plummeted 6.98 percent, Bangkok Bank shed 0.87 percent, Bangkok Medical skidded 1.62 percent, BTS Group dropped 1.57 percent, Charoen Pokphand Foods tumbled 1.80 percent, Kasikornbank lost 0.91 percent, Krung Thai Bank climbed 1.12 percent, PTT retreated 2.82 percent, PTT Global Chemical declined 2.83 percent, Siam Commercial Bank contracted 1.53 percent, Siam Concrete fell 0.97 percent, TMB Bank cratered 7.06 percent and Bangkok Expressway and PTT Exploration and Production were unchanged.

The lead from Wall Street is firmly upbeat as stocks moved higher early Tuesday and only got stronger as the day progressed.

The Dow climbed 372.54 points or 1.44 percent to 26,279.91, while the NASDAQ surged 152.95 points or 1.95 percent to 8,016.36 and the S&P 500 jumped 42.57 points or 1.48 percent to 2,926.32.

The rally on Wall Street came after U.S. Trade Representative Robert Lighthizer offered a temporary reprieve in the U.S.-China trade war by announcing a delay in imposing new tariffs on certain Chinese products. Lighthizer said the 10 percent tariff set to take effect on September 1 will be delayed until December 15 for certain products.

The announcement comes less than two weeks after President Donald Trump announced plans to impose a 10 percent tariff on the remaining $300 billion worth of Chinese imports, sparking a sell-off on Wall Street.

In U.S. economic news, the Labor Department said consumer prices rose in line with estimates in July, although the report also showed another bigger than expected increase in core consumer prices.

Crude oil prices shook off early weakness and posted a modest recovery on Tuesday following news of the delay in tariffs. West Texas Intermediate climbed $2.42 or 4.42 percent to $57.20 after the trade announcement after moving as low as $54.78 earlier in the day.

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