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Thai Stock Market Likely To Extend Losing Streak

The Thai stock market has moved lower in five straight sessions, skidding more than 50 points or 3 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,620-point plateau and the losses are expected to accelerate again on Thursday.

The global forecast for the Asian markets is emphatically negative thanks to worrying signs about the health of the global economy. The European and U.S. markets finished sharply lower and the Asian markets are tipped to follow suit.

The SET finished barely lower on Wednesday as heavy losses from the financial shares were mitigated by support from the energy producers.

For the day, the index eased 0.78 points or 0.05 percent to finish at 1,619.45 after trading between 1,612.09 and 1,640.92. Volume was 20.321 billion shares worth 71.270 billion baht. There were 976 decliners and 682 gainers, with 369 stocks finishing unchanged.

Among the actives, Advanced Info added 0.45 percent, while Thailand Airport soared 2.23 percent, Banpu skidded 1.67 percent, Bangkok Bank plunged 3.51 percent, Bangkok Medical tumbled 2.47 percent, BTS Group shed 0.80 percent, Charoen Pokphand Foods soared 4.59 percent, Kasikornbank plummeted 5.49 percent, Krung Thai Bank retreated 2.78 percent, PTT rose 0.58 percent, PTT Exploration and Production gained 0.81 percent, PTT Global Chemical spiked 1.94 percent, Siam Commercial Bank dropped 3.89 percent, TMB Bank sank 1.27 percent and Siam Concrete and Bangkok Expressway were unchanged.

The lead from Wall Street broadly negative as stocks showed a substantial pullback on Wednesday, sending the major averages to two-month closing lows.

The Dow plummeted 800.49 points or 3.05 percent to 25,479, while the NASDAQ tumbled 242.42 points or 3.02 percent to 7,773.94 and the S&P 500 plunged 85.72 points or 2.93 percent to 2,840.60.

The sell-off on Wall Street came amid concerns about a potential recession after the yield on the benchmark ten-year note dropped below the yield on the two-year note - which is widely seen as an indicator of a recession.

The yield on the closely watched thirty-year bond also showed a notable decrease on the day, tumbling to a new record low.

Crude oil prices cratered Wednesday on increasing worries about the outlook for global demand and concern of a supply glut after data showed that U.S. crude oil inventories rose by 1.6 million barrels last week. West Texas Intermediate tumbled $1.71 or 3.01 percent to $55.02 per barrel.

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