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Renewed Support Likely For Thai Stock Market

The Thai stock market has finished lower in two of three trading days since the end of the four-day winning streak in which it had advanced more than 25 points or 1.7 percent. The Stock Exchange of Thailand now rests just above the 1,660-point plateau and it's likely to remain rangebound again on Friday.

The global forecast for the Asian markets is upbeat on optimism regarding trade and interest rates, The European and U.S. markets were slightly higher and the Asian bourses are predicted to open in similar fashion.

The SET finished modestly lower on Thursday following losses from the energy producers and a mixed picture from the financial sector.

For the day, the index sank 13.35 points or 0.80 percent to finish at 1,660.68 after trading between 1,659.42 and 1,679.03. Volume was 21.124 billion shares worth 70.086 billion baht. There were 1,019 decliners and 572 gainers, with 442 stocks finishing unchanged.

Among the actives, Advanced Info plunged 3.49 percent, while Thailand Airport skidded 1.68 percent, Banpu added 0.79 percent, Bangkok Bank jumped 1.41 percent, Bangkok Medical retreated 1.62 percent, Bangkok Expressway tumbled 1.77 percent, BTS Group sank 2.24 percent, Charoen Pokphand Foods shed 0.88 percent, Kasikornbank collected 0.30 percent, Krung Thai Bank lost 0.56 percent, PTT fell 0.55 percent, PTT Exploration and Production declined 2.02 percent, PTT Global Chemical dropped 1.81 percent, Siam Commercial Bank rose 0.41 percent, Siam Concrete gained 0.46 percent and TMB Bank surged 3.53 percent.

The lead from Wall Street suggests mild upside as stocks fluctuated on Thursday but maintained a positive bias. The major averages once again ended the session at their best closing levels in over a month.

The Dow added 45.41 points or 0.17 percent to 27,182.45, while the NASDAQ gained 24.79 points or 0.30 percent to 8,194.47 and the S&P 500 rose 8.64 points or 0.29 percent to 3,0009.57.

Stocks fluctuated throughout much of the session as traders reacted to conflicting reports regarding an interim U.S.-China trade deal. Stocks showed a notable move to the upside on reports that Trump administration officials have discussed offering an interim trade agreement to China.

However, stocks ebbed after a senior White House official told CNBC the U.S. is "absolutely not" considering an interim trade deal. But the markets maintained a positive bias when Trump said he is temporarily delaying raising tariffs on $250 billion worth of Chinese imports.

Positive sentiment was also generated in reaction to the European Central Bank's monetary policy decision, with the ECB cutting rates and announcing a massive new bond-buying program.

Crude oil futures ended lower on Thursday, extending losses to a third straight session following a downward revision in OPEC's oil demand forecast and speculation that the U.S. may ease sanctions on Iran. West Texas Intermediate Crude oil futures for October ended down $0.66 or 1.2 percent at $55.09 a barrel.

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