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Thai Stock Market Expected To Snap Losing String

The Thai stock market has finished lower in five straight sessions, sliding more than 35 points or 2.2 percent along the way. The Stock Exchange of Thailand now rests just above the 1,605-point plateau although it's expected to find traction on Monday.

The global forecast for the Asian markets is broadly positive on renewed optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are predicted to open in similar fashion.

The SET finished slightly lower on Friday following losses from the financial shares and a mixed picture from the energy producers.

For the day, the index shed 4.73 points or 0.29 percent to finish at 1,605.96 after trading between 1,603.61 and 1,615.33. Volume was 13.189 billion shares worth 37.810 billion baht. There were 864 decliners and 486 gainers, with 534 stocks finishing unchanged.

Among the actives, Advanced Info climbed 1.36 percent, while Banpu jumped 1.69 percent, Bangkok Bank tumbled 1.78 percent, Bangkok Medical shed 0.84 percent, Kasikornbank skidded 1.33 percent, PTT added 0.55 percent, PTT Exploration and Production plunged 2.10 percent, PTT Global Chemical fell 0.48 percent, Siam Commercial Bank retreated 1.30 percent, Siam Concrete dipped 0.25 percent, TMB Bank lost 0.65 percent and Krung Thai Bank, Charoen Pokphand Foods, BTS Group, Thailand Airport and Bangkok Expressway all were unchanged.

The lead from Wall Street is upbeat as stocks moved higher again on Friday, extending gains from the previous session.

The Dow jumped 372.68 points or 1.42 percent to 26,573.72, while the NASDAQ rose 110.21 points or 1.40 percent to 7,982.47 and the S&P climbed 41.38 points or 1.42 percent to 2,952.01. For the week, the Dow shed 0.9 percent, the NASDAQ rose 0.5 percent and the S&P fell 0.3 percent.

The rally on Wall Street followed Friday's Labor Department report that showed weaker than expected job growth but an unexpected drop in the unemployment rate to a nearly 50-year low. The mixed data served the dual purpose of reinforcing expectations the Federal Reserve will continue cutting interest rates while at the same offsetting concerns about a potential recession.

Stocks saw further upside in afternoon trading after Fed Chairman Jerome Powell described the U.S. economy as "in a good place" and said it is the central bank's job to "keep it there as long as possible."

Crude oil prices moved higher Friday and snapped an eight-session losing streak after decent jobs data from the U.S. Labor Department eased concerns about growth in the U.S. economy and the outlook for energy demand. West Texas Intermediate Crude oil futures for November ended up $0.36 or 0.7 percent at $52.81 a barrel.

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