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More Pain Predicted For Thai Stock Market

The Thai stock market turned lower again on Tuesday, one session after it had ended the five-day losing streak in which it had stumbled more than 35 points or 2.2 percent. The Stock Exchange of Thailand now rests just above the 1,610-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets is broadly negative on diminishing hopes for a resolution to the trade dispute between the United States and China. The European and U.S. bourses were sharply lower and the Asian markets are expected to open in similar fashion.

The SET finished slightly lower on Tuesday as the financial shares and energy producers ended mostly in the red.

For the day, the index eased 1.54 points or 0.10 percent to finish at 1,612.17 after trading between 1,609.27 and 1,623.56. Volume was 16.212 billion shares worth 36.544 billion baht. There were 803 decliners and 566 gainers, with 565 stocks finishing unchanged.

Among the actives, Advanced Info jumped 1.80 percent, while Thailand Airport shed 0.34 percent, Banpu skidded 1.59 percent, Bangkok Bank fell 0.30 percent, Bangkok Medical lost 0.42 percent, Bangkok Expressway advanced 0.93 percent, BTS Group added 0.76 percent, Charoen Pokphand Foods tumbled 2.86 percent, Kasikornbank sank 0.66 percent, Krung Thai Bank slid 0.59 percent, PTT was down 0.54 percent, PTT Exploration and Production rose 0.43 percent, PTT Global Chemical dipped 0.48 percent, Siam Commercial Bank collected 1.30 percent, Siam Concrete was down 0.77 percent and TMB Bank retreated 1.32 percent.

The lead from Wall Street is weak as stocks opened lower on Tuesday, rebounded slightly but then headed firmly into the red at the close.

The Dow shed 313.98 points or 1.19 percent to 26,164.04, while the NASDAQ sank 132.52 points or 1.67 percent to 7,823.78 and the S&P fell 45.73 points or 1.56 percent to 2,893.06.

Selling pressure re-emerged late in the session after the Trump administration imposed visa restrictions on Chinese officials over abuses of Muslim minorities in the Xinjiang region. The new visa restrictions come just two days before the U.S. and China are scheduled to resume high-level trade talks in Washington.

Traders largely shrugged off a Labor Department report showing an unexpected decrease in U.S. producer prices in September - which may clear the way for the Federal Reserve to continue cutting interest rates amid signs of slowing economic growth.

Crude oil futures ended lower on Tuesday as fading optimism about U.S.-China trade talks weighed on prospects for near term energy demand. West Texas Intermediate Crude oil futures for November ended down $0.12 or 0.2 percent at $52.63 a barrel.

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