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Additional Support Called For Thai Stock Market

The Thai stock market has moved higher in two of three trading days since the end of 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 1,615-point plateau and it's tipped to open in the green again on Thursday.

The global forecast for the Asian markets is upbeat on renewed optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian markets figure to open in similar fashion.

The SET finished modestly higher on Wednesday following mixed performances from the financial shares and the energy producers.

For the day, the index added 4.01 points or 0.25 percent to finish at 1,616.18 after trading between 1,603.97 and 1,617.38. Volume was 16.645 billion shares worth 42.242 billion baht. There were 823 decliners and 581 gainers, with 491 stocks finishing unchanged.

Among the actives, Advanced Info added 0.88 percent, Thailand Airport advanced 1.02 percent, Banpu skyrocketed 7.26 percent, Bangkok Bank collected 0.90 percent, Bangkok Medical shed 0.43 percent, Bangkok Expressway dropped 0.92 percent, Charoen Pokphand Foods soared 2.94 percent, Kasikornbank lost 0.66 percent, PTT Exploration and Production fell 0.85 percent, PTT Global Chemical gained 0.97 percent, Siam Commercial Bank sank 1.28 percent, Siam Concrete dipped 0.26 percent, TMB Bank was down 0.67 percent and PTT, BTS Group and Krung Thai Bank were unchanged.

The lead from Wall Street is positive as stocks moved mostly higher on Wednesday, with traders expressing renewed optimism about upcoming U.S.-China trade talks.

The Dow added 181.97 points or 0.70 percent to 26,346.01, while the NASDAQ jumped 79.96 points or 1.02 percent to 7,903.74 and the S&P 500 rose 26.34 points or 0.91 percent to 2,919.40.

The strength on Wall Street followed reports that China is still open to reaching a partial trade deal with the U.S. Negotiators aren't optimistic about securing a broad agreement but said China would accept a limited deal as long as President Donald Trump does not impose any more tariffs.

Meanwhile, traders largely shrugged off the minutes of the Federal Reserve's September monetary policy meeting, which revealed a few participants expressed concerns that the markets expect more interest rate cuts than are appropriate.

Crude oil futures settled lower Wednesday after data showed an increase in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for November edged down $0.04 to $52.59 a barrel after hitting a high of $53.74 a barrel.

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