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Thai Stock Market Has Firm Lead For Tuesday

The Thai stock market on Monday emphatically ended the two-day slide in which it had fallen almost 10 points or 0.6 percent. The Stock Exchange of Thailand now rests just above the 1,620-point plateau and it's tipped to see continued support on Tuesday.

The global forecast for the Asian markets is upbeat on growing optimism that a trade deal between the United States and China will soon be reached. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The SET finished sharply higher on Monday following gains from the financial shares and the energy producers.

For the day, the index surged 29.73 points or 1.87 percent to finish at 1,622.25 after trading between 1,600.95 and 1,624.83. Volume was 25.623 billion share worth 64.499 billion baht. There were 1,180 gainers and 528 decliners, with 356 stocks finishing unchanged.

Among the actives, Advanced Info accelerated 2.67 percent, while Thailand Airport jumped 2.56 percent, Banpu plunged 4.88 percent, Bangkok Bank climbed 1.44 percent, Bangkok Dusit Medical shed 0.42 percent, B. Grimm Power Company skyrocketed 9.95 percent, BTS Group added 0.75 percent, Charoen Pokphand Foods advanced 1.63 percent, Kasikornbank gained 2.52 percent, Krung Thai Bank collected 0.61 percent, PTT rose 0.55 percent, PTT Exploration and Production soared 2.50 percent, PTT Global Chemical surged 5.39 percent, Siam Commercial Bank perked 2.68 percent, Siam Concrete gathered 2.71 percent, TMB Bank was up 0.70 percent and Asset World and Bangkok Expressway were unchanged.

The lead from Wall Street is positive as stocks opened higher Monday and stayed in the green, extending recent gains and hitting record closing highs.

The Dow added 114.75 points or 0.42 percent to 27,462.11, while the NASDAQ rose 46.80 points or 0.56 percent to 8,433.20 and the S&P 500 gained 11.36 points or 0.37 percent to 3,078.27.

The strength on Wall Street came as traders remain hopeful about a U.S.-China trade agreement, with Commerce Secretary Wilbur Ross expressing optimism phase one of a trade deal could be signed this month.

News on the merger-and-acquisition front also generated some positive sentiment, with shares of Wright Medical Group (WMGI) soaring after the medical device maker agreed to be acquired by larger rival Stryker (SYK) for $30.75 per share in cash.

Crude for December delivery moved higher on Monday, adding to recent gains on renewed optimism about the outlook for global demand. West Texas Intermediate climbed $0.45 or 0.80 percent to $56.68 per barrel.

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