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Win Streak May End For Thai Stock Market

The Thai stock market has tracked higher in consecutive trading days, advancing more than 35 points or 2.1 percent along the way. The Stock Exchange of Thailand now rests just above the 1,625-point plateau although it's tipped to open in the red on Wednesday.

The global forecast for the Asian markets is murky thanks to ambiguity regarding trade and interest rates. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to see little movement as well.

The SET finished modestly higher on Tuesday following gains from the energy producers and a mixed performance from the financial shares.

For the day, the index added 4.62 points or 0.28 percent to finish at 1,626.87 after trading between 1,617.72 and 1,629.77. Volume was 19.667 billion shares worth 59.165 billion baht. There were 821 decliners and 718 gainers, with 452 stocks finishing unchanged.

Among the actives, Advanced Info added 0.43 percent, while Thailand Airport dropped 0.94 percent, Banpu jumped 1.71 percent, Bangkok Bank fell 0.28 percent, Bangkok Expressway advanced 0.93 percent, BTS Group gained 0.74 percent, Charoen Pokphand Foods soared 3.00 percent, Kasikornbank accelerated 2.46 percent, PTT perked 0.55 percent, PTT Exploration and Production climbed 1.22 percent, Siam Commercial Bank collected 1.30 percent, Siam Concrete rose 1.32 percent and TMB Bank, PTT Global Chemical, Krung Thai Bank, Asset World and Bangkok Dusit Medical all were unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack of direction on Tuesday, bouncing back and forth across the unchanged line before ending mixed.

The Dow added 30.52 points or 0.11 percent to 27,492.63, while the NASDAQ rose 1.48 points or 0.02 percent to 8,434.60 and the S&P 500 fell 3.65 points or 0.12 percent to 3,074.62.

The early strength on Wall Street came amid continued optimism about a potential U.S.-China trade deal, with President Donald Trump and Chinese President Xi Jinping expected to sign phase one of an agreement sometime this month.

Buying interest was subdued, however, as traders wait for more concrete developments before continuing to buy stocks following the recent run to record highs.

But stocks ebbed following a report from the Institute for Supply Management showing better than expected growth in the U.S. service sector in October. The data raised concerns about the outlook for interest rates after the Federal Reserve said last week it's putting further rate cuts on hold.

Crude oil for December delivery is extending to recent gains on continued optimism about the outlook for global demand. West Texas Intermediate advanced $0.70 or 1.24 percent to $57.22.

Closer to home, the central bank in Thailand will wrap up its monetary policy meeting today and then announce its decision on interest rates; the bank is widely expected to keep its benchmark lending rate steady at 1.50 percent.

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