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Thai Stocks Likely To Be Rangebound Again On Thursday

The Thai stock market on Wednesday snapped the two-day winning streak in which it had advanced more than 35 points or 2.1 percent. The Stock Exchange of Thailand now rests just beneath the 1,625-point plateau and it's expected to remain in that neighborhood again on Thursday.

The global forecast for the Asian markets is fairly rudderless amid a lack of catalysts as investors look for concrete details in a possible trade agreement between the United States and China. The European markets were slightly higher and the U.S. bourses were mixed and flat and the Asian markets figure to follow the latter lead.

The SET finished slightly lower on Wednesday following losses from the energy producers and a mixed picture from the financials.

For the day, the index slipped 2.88 points or 0.18 percent to finish at 1,623.99 after trading between 1,621.34 and 1,631.34. Volume was 23.574 billion shares worth 62.181 billion baht. There were 847 decliners and 709 gainers, with 493 stocks finishing unchanged.

Among the actives, Advanced Info skidded 1.29 percent, while Thailand Airport advanced 0.95 percent, Bangkok Bank climbed 1.14 percent, Bangkok Expressway dropped 0.92 percent, BTS Group shed 0.74 percent, Charoen Pokphand Foods spiked 1.94 percent, Kasikornbank jumped 1.37 percent, Krung Thai Bank collected 0.60 percent, PTT lost 0.55 percent, PTT Exploration and Production sank 0.80 percent, PTT Global Chemical fell 0.47 percent, Siam Commercial Bank rose 0.43 percent, Siam Concrete gained 1.04 percent and TMB Bank, Asset World, Banpu and Bangkok Dusit Medical were unchanged.

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

The Dow eased 0.07 points to end at 27,492.56, while the NASDAQ fell 24.05 points or 0.29 percent to 8,410.63 and the S&P rose 2.16 points or 0.07 percent to 3,076.78.

The choppy trading on Wall Street came as traders were reluctant to make significant moves amid uncertainty about the near-term outlook for the markets after the recent run to record highs.

Optimism about a potential U.S.-China trade deal contributed to the strength on Wall Street, but traders now seem to be looking for more concrete developments - limiting the upside.

In U.S. economic news, the Labor Department said labor productivity in the U.S. unexpectedly edged lower in the third quarter.

Crude oil prices drifted lower on Wednesday, snapping a three-day winning streak, after data showed a larger than expected increase in crude inventories last week. West Texas Intermediate Crude oil futures for December ended down $0.88 or 1.5 percent at $56.35 a barrel.

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