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Higher Open Predicted For Thai Stock Market

The Thai stock market bounced higher again on Thursday, one day after it had ended 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 above the 1,640-point plateau and it has another firm lead on Friday.

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

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

For the day, the index climbed 16.89 points or 1.04 percent to finish at 1,640.88 after trading between 1,620.12 and 1,641.38. Volume was 23.078 billion shares worth 59.054 billion baht. There were 1,055 gainers and 600 decliners, with 452 stocks finishing unchanged.

Among the actives, Advanced Info climbed 1.31 percent, while Banpu jumped 1.68 percent, Bangkok Bank collected 0.56 percent, Bangkok Dusit Medical shed 0.42 percent, BTS Group accelerated 2.96 percent, Charoen Pokphand Foods advanced 0.95 percent, Kasikornbank spiked 2.03 percent, PTT perked 1.10 percent, PTT Exploration and Production gained 1.21 percent, PTT Global Chemical surged 5.14 percent, Siam Commercial Bank added 1.71 percent, Siam Concrete gathered 1.03 percent, TMB Bank rose 0.69 percent and Thailand Airport, Asset World, Bangkok Expressway and Krung Thai Bank were unchanged.

The lead from Wall Street is positive as stocks opened higher on Thursday, faded a bit as the day progressed but still finished firmly in the green.

The Dow added 182.24 points or 0.66 percent to 27,674.80, while the NASDAQ gained 23.89 points or 0.28 percent and the S&P 500 rose 8.40 points or 0.27 percent to 3,085.18.

The early strength on Wall Street followed signs of progress in U.S.-China trade talks after a spokesman for the Chinese Commerce Ministry said the U.S. and China have agreed to lift existing tariffs in phases.

In U.S. economic news, the Labor Department reported a bigger than expected decrease in first-time claims for U.S. unemployment benefits in the week ended November 2.

Crude oil prices moved higher on Thursday, rebounding smartly after suffering a setback in the previous session. West Texas Intermediate Crude oil futures for December ended up $0.80 or 1.4 percent at $57.15 a barrel.

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