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Continued Consolidation Called For Thai Stock Market

The Thai stock market has finished lower in five straight sessions, plunging more than 45 points or 3 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,570-point plateau and it's looking at another red light again on Tuesday.

The global forecast for the Asian markets is negative as soft data stoked fears for the health of the world economy. The European and U.S. markets were down and the Asian bourses are predicted to open in similar fashion.

The SET finished sharply lower on Monday following broadly based losses - especially from the financial shares and energy producers.

For the day, the index tumbled 21.06 points or 1.32 percent to finish at 1,569.53 after trading between 1,566.68 and 1,589.34. Volume was 22.701 billion shares worth 54.756 billion baht. There were 1,308 decliners and 449 gainers, with 340 stocks finishing unchanged.

Among the actives, Advanced Info plunged 2.36 percent, while Thailand Airport dropped 0.99 percent, Asset World shed 0.83 percent, Bangkok Bank skidded 1.42 percent, Bangkok Expressway retreated 0.93 percent, BTS Group sank 1.46 percent, Charoen Pokphand Foods plummeted 3.64 percent, Kasikornbank declined 2.26 percent, PTT tumbled 1.73 percent, PTT Exploration and Production lost 0.83 percent, PTT Global Chemical fell 0.47 percent, Siam Commercial Bank slid 0.83 percent, Siam Concrete was down 1.57 percent, TMB Bank gave away 1.25 percent and Banpu, Bangkok Dusit Medical and Krung Thai Bank were unchanged.

The lead from Wall Street is soft as stocks showed a notable move to the downside on Monday, extending losses from the previous session and pulling back further from the record highs set last Wednesday.

The Dow shed 268.37 points or 0.96 percent to 27,783.04, while the NASDAQ lost 97.48 points or 1.12 percent to 8,567.99 and the S&P 500 fell 27.11 points or 0.86 percent to 3,113.87.

The continued weakness on Wall Street followed a report from the Institute for Supply Management noting continued contraction in U.S. manufacturing activity in November. A separate report from the Commerce Department showed an unexpected decrease in U.S. construction spending in October.

Traders also reacted to President Donald Trump announcing plans to reinstate tariffs on metal imports from Brazil and Argentina.

The price of crude oil regained some ground during on Monday following Friday's substantial decline. Crude oil for February delivery climbed $0.79 or 1.4 percent to $55.96 a barrel after plummeting $2.94 or 5.1 percent to $55.17 a barrel in the previous session.

Closer to home, Thailand will release November numbers for consumer and producer prices later today. In October, overall consumer prices were down 0.16 percent on month and up 0.7 percent on year, while core CPI rose 0.04 percent on month and 0.4 percent on year. Producer prices fell 0.4 percent on month and 2.5 percent on year.

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