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No Relief Yet For Thai Stock Market

The Thai stock market has ended lower in six straight sessions, tumbling almost 50 points or 3.1 percent along the way. The Stock Exchange of Thailand now rests just above the 1,565-point plateau and it's expected to see continued consolidation on Wednesday.

The global forecast for the Asian markets is negative on continuing concerns over the trade dispute between the United States and China. The European markets were mixed and the U.S. markets were down and the Asian bourses are also tipped to open in the red.

The SET finished slightly lower on Tuesday following losses from the energy producers and a mixed picture from the financial shares.

For the day, the index eased 1.90 points or 0.12 percent to finish at 1,567.63 after trading between 1,561.46 and 1,574.12. Volume was 18.186 billion shares worth 44.022 billion baht. There were 808 decliners and 694 gainers, with 499 stocks finishing unchanged.

Among the actives, Advanced Info spiked 1.93 percent, while Thailand Airport shed 0.67 percent, Asset World sank 0.84 percent, Bangkok Bank dipped 0.29 percent, Bangkok Dusit Medical added 0.41 percent, Bangkok Expressway jumped 1.87 percent, BTS Group climbed 1.48 percent, Kasikornbank collected 0.33 percent, Krung Thai Bank skidded 1.22 percent, PTT tumbled 1.76 percent, PTT Exploration and Production dropped 0.84 percent, PTT Global Chemical retreated 0.93 percent, Siam Concrete plunged 1.87 percent, TMB Bank lost 1.27 percent and Siam Commercial Bank, Banpu and Charoen Pokphand Foods were unchanged.

The lead from Wall Street is soft as stocks opened sharply lower on Tuesday, regained some ground but still finished firmly in the red.

The Dow shed 280.23 points or 1.01 percent to 27,502.81, while the NASDAQ lost 47.34 points or 0.55 percent to 8,520.64 and the S&P 500 fell 20.67 points or 0.66 percent to 3,093.20.

The early sell-off on Wall Street came amid renewed trade concerns after President Donald Trump suggested he might prefer to wait until after the 2020 elections to strike a trade deal with China.

The comments from the president added to rising trade concerns after his administration threatened to impose duties of up to 100 percent on $2.4 billion in French imports, including champagne and handbags.

After recovering from an early move to the downside, the price of crude oil fluctuated over the course of the trading day on Tuesday. Crude oil for January delivery eventually ended the day up $0.14 or 0.3 percent at $56.10 after falling as low as $55.35 a barrel.

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