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Little Movement Expected For Thai Stock Market

The Thai stock market on Wednesday snapped the four-day winning streak in which it had gathered more than 25 points or 1.7 percent. The Stock Exchange of Thailand now rests just above the 1,580-point plateau and it figures to remain in that neighborhood again on Thursday.

The global forecast for the Asian markets suggests mild upside after the U.S. and China signed phase one of their trade deal - although the upside had already largely been priced in. The European markets were mixed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.

The SET finished modestly lower on Wednesday following losses from the financial shares and the energy producers.

For the day, the index shed 5.85 points or 0.37 percent to finish at 1,581.05 after trading between 1,575.98 and 1,587.77. Volume was 19.535 billion shares worth 65.404 billion baht. There were 943 decliners and 646 gainers, with 474 stocks finishing unchanged.

Among the actives, Thailand Airport dropped 0.99 percent, while Asset World skyrocketed 8.70 percent, Banpu tumbled 2.52 percent, Bangkok Bank shed 0.33 percent, Bangkok Expressway skidded 1.75 percent, Charoen Pokphand Foods advanced 0.85 percent, Kasikornbank retreated 1.13 percent, PTT declined 1.09 percent, PTT Exploration and Production sank 0.76 percent, Siam Commercial Bank collected 0.44 percent, Siam Concrete eased 0.27 percent, TMB Bank lost 0.63 percent and PTT Global Chemical, Krung Thai Bank, BTS Group, Advanced Info and Bangkok Dusit Medical all were unchanged.

The lead from Wall Street is cautiously optimistic as stocks opened higher on Wednesday, faded as the day progressed but still ended in the green.

The Dow added 90.55 points or 0.31 percent to finish at 29,030.22, while the NASDAQ gained 7.37 points or 0.08 percent to 9,258.70 and the S&P 500 rose 6.14 points or 0.19 percent to 3,289.29.

The early strength on Wall Street came as traders awaited the signing of the trade deal between the U.S. and China. But stocks pulled back after the agreement was signed in a ceremony at the White House.

In economic news, the Labor Department noted a modest increase in U.S. producer prices in December. Also, the Federal Reserve's Beige Book said U.S. economic activity generally continued to expand modestly in the final six weeks of 2019.

Crude oil prices drifted lower and settled at a six-week low on Wednesday after data showed a big increase in gasoline and distillate stockpiles last week. West Texas Intermediate Crude oil futures (WTI) for February ended down $0.42 or 0.7 percent at $57.81 a barrel.

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