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Additional Support Tipped For Thai Stock Market

The Thai stock market rebounded on Thursday, one session after it had ended 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 1,595-point plateau and it's expected to open in the green again on Friday.

The global forecast for the Asian markets is upbeat on solid economic data and continued momentum from the U.S./China trade deal. The European markets were mixed and the U.S. bourses were firmly higher and the Asian markets figure to split the difference.

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

For the day, the index climbed 14.82 points or 0.94 percent to finish at 1,595.87 after trading between 1,581.75 and 1,598.38. Volume was 18.696 billion shares worth 62.143 billion baht. There were 848 gainers and 732 decliners, with 511 stocks finishing unchanged.

Among the actives, Thailand Airport added 0.33 percent, while Asset World plunged 3.20 percent, Banpu advanced 0.86 percent, Bangkok Bank climbed 1.64 percent, Bangkok Dusit Medical gained 0.98 percent, BTS Group jumped 1.49 percent, Charoen Pokphand Foods accelerated 2.54 percent, Kasikornbank soared 4.94 percent, Krung Thai Bank collected 0.62 percent, PTT perked 1.10 percent, PTT Exploration and Production rose 0.38 percent, Siam Commercial Bank spiked 3.51 percent, Siam Concrete gathered 0.82 percent, TMB Bank was up 0.64 percent and PTT Global Chemical, Advanced Info and Bangkok Expressway were unchanged.

The lead from Wall Street is strong as stocks moved sharply higher on Thursday, extending recent gains as the major averages hit fresh record closing highs.

The Dow jumped 262.42 points or 0.92 percent to 29,297.64, while the NASDAQ added 98.44 points or 1.06 percent to 9.357.13 and the S&P 500 rose 27.52 points or 0.84 percent to 3,316.81.

The markets continued to benefit from upward momentum following the official signing of the U.S.-China phase one trade deal on Wednesday.

A batch of largely upbeat U.S. economic data also contributed to the buying interest as the Labor Department noted an unexpected decrease in initial jobless claims last week. The Commerce Department also said U.S. retail sales rose in line with estimates last month.

Also, the Philadelphia Federal Reserve reported substantial acceleration in the pace of growth in regional manufacturing activity in January, while the National Association of Home Builders saw a pullback in homebuilder confidence in January.

Crude oil futures settled higher on Thursday, rebounding from losses in the previous session thanks to a drop in U.S. crude inventories. West Texas Intermediate crude oil futures for February ended up $0.71 or 1.2 percent at $58.52 a barrel.

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