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Thai Stock Market May Find Traction On Wednesday

The Thai stock market has finished lower in back-to-back sessions, sliding almost a dozen points or 0.8 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,525-point plateau although it may stop the bleeding on Wednesday.

The global forecast for the Asian markets suggests mild upside, thanks to a rebound in crude oil prices. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.

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

For the day, the index dropped 11.31 points or 0.74 percent to finish at 1,523.93 after trading between 1,522.97 and 1,539.43. Volume was 16.474 billion shares worth 52.619 billion baht. There were 1,028 decliners and 596 gainers, with 387 stocks finishing unchanged.

Among the actives, Advanced Info tumbled 1.50 percent, while Thailand Airport skidded 1.40 percent, Asset World advanced 0.90 percent, Banpu plunged 2.88 percent, Bangkok Bank sank 1.35 percent, Bangkok Dusit Medical retreated 1.78 percent, Bangkok Expressway gained 0.91 percent, BTS Group declined 1.53 percent, Kasikornbank plunged 1.74 percent, Krung Thai Bank fell 0.62 percent, PTT lost 1.15 percent, PTT Exploration and Production added 0.80 percent, PTT Global Chemical shed 0.93 percent, Siam Commercial Bank plummeted 2.99 percent, Siam Concrete climbed 0.82 percent, TMB Bank was down 2.72 percent and Charoen Pokphand Foods was unchanged.

The lead from Wall Street is cautiously optimistic as stocks opened higher on Tuesday but faded as the day progressed, finally ending mixed but little changed.

The Dow eased 0.48 points or 0.01 percent to 29,276.34, while the NASDAQ added 10.55 points or 0.11 percent to 9,638.94 and the S&P 500 rose 5.66 points or 0.17 percent to 3,357.75.

The early upward move on Wall Street came as traders continued to shrug off concerns about the economic impact of the deadly coronavirus outbreak.

Federal Reserve Chairman Jerome Powell said during testimony before the House Financial Services Committee that the central bank is closely monitoring the coronavirus outbreak but also highlighted the resilience of the U.S. economy.

Crude oil prices edged higher Tuesday, rebounding from recent losses on reports the number of new cases coronavirus cases is slowing down. West Texas Intermediate crude oil futures for March ended up $0.37 or 0.8 percent at $49.94 a barrel.

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