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Thai Stock Market May Add To Its Winnings

The Thai stock market on Wednesday halted the two-day slide in which it had fallen almost a dozen points or 0.8 percent. The Stock Exchange of Thailand now rests just beneath the 1,540-point plateau and it's looking at another green light for Thursday's trade.

The global forecast for the Asian markets is upbeat on easing coronavirus fears and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The SET finished sharply higher on Wednesday following gains from the financial shares and the energy producers.

For the day, the index climbed 15.91 points or 1.04 percent to finish at 1,539.84 after trading between 1,529.15 and 1,542.76. Volume was 16.553 billion shares worth 54.814 billion baht. There were 1,074 gainers and 606 decliners, with 389 stocks finishing unchanged.

Among the actives, Advanced Info jumped 1.78 percent, while Thailand Airport added 0.35 percent, Asset World accelerated 1.79 percent, Bangkok Bank advanced 1.02 percent, Bangkok Dusit Medical gained 0.40 percent, Bangkok Expressway spiked 1.80 percent, BTS Group gathered 0.78 percent, Charoen Pokphand Foods soared 2.59 percent, Kasikornbank collected 1.06 percent, PTT rose 0.58 percent, PTT Exploration and Production increased 1.59 percent, PTT Global Chemical perked 1.89 percent, Siam Commercial Bank surged 3.59 percent, Siam Concrete was up 0.27 percent, TMB Bank jumped 1.40 percent and Banpu and Krung Thai Bank were unchanged.

The lead from Wall Street is positive as stocks made a strong move to the upside on Wednesday, adding to the modest gains in the previous session and sending the major averages to new record closing highs.

The Dow added 275.08 points or 0.94 percent to end at 29,551.42, while the NASDAQ rose 87.02 points or 0.90 percent to 9,725.96 and the S&P 500 gained 21.70 points or 0.65 percent to 3,379.45.

The rally on Wall Street came as traders pushed stocks to new record highs despite concerns about the economic impact of the coronavirus outbreak; a recent slowdown in the rate of growth in new infections has led to optimism the outbreak is being contained.

Traders also kept an eye on Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee. Powell said the Fed is closely monitoring the coronavirus outbreak but also highlighted the resilience of the U.S. economy.

Despite a jump in U.S. crude stockpiles last week, crude oil prices moved up sharply on Wednesday amid expectations that OPEC will significantly cut crude production. West Texas Intermediate Crude oil futures for March ended up $1.23 or 2.5 percent at $51.17 a barrel.

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