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Thai Stock Market May Head South Again On Monday

The Thai stock market has moved higher in two of three trading days since the end of the two-day slide in which it had stumbled more than 90 points or 8.4 percent. The Stock Exchange of Thailand now rests just above the 1,125-point plateau although it figures to see renewed selling pressure again on Monday.

The global forecast for the Asian markets suggests continued consolidation as the coronavirus continues to hammer away at world economies. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The SET finished sharply higher across the board as stocks rebounded from heavy selling last week - especially the financial shares and energy producers.

For the day, the index soared 83.05 points or 7.95 percent to finish at 1,127.24 after trading between 1,070.05 and 1,133.56. Volume was 12.293 billion shares worth 93.035 billion baht. There were 983 gainers and 413 decliners, with 269 stocks finishing unchanged.

Among the actives, Advanced Info added 3.95 percent, while Thailand Airport skyrocketed 14.36 percent, Asset World surged 13.46 percent, Banpu spiked 12.75 percent, Bangkok Bank climbed 9.55 percent, Bangkok Dusit Medical jumped 9.89 percent, Bangkok Expressway accelerated 13.43 percent, BTS Group gathered 7.39 percent, Charoen Pokphand Foods perked 6.39 percent, Kasikornbank collected 7.51 percent, Krung Thai Bank advanced 8.00 percent, PTT surged 14.56 percent, PTT Exploration and Production soared 15.00 percent, PTT Global Chemical accelerated 14.67 percent, Siam Commercial Bank rose 5.69 percent, Siam Concrete spiked 14.49 percent and TMB Bank was up 5.33 percent.

The lead from Wall Street is negative as stocks shook off a higher open on Friday and sank into the red as the day progressed, offsetting gains from the previous session.

The Dow shed 913.21 points or 4.55 percent to finish at 19,173.98, while the NASDAQ sank 271.06 points or 3.79 percent to 6,879.52 and the S&P 500 lost 104.47 points or 4.34 percent to end at 2,304.92.

The early strength on Wall Street came on optimism that the relief and support packages announced by global central banks and several governments will help limit the impact of the virus outbreak.

But stocks turned lower in afternoon trade as the virus numbers and economic backlash continued to be worrisome.

Crude oil prices tanked on Friday despite several countries and central banks announcing relief packages to help limit the economic impact of the coronavirus pandemic. West Texas Intermediate Crude oil futures for April ended down $2.69 or 11 percent at $22.53 a barrel on expiration day.

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