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Thai Bourse May Test Support At 1,000 Points

The Thai stock market has alternated between positive and negative finishes through the last four 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 beneath the 1,025-point plateau and it may extend its losses on Tuesday.

The global forecast for the Asian markets remains negative on concerns about the effect of the coronavirus on the global economy. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The SET finished with huge losses on Monday with damage in all sectors - especially the financials and energy producers.

For the day, the index plummeted 102.78 points or 9.12 percent to finish at 1,024.46 after trading between 1,022.83 and 1,065.67. Volume was 8.899 billion shares worth 59.677 billion baht. There were 994 decliners and 333 gainers, with 217 stocks finishing unchanged.

Among the actives, Advanced Info shed 4.81 percent, while Thailand Airport lost 12.09 percent, Asset World plunged 14.69 percent, Banpu cratered 14.78 percent, Bangkok Bank sank 9.74 percent, Bangkok Dusit Medical retreated 11.00 percent, Bangkok Expressway declined 11.18 percent, BTS Group dropped 10.05 percent, Charoen Pokphand Foods fell 7.30 percent, Kasikornbank cratered 14.78 percent, Krung Thai Bank slid 7.41 percent, PTT skidded 7.63 percent, PTT Exploration and Production tumbled 12.25 percent, PTT Global Chemical was down 10.63 percent, Siam Commercial Bank gave away 10.38 percent, Siam Concrete lost 9.81 percent and TMB Bank plunged 13.92 percent.

The lead from Wall Street is soft with a dose of volatility as stocks saw wild swings again on Monday. The NASDAQ peeked into positive territory a couple of times, but all three major averages finished in the red.

The Dow sank 754.38 points or 3.93 percent to finish at 18,419.60, while the NASDAQ lost 56.67 points or 0.82 percent to 6,822.85 and the S&P 500 fell 86.44 points or 3.75 percent to 2,21848.

After opening sharply lower, the markets got a lift when the Federal Reserve announced extensive new measures to support the economy - saying that it is committed to using its full range of tools to support households, businesses, and the U.S. economy overall in this challenging time.

The measures include an unlimited expansion of the Fed's asset purchases, with the central bank saying it will purchase Treasuries and mortgage-backed securities in unspecified large amounts.

But the markets resumed their downward march in afternoon trade as the virus continues to spread.

Crude oil prices climbed higher on Monday, reacting positively to the Federal Reserve's announcement of extensive new measures to support the economy. West Texas Intermediate Crude oil futures for May ended up $0.73 or 3.2 percent at $23.36 a barrel.

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