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Additional Support Predicted For Thai Stock Market

The Thai stock market has alternated between positive and negative finishes through the last five 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 1,035-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is broadly positive on optimism that a massive stimulus bill from the U.S. Congress is close at hand. The European and U.S. markets finished with huge gains and the Asian bourses are now tipped to open in the green.

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

For the day, the index added 9.38 points or 0.92 percent to finish at 1,033.84 after trading between 1,024.38 and 1,067.51. Volume was 9.369 billion shares worth 64.144 billion baht. There were 577 decliners and 510 gainers, with 356 stocks finishing unchanged.

Among the actives, Advanced Info jumped 3.19 percent, while Thailand Airport climbed 1.59 percent, Asset World skidded 2.65 percent, Banpu added 0.41 percent, Bangkok Bank spiked 3.41 percent, Bangkok Expressway shed 0.74 percent, BTS Group sank 2.94 percent, Charoen Pokphand Foods soared 4.17 percent, Kasikornbank fell 0.32 percent, Krung Thai Bank collected 2.00 percent, PTT perked 6.42 percent, PTT Exploration and Production surged 6.76 percent, PTT Global Chemical advanced 2.82 percent, Siam Commercial Bank gained 1.29 percent, Siam Concrete rose 1.40 percent, TMB Bank accelerated 2.94 percent and Bangkok Dusit Medical was unchanged.

The lead from Wall Street suggests major upside as stocks skyrocketed on Tuesday, cutting into the losses suffered in recent weeks due to concerns over the coronavirus.

The Dow skyrocketed 2,112.98 points or 11.37 percent to end at 20,704.91, while the NASDAQ soared 557.18 points or 8.12 percent to 7,417.86 and the S&P 500 surged 209.93 points or 9.3 percent to 2,447.33.

The rally on Wall Street came amid indications Democrats and Republicans are closing in on an agreement on a massive fiscal stimulus bill. Democrats are still pushing for increased oversight of a proposed $500 billion bailout fund to help industries that are struggling amid the coronavirus outbreak.

Traders were also reacting to President Donald Trump's comments suggesting the coronavirus-related shutdown of much of the country could end sooner than many anticipated - although that flies in contrast to what most health experts say.

Crude oil prices were higher Tuesday, extending gains from the previous session thanks to the Federal Reserve's massive asset-buying scheme. Optimism for a $2 trillion fiscal stimulus bill added to the positive sentiment. West Texas Intermediate Crude oil futures for May ended up $0.65 or 2.8 percent at $24.01 a barrel.

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