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Thai Stock Market May Run Out Of Steam On Wednesday

The Thai stock market has finished higher in three straight sessions, rising more than 30 points or 2.3 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,310-point plateau although it may be stuck in neutral on Wednesday.

The global forecast for the Asian markets suggests profit taking after multiple sessions of gain, as well as ongoing concerns over the lingering effects of Covid-19. The European and U.S. markets were down and the Asian bourses are tipped to follow in similar fashion.

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

For the day, the index jumped 23.42 points or 1.82 percent to finish at 1,309.95 after trading between 1,304.49 and 1,318.01. Volume was 16.959 billion shares worth 78.863 billion baht. There were 974 gainers and 502 decliners, with 320 stocks finishing unchanged.

Among the actives, Advanced Info added 0.53 percent, while Thailand Airport spiked 2.56 percent, Asset World advanced 0.85 percent, Banpu shed 0.68 percent, Bangkok Bank accelerated 2.65 percent, Bangkok Dusit Medical soared 5.08 percent, Bangkok Expressway jumped 2.62 percent, BTS Group climbed 2.56 percent, Kasikornbank surged 5.78 percent, PTT perked 1.39 percent, PTT Exploration and Production gathered 2.92 percent, PTT Global Chemical gained 3.95 percent, Siam Commercial Bank collected 4.12 percent, Siam Concrete rose 1.77 percent, TMB Bank increased 3.19 percent and Charoen Pokphand Foods and Krung Thai Bank were unchanged.

The lead from Wall Street is negative as stocks turned in a lackluster performance of Tuesday before coming under pressure going into the close - offsetting gains from the previous session.

The Dow shed 390.51 points or 1.59 percent to finish at 24,206.86, while the NASDAQ lost 49.72 points or 0.54 percent to 9.185.10 and the S&P 500 fell 30.97 points or 1.05 percent to 2,922.94.

The late-day weakness on Wall Street came as traders cashed in on the rally seen on Monday, which lifted the Nasdaq and the S&P 500 to their best closing levels in over two months.

Traders have recently expressed considerable optimism about the economy reopening, although lingering concerns about the coronavirus pandemic led to some caution.

Traders were also reacting to comments from Federal Reserve Chair Jerome Powell, who reaffirmed the central bank will provide more support to the economy.

Crude oil prices were higher Tuesday, supported by increased demand and output cuts on the expiration of the front-month contract. West Texas Intermediate Crude oil futures expired at $32.50 a barrel, gaining $0.68 or 2.1 percent. July series WTI contract advanced $0.31 or 1 percent to settle at $31.96 a barrel.

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