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Thai Stock Market Expected To Open Under Pressure On Friday

The Thai stock market has finished higher in four straight sessions, soaring more than 70 points or 5.4 percent along the way. The Stock Exchange of Thailand now rests just above the 1,410-point plateau although it may spin its wheels on Friday.

The global forecast for the Asian markets is soft, with profit taking likely after recent strength. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The SET finished sharply higher on Thursday following huge gains from the financials and more measured upside from the energy producers and cement stocks.

For the day, the index surged 36.83 points or 2.68 percent to finish at 1,411.01 after trading between 1,393.21 and 1,413.54. Volume was 26.258 billion shares worth 122.562 billion baht. There were 994 gainers and 552 decliners, with 279 stocks finishing unchanged.

Among the actives, Advanced Info increased 1.81 percent, while Thailand Airport spiked 6.30 percent, Asset World added 1.28 percent, Banpu jumped 3.79 percent, Bangkok Bank surged 10.82 percent, Bangkok Dusit Medical advanced 3.08 percent, Bangkok Expressway rose 0.50 percent, BTS Group dropped 0.84 percent, Charoen Pokphand Foods gained 0.78 percent, Kasikornbank skyrocketed 15 percent, Krung Thai Bank soared 11.11 percent, PTT perked 2.70 percent, PTT Exploration and Production accelerated 4.21 percent, PTT Global Chemical gathered 2.69 percent, Siam Commercial Bank rallied 14.71 percent, Siam Concrete was up 1.98 percent and TMB Bank collected 9.24 percent.

The lead from Wall Street offers little clarity as stocks turned in a lackluster performance on Thursday before eventually ending the day mixed.

The Dow added 11.93 points or 0.05 percent to finish at 26,281.82, while the NASDAQ shed 67.10 points or 0.69 percent to end at 9,615.81and the S&P 500 fell 10.52 points or 0.34 percent to close at 3,112.35.

The choppy trading on Wall Street came as traders took a breath to digest the recent strength and lock in gains; they also seemed reluctant to make more significant moves ahead of the Labor Department's closely watched monthly jobs report later today.

In economic news, the Labor Department said the pace of decline in first-time claims for unemployment benefits has begun to stall a bit, although there was an unexpected increase in continuing claims.

Earlier in the day, some buying interest was generated in reaction to the European Central Bank announcing additional stimulus to deal with the economic fallout from the coronavirus pandemic.

Crude oil prices edged higher on Thursday after data showed that leading oil producers were in compliance with agreed production cuts. West Texas Intermediate Crude oil futures for July ended up $0.12 or 0.3 percent at $37.41 a barrel.

Closer to home, Thailand will provide May data for consumer and producer prices later today. In April, coverall consumer prices were down 2.0 percent on month and 3.0 percent and core CPI fell 0.1 percent on month and added 0.4 percent on year. Producer prices dropped 1.7 percent on month and 4.3 percent on year in the previous month.

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