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Thai Stock Market May Extend Wednesday's Losses

The Thai stock market headed south on Wednesday, one day after it had ended the three-day slide in which it had fallen almost 25 points or 1.8 percent. The Stock Exchange of Thailand now rests just beneath the 1,335-point plateau and it may take further damage on Thursday.

The global forecast for the Asian markets is broadly negative on renewed fears regarding the Covid-19 virus. The European and U.S. markets were sharply lower and the Asian markets are tipped to follow suit.

The SET finished sharply lower on Wednesday following losses from the energy producers and a mixed performance from the financial shares.

For the day, the index tumbled 23.00 points or 1.70 percent to finish at 1,333.43 after trading between 1,333.32 and 1,365.46. Volume was 16.339 billion shares worth 60.885 billion baht. There were 1,065 decliners and 385 gainers, with 259 stocks finishing unchanged.

Among the actives, Advanced Info dropped 1.05 percent, while Thailand Airport shed 0.83 percent, Asset World plunged 5.16 percent, Banpu tumbled 3.15 percent, Bangkok Bank jumped 1.42 percent, Bangkok Dusit Medical lost 0.89 percent, Bangkok Expressway retreated .02 percent, BTS Group sank 0.87 percent, Charoen Pokphand Foods fell 0.79 percent, Kasikornbank spiked 1.40 percent, Krung Thai Bank skidded 1.90 percent, PTT tanked 3.23 percent, PTT Exploration and Production surrendered 3.64 percent, PTT Global Chemical plummeted 3.68 percent, Siam Concrete declined 1.67 percent, TMB Bank was down 1.85 percent and Siam Commercial Bank was unchanged.

The lead from Wall Street is soft as stocks opened firmly in the red on Wednesday and remained there throughout the session.

The Dow plummeted 710.16 points or 2.72 percent to finish at 25,445.94, while the NASDAQ plunged 222.20 points or 2.19 percent to end at 9,909.17 and the S&P 500 tumbled 80.96 points or 2.59 percent to close at 3,050.33.

The sell-off on Wall Street came as traders could no longer ignore the spiking number of new Covid-19 cases in several U.S. states after Florida and California both reported their single biggest daily increases in new cases.

New York Governor Andrew Cuomo also announced that out-of-state visitors coming to New York, New Jersey and Connecticut from regions with high Covid-19 rates will be required to quarantine for 14 days.

Recent studies suggest the nation's seven-day average of daily new Covid-19 cases spiked more than 30 percent compared with a week ago.

Crude oil prices declined sharply on Wednesday as worries about the outlook for energy demand rose after data showed a surge in coronavirus cases. West Texas Intermediate Crude oil futures for August ended down $2.36 or 5.8 percent at $38.01 a barrel.

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