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Thai Shares Figure To Find Traction On Friday

The Thai stock market has finished lower in back-to-back trading days, slumping more than 30 points or 2.2 percent along the way. The Stock Exchange of Thailand now rests just above the 1,325-point plateau although it's tipped to open in the green on Friday.

The global forecast for the Asian markets is positive, with financials expected to lead the way on eased investment regulations. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The SET finished modestly lower on Thursday as losses from the energy producers were tempered by support from the financial sector.

For the day, the index slid 7.55 points or 0.57 percent to finish at the daily high of 1,325.88 after trading as low as 1,306.67. Volume was 18.136 billion shares worth 60.823 billion baht. There were 1,006 decliners and 414 gainers, with 303 stocks finishing unchanged.

Among the actives, Advanced Info fell 0.27 percent, Thailand Airport skidded 1.26 percent, Asset World plummeted 6.44 percent, Banpu shed 0.81 percent, Bangkok Bank jumped 1.40 percent, Bangkok Dusit Medical retreated 1.35 percent, Bangkok Expressway tumbled 1.55 percent, BTS Group tanked 1.75 percent, Charoen Pokphand Foods declined 1.60 percent, Kasikornbank spiked 2.22 percent, PTT lost 0.67 percent, PTT Exploration and Production surrendered 1.62 percent, PTT Global Chemical sank 0.55 percent, Siam Commercial Bank collected 0.69 percent, Siam Concrete accelerated 2.27 percent and TMB Bank and Krung Thai Bank were unchanged.

The lead from Wall Street is upbeat as stocks shook off early weakness on Thursday before moving sharply higher in the final hour of trade.

The Dow spiked 299.66 points or 1.18 percent to finish at 25,745.60, while the NASDAQ jumped 107.84 points or 1.09 percent to end at 10.017.00 and the S&P 500 climbed 33.43 points or 1.10 percent to close at 3,083.76.

The late rally on Wall Street was fueled by financial stocks following news that regulators plan to ease banking regulations, including allowing banks to more easily make investments in riskier funds such as venture capital funds.

The choppy trading seen for most of the session came as investors weighed recent optimism about an economic recovery against spiking coronavirus cases in a number of states. Traders may be worried about the possibility of states re-imposing restrictions on businesses.

In economic news, the Labor Department reported a much smaller than expected drop in initial jobless claims last week, while the Commerce Department noted a substantial rebound in durable goods orders last month.

Crude oil prices were higher Thursday, recovering from losses in the previous two sessions despite continued concerns about energy demand outlook following a surge in new coronavirus cases. West Texas Intermediate crude oil futures for August ended up $0.71 or 1.9 percent at $38.72 a barrel.

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