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Higher Open Anticipated For Thai Stock Market

The Thai stock market headed south again on Monday, one session after it had ended the two-day slide in which it had stumbled more than 30 points or 2.2 percent. The Stock Exchange of Thailand now rests just beneath the 1,330-point plateau although it's likely to rebound on Tuesday.

The global forecast for the Asian markets is upbeat as hopes for a solid economic recovery outweighed a rising number of coronavirus cases worldwide. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The SET finished barely lower on Monday following weakness from the cement stocks and mixed performances from the financials and energy producers.

For the day, the index eased 0.58 points or 0.04 percent to finish at 1,329.76 after trading between 1,312.59 and 1,329.94. Volume was 14.703 billion shares worth 48.903 billion baht. There were 885 decliners and 450 gainers, with 388 stocks finishing unchanged.

Among the actives, Advanced Info added 0.54 percent, while Thailand Airport rose 0.42 percent, Asset World skidded 1.05 percent, BTS Group advanced 0.89 percent, Kasikornbank spiked 1.92 percent, Krung Thai Bank dropped 0.98 percent, PTT perked 0.68 percent, PTT Exploration and Production tumbled 1.35 percent, PTT Global Chemical shed 0.55 percent, Siam Commercial Bank jumped 1.74 percent, Siam Concrete retreated 0.82 percent, TMB Bank lost 0.95 percent and Banpu, Bangkok Bank, Bangkok Dusit Medical, Bangkok Expressway and Charoen Pokphand Foods all were unchanged.

The lead from Wall Street is broadly positive as stocks shook off a soft open Monday to move solidly into the green, offsetting losses from the previous session.

The Dow surged 580 points or 2.32 percent to finish at 25,595.80, while the NASDAQ spiked 116.93 points or 1.20 percent to end at 9,874.15 and the S&P 500 soared 44.19 points or 1.47 percent to close at 3,053.24.

The soft open on Wall Street was in response to rising numbers of new cases of coronavirus in the U.S. and several other parts across the globe. Data from Johns Hopkins University showed the number of coronavirus cases worldwide has surpassed 10 million, while the global death toll from the pandemic rose to more than 500,000.

But the markets rebounded when the National Association of Realtors said that pending home sales in the United States surged a record 44.3 percent in May. Also, the Dallas Fed's manufacturing index fell less than expected, further stoking optimism for economic recovery.

Crude oil prices climbed higher Monday despite concerns about the outlook for energy demand amid the spike in the virus. West Texas Intermediate crude futures for August ended up $1.21 or 3.1 percent at $39.70 a barrel.

Closer to home, Thailand will see May numbers for current account and its coincident index, plus April figures for retail sales later today. In April, the current account deficit was $0.7 billion and the coincident index score was 122.53. Retail sales plunged 20.5 percent on year in March.

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