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Thai Stock Market May Spin Its Wheels On Thursday

The Thai stock market has finished higher in two straight sessions, advancing nearly 20 points or 1.5 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,350-point plateau although it may be stuck in neutral on Thursday.

The global forecast for the Asian markets is murky, with concerns over rising coronavirus cases tempered by optimism for a possible treatment. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The SET finished modestly higher on Wednesday following gains from the financial shares and energy producers.

For the day, the index gained 10.41 points or 0.78 percent to finish at 1,349.44 after trading between 1,331.60 and 1,350.16. Volume was 15.428 billion shares worth 53.380billion baht. There were 627 gainers and 607 decliners, with 397 stocks finishing unchanged.

Among the actives, Advanced Info added 0.27 percent, while Thailand Airport dropped 0.83 percent, Asset World spiked 2.53 percent, Bangkok Bank collected 0.93 percent, Bangkok Dusit Medical advanced 0.89 percent, Bangkok Expressway shed 0.53 percent, BTS Group retreated 0.88 percent, Charoen Pokphand Foods sank 0.79 percent, Kasikornbank climbed 1.07 percent, Krung Thai Bank gathered 0.97 percent, PTT perked 1.99 percent, PTT Exploration and Production soared 4.09 percent, PTT Global Chemical rallied 2.70 percent, Siam Commercial Bank gained 0.69 percent, Siam Concrete increased 1.09 percent and TMB Bank was up 0.95 percent.

The lead from Wall Street is inconclusive as stocks opened higher Wednesday but then bounced back and forth across the unchanged like and eventually finished the session mixed.

The Dow shed 77.91 points or 0.30 percent to finish at 25,734.97, while the NASDAQ climbed 95.86 points or 0.95 percent to end at 10,154.63 and the S&P 500 rose 15.57 points or 0.50 percent to close at 3,115.86.

The upward moves by the NASDAQ and S&P came after drug giant Pfizer (PFE) and German biotech company BioNTech (BNTX) announced positive data from an early-stage human trial of a potential coronavirus vaccine.

The companies said the most advanced of four investigational vaccine candidates was generally well tolerated and produced neutralizing antibodies.

In economic news, the Institute for Supply Management said U.S. manufacturing activity unexpectedly expanded in June, while payroll processor ADP showed a significant increase in private sector employment last month.

Crude oil futures were higher Wednesday, as data showed a sharp fall in U.S. crude inventories last week. West Texas Intermediate Crude oil futures ended up $0.55 or 1.4 percent at $39.82 a barrel.

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