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Rebound Anticipated For Thai Stock Market

Ahead of Monday's holiday for Asarnha Bucha Day, the Thai stock market had halted the three-day winning streak in which it had collected almost 45 points or 3.2 percent. The Stock Exchange of Thailand now rests just above the 1,370-point plateau although it's expected to bounce higher again on Tuesday.

The global forecast for the Asian markets is upbeat on continued optimism for economic recovery from the coronavirus pandemic, despite a rebound by the virus. The European and U.S. markets were sharply higher and the Asian bourses also figure to open in the green.

The SET finished slightly lower on Friday following losses from the financial shares and a mixed picture from the energy producers.

For the day, the index dipped 1.86 points or 0.14 percent to finish at 1,372.27 after trading between 1,370.37 and 1,380.08. Volume was 19.715 billion shares worth 71.138 billion baht. There were 812 decliners and 492 gainers, with 408 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.79 percent, while Thailand Airport tumbled 2.43 percent, Bangkok Bank sank 1.83 percent, Bangkok Dusit Medical fell 0.44 percent, Bangkok Expressway added 0.52 percent, Charoen Pokphand Foods sank 0.78 percent, Kasikornbank plunged 2.89 percent, Krung Thai Bank collected 0.96 percent, PTT gained 0.64 percent, PTT Exploration and Production slid 0.52 percent, PTT Global Chemical climbed 1.03 percent, Siam Commercial Bank plummeted 2.65 percent, TMB Bank declined 1.85 percent and Siam Concrete, Asset World and BTS Group were unchanged.

The lead from Wall Street is broadly positive as stocks opened Monday with a strong move to the upside and remained in the green throughout the session, extending last week's gains.

The Dow jumped 459.67 points or 1.78 percent to finish at 26,2187.03, while the NASDAQ spiked 226.02 points or 2.21 percent to end at 10,433.65 and the S&P 500 climbed 49.71 points or 1.59 percent to close at 3,179.72.

Strength in overseas has carried over to Wall Street, as Chinese shares skyrocketed on the day amid positive commentary on the market from state media. China's Securities Times said fostering a healthy bull market after the pandemic is now more important to the economy than ever.

Traders also remain generally optimistic about the U.S. economic outlook following last Thursday's better than expected jobs data. Then on Monday, the Institute for Supply Management reported a substantial turnaround in U.S. service sector activity in June.

Investors also weighed developments on the coronavirus vaccine front following reports that the U.K. is closing in on a $624 million supply deal with Sanofi and GlaxoSmithKline for 60 million doses of a potential vaccine.

Crude oil futures settled slightly lower Monday as traders weighed energy demand prospects and fears of another lockdown amid a surge in new coronavirus cases across the globe. West Texas Intermediate crude oil futures for August ended down $0.02 at $40.63 a barrel.

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