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Renewed Selling Pressure Expected For Thai Stock Market

The Thai stock market rebounded on Tuesday, one session after it snapped 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 beneath the 1,375-point plateau although it figures to head south again on Wednesday.

The global forecast for the Asian markets is negative on concerns over the rebounding number of coronavirus cases. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The SET finished barely higher on Tuesday as gains from the energy producers were offset by weakness from the financial shares and cement stocks.

For the day, the index added 0.95 points or 0.07 percent to finish at 1,373.22 after trading between 1,373.20 and 1,391.77. Volume was 18.918 billion shares worth 81.868 billion baht. There were 880 decliners and 514 gainers, with 343 stocks finishing unchanged.

Among the actives, Thailand Airport skidded 1.24 percent, while Asset World plunged 3.30 percent, Bangkok Bank shed 0.47 percent, Bangkok Dusit Medical tumbled 1.32 percent, Bangkok Expressway dropped 1.04 percent, BTS Group tanked 1.72 percent, Charoen Pokphand Foods advanced 0.79 percent, Kasikornbank retreated 1.89 percent, Krung Thai Bank declined 1.90 percent, PTT perked 2.55 percent, PTT Exploration and Production rose 0.26 percent, PTT Global Chemical added 0.51 percent, Siam Commercial Bank lost 2.04 percent, Siam Concrete plummeted 2.56 percent and TMB Bank and Advanced Info were unchanged.

The lead from Wall Street is soft as stocks moved significantly lower on Tuesday, giving ground following the strong upward move seen in recent sessions.

The Dow tumbled 396.85 points or 1.51 percent, while the NASDAQ lost 89.76 points or 0.86 percent to end at 10,343.89 and the S&P 500 dropped 34.40 points or 1.08 percent to close at 3,145.32.

The weakness that emerged on Wall Street came as a lack of major U.S. economic data allowed concerns about the coronavirus pandemic to resurface. The concerns came as World Health Organization officials warned that the death toll from the pandemic may start to climb again.

Atlanta Federal Reserve President Raphael Bostic also warned that the spike in coronavirus cases in southern and western states could slow the U.S. economic recovery.

Crude oil futures settled nearly flat on Tuesday as traders weighed the prospects for energy demand amid reports showing a surge in coronavirus infections. West Texas Intermediate Crude oil futures for August settled at $40.62 a barrel, down just a penny from the previous close.

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