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Thai Stock Market May Snap Losing Streak

The Thai stock market has finished lower in back-to-back sessions, sliding more than 20 points or 1.6 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,340-point plateau although it may find traction on Thursday.

The global forecast for the Asian markets is upbeat on solid earnings news and economic data. The European markets were mixed and the U.S. bourses moved higher and the Asian markets are expected to follow the latter lead.

The SET finished slightly lower on Wednesday following losses from the financial shares and energy producers.

For the day, the index fell 2.57 points or 0.19 percent to finish at 1,338.35 after trading between 1,337.03 and 1,349.91. Volume was 15.934 billion shares worth 56.111 billion baht. There were 1,020 decliners and 454 gainers, with 326 stocks finishing unchanged.

Among the actives, Advanced Info added 0.54 percent, while Thailand Airport skidded 1.36 percent, Asset World shed 0.50 percent, Bangkok Bank plunged 3.85 percent, BTS Group advanced 0.95 percent, Charoen Pokphand Foods spiked 2.27 percent, Kasikornbank tanked 3.21 percent, Krung Thai Bank dropped 0.99 percent, PTT Exploration and Production tumbled 1.61 percent, PTT Global Chemical retreated 3.09 percent, Siam Commercial Bank declined 2.47 percent, Siam Concrete rose 0.26 percent, TMB Bank surrendered 2.94 percent and PTT, Bangkok Dusit Medical and Bangkok Expressway were unchanged.

The lead from Wall Street is positive as stocks opened higher on Wednesday and picked up steam as the day progressed.

The Dow added 160.29 points or 0.61 percent to finish at 26,539.57, while the NASDAQ spiked 140.85 points or 1.35 percent to end at 10,542.94 and the S&P 500 rose 40.00 points or 1.24 percent to close at 3,258.44.

Early buying interest was partly generated by the latest batch of earnings news, with a number of big-name companies reporting better than expected quarterly results including Advanced Micro Devices (AMD) and C.H. Robinson (CHRW).

The strength on Wall Street also reflected a report from the National Association of Realtors showing another significant increase in pending home sales in June.

Stocks saw continued strength after the Federal Reserve announced its widely expected decision to leave interest rates at near-zero levels amid the economic hardship imposed by the coronavirus pandemic.

Crude oil prices moved higher on Wednesday after data showed a larger than expected decline in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for September ended up $0.23 or 0.6 percent at $41.27 a barrel.

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