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Additional Support Anticipated For Thai Stock Market

The Thai stock market on Friday ended the three-day slide in which it had tumbled almost 45 points or 3.3 percent. The Stock Exchange of Thailand now rests just beneath the 1,330-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets is upbeat on solid earnings from technology stocks and anticipation for new stimulus measures. The European markets were down on Friday and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The SET finished modestly higher on Friday as gains from the energy producers were capped by weakness from the financial sector.

For the day, the index advanced 12.79 points or 0.97 percent to finish at 1,328.53 after trading between 1,303.25 and 1,328.64. Volume was 21.003 billion shares worth 61.281 billion baht. There were 823 gainers and 629 decliners, with 341 stocks finishing unchanged.

Among the actives, Advanced Info rose 0.27 percent, while Thailand Airport tumbled 1.44 percent, Asset World surged 5.24 percent, Bangkok Bank shed 0.50 percent, Bangkok Dusit Medical and Bangkok Expressway both spiked 2.31 percent, Charoen Pokphand Foods jumped 1.50 percent, Kasikornbank plunged 1.82 percent, Krung Thai Bank lost 0.51 percent, PTT soared 2.63 percent, PTT Exploration and Production climbed 1.11 percent, PTT Global Chemical rallied 2.73 percent, Siam Commercial Bank dipped 0.37 percent, Siam Concrete spiked 1.87 percent, TMB Bank tumbled 3.06 percent and BTS Group was unchanged.

After considerable volatility, the lead from Wall Street ended up to be positive thanks to a late-day surge on Friday, fueled by gains from the technology stocks.

The Dow added 114.62 points or 0.44 percent to finish at 26,428.32, while the NASDAQ soared 157.47 points or 1.49 percent to end at 10,745 and the S&P 500 rose 24.90 points or 0.77 percent to close at 3,271.12. For the week, The Dow eased 0.2 percent, the NASDAQ surged 3.7 percent and the S&P jumped 1.7 percent.

The higher close on Wall Street partly reflected a positive reaction to better than expected quarterly results from several leading technology companies, including Apple (AAPL), Amazon (AMZN) and Facebook (FB).

The upbeat tech earnings news overshadowed concerns about stalled negotiations over a new coronavirus stimulus package. Lawmakers appear at an impasse as the attempt to reach a compromise between a $1 trillion GOP relief proposal and the $3.4 trillion bill passed by the Democratic-controlled House in May.

In economic news, the Commerce Department said personal income slumped more than expected in June, although there was another substantial increase in personal spending. A separate report from the University of Michigan said consumer sentiment deteriorated more than expected in July.

Crude oil futures closed higher on Friday, buoyed by a report from the U.S. Energy Information Administration that said oil production fell sharply in May. West Texas Intermediate Crude oil futures for September ended up $0.35 or 0.9 percent at $40.27 a barrel.

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