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No Relief Yet For Thai Stock Market

The Thai stock market has finished lower in four straight sessions, sinking almost 25 points or 1.8 percent along the way. The Stock Exchange of Thailand now sits just above the 1,290-point plateau and it's expected to spin its wheels again on Friday.

The global forecast for the Asian markets is weak as optimism waned in the United States over a coronavirus relief package. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The SET finished slightly lower on Thursday following losses from the financial shares and cement companies.

For the day, the index dipped 2.51 points or 0.19 percent to finish at 1,290.89 after trading between 1,286.15 and 1,298.33. Volume was 16.690 billion shares worth 42.183 billion baht. There were 902 decliners and 448 gainers, with 524 stocks finishing unchanged.

Among the actives, Advanced Info gained 0.83 percent, while Asset World jumped 1.55 percent, Bangkok Bank tanked 2.33 percent, Bangkok Dusit Medical advanced 0.98 percent, Bangkok Expressway climbed 1.11 percent, Charoen Pokphand Foods dropped 0.84 percent, Kasikornbank shed 0.60 percent, PTT Global Chemical retreated 1.14 percent, Siam Commercial Bank tumbled 1.40 percent, Siam Concrete plunged 4.38 percent, TMB Bank collected 1.10 percent and Krung Thai Bank, PTT, PTT Exploration and Production, Thailand Airport and BTS Group all were unchanged.

The lead from Wall Street is negative as stocks were unable to hold on to early gains Thursday, reversing course in the late morning before finishing firmly in the red.

The Dow plunged 405.89 points or 1.45 percent to finish at 27,534.58, while the NASDAQ tumbled 221.97 points or 1.99 percent to end at 10,919.59 and the S&P 500 dropped 59.77 points or 1.76 percent to close at 3,339.19.

Strength among tech stocks contributed to the early advance on Wall Street, but they also helped to lead the subsequent pullback by the markets.

Adding to the negative sentiment, Senate Republicans failed to advance a new coronavirus stimulus bill. Facing unanimous opposition from Democrats, the bill couldn't clear a key procedural hurdle in the latest sign of the difficulty lawmakers have had in passing a new relief package.

In economic news, the Labor Department said initial jobless claims were roughly unchanged last week, defying expectations for a notable decline. Also, the Labor Department said producer prices increased slightly more than expected last month.

Crude oil prices drifted lower Thursday after data showed an increase in U.S. crude inventories last week, while easing of output curbs by OPEC+ also contributed to oil's weakness. West Texas Intermediate Crude oil futures for October ended down $0.75 or 2 percent at $37.30 a barrel.

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