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Thai Stock Market Poised To End Losing Streak

The Thai stock market has moved lower in five straight sessions, sinking more than 35 points or 2.7 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,280-point plateau and it's expected to spin its wheels again on Friday although it may find traction on Monday.

The global forecast for the Asian markets is fairly flat, although technology stocks may see further profit taking. The European and U.S. bourse were mixed but little changed on Friday and the Asian markets are tipped to follow suit.

The SET finished modestly lower on Friday following losses from the financial shares, energy producers and cement stocks.

For the day, the index dropped 10.93 points or 0.85 percent to finish at 1,279.96 after trading between 1,279.33 and 1,296.13. Volume was 18.900 billion shares worth 44.155 billion baht. There were 1,182 decliners and 349 gainers, with 401 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.55 percent, while Thailand Airport added 0.43 percent, Asset World lost 0.51 percent, Bangkok Bank tumbled 1.90 percent, Bangkok Dusit Medical dropped 0.97 percent, Bangkok Expressway skidded 1.65 percent, Charoen Pokphand Foods sank 0.85 percent, Kasikornbank retreated 0.91 percent, Krung Thai Bank fell 0.53 percent, PTT declined 0.71 percent, PTT Exploration and Production surrendered 1.50 percent, PTT Global Chemical was down 1.15 percent, Siam Concrete slid 0.57 percent, TMB Bank dipped 1.09 percent and BTS Group and Siam Commercial Bank were unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before finishing mixed.

The Dow added 131.06 points or 0.48 percent to finish at 27,665.64, while the NASDAQ lost 66.05 points or 0.60 percent to end at 10,853.54 and the S&P 500 rose 1.78 points or 0.05 percent to close at 3,340.97. For the week, the Dow lost 1.7 percent, the NASDAQ sank 4.1 percent and the S&P fell 2.5 percent.

The choppy trading on Wall Street came as traders were reluctant to make significant moves after the substantial volatility in the past several sessions.

Traders may also have been looking ahead to the Federal Reserve's latest monetary policy decision scheduled for next Wednesday. The Fed is widely expected to leave rates at near-zero levels but could make tweaks to its accompanying statement. The central bank's latest economic projections may also attract some attention.

In economic news, the Labor Department said consumer prices increased more than anticipated in August, as did core CPI.

Crude oil prices were sluggish on Friday but managed to close slightly higher, weighed by worries about the outlook for energy demand due to a continued surge in coronavirus cases. West Texas Intermediate crude oil futures for October ended up $0.03 or 0.08 percent at $37.33 a barrel. WTI crude oil futures lost 6 percent for the week.

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