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Losing Streak May Continue For Thai Stock Market

The Thai stock market has moved lower in four straight sessions, sliding more than 45 points or 3 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,480-point plateau and it may take further damage again on Tuesday.

The global forecast for the Asian markets is flat to lower, with anticipated weakness from tech shares likely offset by support from crude oil prices. The European markets were slightly lower and the U.S. bourses were mixed and the Asian markets figure to split the difference.

The SET finished sharply lower on Monday following losses from the financial shares and the energy producers.

For the day, the index dropped 22.37 points of 1.49 percent to finish at 1,478.14 after trading between 1,476.50 and 1,505.47. Volume was 26.866 billion shares worth 89.859 billion baht. There were 1,404 decliners and 364 gainers, with 271 stocks finishing unchanged.

Among the actives, Advanced Info skidded 1.18 percent, while Thailand Airport added 0.41 percent, Asset World rose 0.43 percent, Bangkok Asset Management tumbled 2.27 percent, Bangkok Bank tanked 3.28 percent, Bangkok Dusit Medical shed 0.50 percent, Bangkok Expressway retreated 1.25 percent, BTS Group dropped 1.07 percent, Charoen Pokphand Foods surrendered 3.45 percent, Gulf declined 1.47 percent, Kasikornbank plunged 3.19 percent, Krung Thai Bank plummeted 3.31 percent, PTT Oil and Retail advanced 0.79 percent, PTT Exploration and Production lost 0.90 percent, PTT Global Chemical sank 1.97 percent, Siam Commercial Bank slid 2.43 percent, Siam Concrete was down 1.35 percent, TMB Bank fell 1.79 percent and PTT was unchanged.

The lead from Wall Street is mostly weak as stocks opened in the red on Monday and largely stayed that way, although the Dow managed to break into positive territory.

The Dow rose 27.37 points or 0.09 percent to finish at 31,521.69, while the NASDAQ plummeted 341.42 points or 2.46 percent to end at 13,533.05 and the S&P 500 lost 30.21 points or 0.77 percent to close at 3,876.50.

The steep drop by the NASDAQ came as traders moved out of technology stocks amid concerns about the impact of the recent increase in treasury yields. Electric car maker Tesla (TSLA), Apple (AAPL), Microsoft (MSFT) and Amazon (AMZN) all took heavy damage.

The sell-off came as the yield on the benchmark ten-year note saw further upside, reaching its highest closing level in a year. Bond yields remain at historically low levels, but the recent increase may still spook investors already concerned that stocks are overbought.

In U.S. economic news, the Conference Board reported a bigger than expected increase by its index of leading U.S. economic indicators in January.

Crude oil prices rose sharply on Monday amid supply concerns due to a slowdown in production after last week's severe cold snap. West Texas Intermediate Crude oil futures contracts for March expired at $61.49 a barrel, gaining $2.25 or 3.8 percent for the session.

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