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Additional Support Predicted For Thai Stock Market

The Thai stock market on Tuesday wrote a finish to the four-day losing streak in which it had stumbled more than 45 points or 3 percent. The Stock Exchange of Thailand now sits just above the 1,500-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets is mixed and flat, with oil and technology stocks likely to continue to weigh. The European and U.S. markets were mixed and little changed and the Asian bourses figure to follow that lead.

The SET finished sharply higher on Tuesday following gains from the financial shares and the energy producers.

For the day, the index jumped 22.47 points or 1.52 percent to finish at 1,500.61 after trading between 1,486.18 and 1,506.94. Volume was 27.146 billion shares worth 86.126 billion baht. There were 985 gainers and 682 decliners, with 373 stocks finishing unchanged.

Among the actives, Advanced Info skidded 1.19 percent, while Thailand Airport spiked 4.49 percent, Asset World soared 5.96 percent, Bangkok Asset Management added 0.47 percent, Bangkok Bank advanced 2.12 percent, Bangkok Dusit Medical jumped 1.50 percent, Bangkok Expressway gathered 1.27 percent, BTS Group climbed 1.62 percent, Charoen Pokphand Foods accelerated 3.57 percent, Gulf improved 2.24 percent, Kasikornbank rallied 2.20 percent, Krung Thai Bank collected 1.71 percent, PTT Oil and Retail tumbled 2.36 percent, PTT perked 1.25 percent, PTT Exploration and Production surged 3.17 percent, PTT Global Chemical gained 2.81 percent, SCG Packaging dropped 1.52 percent, Siam Commercial Bank strengthened 1.99 percent, Siam Concrete rose 0.82 percent and TMB Bank was up 1.82 percent.

The lead from Wall Street suggests a hint of support as stocks staged a recovery after opening sharply lower on Tuesday as the Dow and S&P managed to pick into positive territory.

The Dow added 15.66 points or 0.05 percent to finish at 31,537.35, while the NASDAQ fell 67.85 points or 0.50 percent to end at 13,465.20 and the S&P 500 rose 4.87 points or 0.13 percent to close at 3,881.37.

The early sell-off on Wall Street reflected concerns about the outlook for inflation and the potential for higher interest rates due to the recent increase in bond yields. The yields on ten-year notes and thirty-year bonds reached their highest intraday levels since the early days of the coronavirus pandemic earlier in the day.

However, selling pressure waned after Federal Reserve Chair Jerome Powell's remarks before the Senate Banking Committee. Powell reiterated interest rates will remain at near-zero levels and the Fed will continue its asset purchases at the current rate until "substantial further progress" has been made toward its goals of maximum employment and price stability.

In U.S. economic news, the Conference Board said consumer confidence has improved more than expected in February.

Crude oil prices ended slightly lower on Tuesday after surging in the previous session. West Texas Intermediate Crude oil futures for April ended down $0.03 at $61.67 a barrel.

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