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Thai Bourse Poised To Snap Losing Streak

The Thai stock market has finished lower in back-to-back trading days, slipping just 7 points or 0.4 percent along the way. The Stock Exchange of Thailand now rests just above the 1,610-point plateau although it's expected to find traction on Monday.

The global forecast for the Asian markets is positive in response to U.S. employment data and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The SET finished modestly lower on Friday following losses from the energy producers and a mixed performance from the financial sector.

For the day, the index dipped 6.02 points or 0.37 percent to finish at 1,611.53 after trading between 1,611.34 and 1,622.89. Volume was 32.553 billion shares worth 106.351 billion baht. There were 1,158 decliners and 524 gainers, with 417 stocks finishing unchanged.

Among the actives, Advanced Info dropped 0.88 percent, while Thailand Airport shed 0.78 percent, Bangkok Asset Management retreated 1.59 percent, Bangkok Bank collected 0.43 percent, Bangkok Dusit Medical skidded 1.38 percent, Bangkok Expressway climbed 1.22 percent, Charoen Pokphand Foods sank 0.92 percent, Gulf declined 1.43 percent, Kasikornbank lost 0.84 percent, PTT fell 0.60 percent, PTT Global Chemical surrendered 1.17 percent, SCG Packaging added 0.45 percent, Siam Concrete tumbled 1.83 percent, TTB Bank was down 0.87 percent and Asset World, BTS Group, Krung Thai Bank, PTT Oil & Retail, PTT Exploration and Production, Siam Commercial Bank and Land and Houses all were unchanged.

The lead from Wall Street is solid as the major averages opened firmly higher on Friday and picked up steam as the session progressed.

The Dow climbed 179.39 points or 0.52 percent to finish at 34,756.39, while the NASDAQ jumped 199.99 points or 1.47 percent to end at 13.814.49 and the S&P 500 advanced 37.04 points or 0.88 percent to close at 4,229.89. For the week, the Dow rose 0.7 percent, the NASDAQ added 0.5 percent and the S&P rose 0.6 percent.

The strength on Wall Street came after the Labor Department report showed job growth in the U.S. reaccelerated in May but fell short of estimates, while the jobless rate fell to 5.8 percent.

Traders viewed the weaker than expected job growth as a Goldilocks situation, where the economy is expanding but not fast enough to encourage the Federal Reserve to tighten monetary policy.

Crude oil prices moved higher Friday amid rising hopes for increased demand and the recent OPEC decision to gradually increase crude output. West Texas Intermediate Crude oil futures for July ended up $0.81 or 1.2 percent at $69.62 a barrel, the highest settlement since October 2018.

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