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Thai Stock Market Poised To Add To Its Winnings

The Thai stock market bounced higher again on Friday, one session after ending the three-day winning streak in which it had picked up almost 15 points or 0.9 percent. The Stock Exchange of Thailand now rests just above the 1,635-point plateau and it's called higher again on Monday.

The global forecast for the Asian markets is upbeat, with support from oil and technology stocks in particular. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SET finished modestly higher on Friday following gains from the financial shares and the energy producers.

For the day, the index advanced 11.29 points or 0.69 percent to finish at 1,636.56 after trading between 1,628.14 and 1,636.92. Volume was 36.275 billion shares worth 106.114 billion baht. There were 836 decliners and 757 gainers, with 516 stocks finishing unchanged.

Among the actives, Advanced Info and Bangkok Expressway both added 0.58 percent, Thailand Airport soared 5.38 percent, Asset World jumped 1.98 percent, Bangkok Bank collected 0.83 percent, BTS Group gained 0.51 percent, Charoen Pokphand Foods dropped 0.92 percent, Gulf sank 0.72 percent, Kasikornbank climbed 1.18 percent, Krung Thai Bank advanced 0.89 percent, PTT Oil & Retail rallied 2.48 percent, PTT spiked 1.84 percent, PTT Exploration and Production improved 0.83 percent, PTT Global Chemical rose 0.41 percent, SCG Packaging fell 0.45 percent, Siam Commercial Bank gathered 0.96 percent, Siam Concrete perked 0.94 percent, TTB Bank increased 0.86 percent and Bangkok Asset Management, Bangkok Dusit Medical and Krung Thai Card were unchanged.

The lead from Wall Street ends up being mildly positive as stocks opened higher on Friday but quickly dropped into the red before a late recovery saw them finish with mild upside.

The Dow added 13.36 points or 0.04 percent to finish at 34,479.60, while the NASDAQ gained 49.09 points or 0.35 percent to end at 14,069.42 and the S&P 500 rose 8.26 points or 0.19 percent to close at 4,247.44. For the week, the NASDAQ jumped 1.8 percent, the Dow fell 0.8 percent and the S&P gained 0.4 percent.

Traders were reluctant to make significant moves ahead of this week's Federal Reserve's monetary policy meeting. The Fed is widely expected to leave its monetary policy unchanged, but traders will be looking for any clues the central bank is considering tapering its asset purchases.

In economic news, the University of Michigan reported a bigger than expected rebound in its consumer sentiment index in June.

Crude oil prices moved higher Friday on rising expectations that global energy demand will pick up thanks to accelerating in vaccination rollouts. West Texas Intermediate Crude oil futures for July settled at $70.91 a barrel, gaining $0.62 or 0.9 percent. For the week, WTI Crude futures rose 1.9 percent, rising for a third straight week.

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