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Additional Support Anticipated For Thai Stock Market

The Thai stock market on Wednesday ended the two-day slide in which it had slumped more than 35 points or 2.3 percent. The Stock Exchange of Thailand now rests just above the 1,540-point plateau and it may add to its winnings on Thursday.

The global forecast for the Asian markets is positive, led by a strong rebound in energy stocks. The European and U.S. markets were up and the Asian bourses are predicted to follow that lead.

The SET finished slightly higher on Wednesday as gains from the energy producers were offset by weakness from the financials.

For the day, the index rose 2.02 points or 0.13 percent to finish at 1,540.88 after trading between 1,532.34 and 1,545.39. Volume was 25.323 billion shares worth 73.683 billion baht. There were 895 decliners and 661 gainers, with 554 stocks finishing unchanged.

Among the actives, Advanced Info climbed 1.43 percent, while Thailand Airport rose 0.43 percent, Bangkok Bank retreated 1.45 percent, Bangkok Dusit Medical skidded 1.30 percent, Bangkok Expressway shed 0.62 percent, BTS Group added 0.55 percent, Gulf advanced 0.75 percent, Kasikornbank plunged 3.67 percent, PTT perked 0.70 percent, PTT Exploration and Production gained 0.47 percent, PTT Global Chemical spied 2.68 percent, SCG Packaging fell 0.39 percent, Siam Commercial Bank dropped 0.82 percent, Siam Concrete plummeted 3.32 percent, TTB Bank lost 1.00 percent and Charoen Pokphand Foods, Krung Thai Bank, Krung Thai Card and PTT Oil & Retail were unchanged.

The lead from Wall Street is solid as the major averages opened higher on Wednesday and remained firmly in the green throughout the session.

The Dow jumped 286.01 points or 0.83 percent to finish at 34,798.00, while the NASDAQ climbed 133.08 points or 0.92 percent to end at 14,631.95 and the S&P 500 added 35.63 points or 0.82 percent to close at 4,358.69.

The continued strength on Wall Street reflected a positive reaction to the latest batch of earnings news from several big-name companies including Coca-Cola (KO), Verizon (VZ) and Johnson & Johnson (JNJ), although Netflix (NFLX) disappointed.

Energy stocks spiked as crude oil futures settled sharply higher on Wednesday, rebounding strongly after suffering a sharp drop earlier in the week. West Texas Intermediate crude oil futures for September ended up $3.10 or 4.6 percent at $70.30 a barrel.

Significant strength was also visible among airline stocks, as reflected by the 3.2 percent jump by the NYSE Arca Airline Index. The index continued to rebound after ending Monday's trading at a five-month closing low.

Closer to home, Thailand will provide June figures for imports, exports and trade balance later today. In May, imports were up 63.54 percent on year and exports jumped an annual 41.59 percent for a trade surplus of $0.8 billion.

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