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Thai Stock Market Tipped To Open In The Red

The Thai stock market headed south again on Thursday, one day after snapping the two-day losing streak in which it had stumbled almost 15 points or 1 percent. The Stock Exchange of Thailand now rests just beneath the 1,630-point plateau and the losses may accelerate on Friday.

The global forecast for the Asian markets is mixed to lower, thanks to coronavirus concerns and sinking crude oil prices. The European markets were mixed and the U.S. bourses were down and the Asian markets figure to split the difference.

The SET finished modestly lower on Thursday as losses from the energy and cement stocks were mitigated by support from the financial sector.

For the day, the index shed 11.33 points or 0.69 percent to finish at 1,629.12 after trading between 1,626.95 and 1,646.07. Volume was 38.150 billion shares worth 91.098 billion baht. There were 1,088 decliners and 701 gainers, with 429 stocks finishing unchanged.

Among the actives, Advanced Info retreated 1.55 percent, while Thailand Airport tanked 2.37 percent, Bangkok Bank climbed 1.34 percent, Bangkok Dusit Medical tumbled 1.75 percent, Bangkok Expressway skidded 1.19 percent, Gulf surrendered 1.80 percent, Kasikornbank rallied 2.09 percent, Krung Thai Card declined 1.56 percent, PTT Oil & Retail plunged 1.71 percent, PTT Exploration and Production fell 0.47 percent, PTT Global Chemical jumped 1.26 percent, SCG Packaging sank 0.74 percent, Siam Commercial Bank collected 1.46 percent, Siam Concrete dropped 0.96 percent and TTB Bank, BTS Group, Charoen Pokphand Foods, Krung Thai Bank and PTT were unchanged.

The lead from Wall Street is negative as the major averages opened higher on Thursday but fell into the red midway through the session and ended that way.

The Dow dropped 151.69 points or 0.43 percent to finish at 34,879.38, while the NASDAQ shed 38.38 points or 0.25 percent to close at 15,248.25 and the S&P 500 fell 20.79 points or 0.46 percent to end at 4,493.28.

The early strength on Wall Street came after the Labor Department released a report showing a bigger than expected decrease in first-time claims for U.S. unemployment benefits last week.

Buying interest waned over the course of the session, however, with traders expressing continued concerns about the impact of the rapid spread of the delta variant of the coronavirus.

Uncertainty about the outlook for monetary policy also weighed on the markets ahead of the next Federal Reserve meeting later this month.

Crude oil futures settled sharply lower Thursday, weighed down by reports that China is looking to release some crude stock from its national reserve. West Texas Intermediate Crude oil futures for October ended down by $1.16 or 1.7 percent at $68.14 a barrel.

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