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No Help Yet For Thai Stock Market

The Thai stock market has finished lower in two straight sessions, retreating almost a dozen points or 0.7 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,625-point plateau and it's looking at another soft start again on Wednesday.

The global forecast for the Asian markets is soft due to the outlook for interest rates, despite encouraging data. 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 Tuesday as losses from the cement and technology stocks were mitigated by support from the energy producers and a mixed picture from the financials.

For the day, the index fell 9.92 points or 0.61 percent to finish at 1,623.84 after trading between 1,621.96 and 1,640.40. Volume was 34.983 billion shares worth 84.176 billion baht. There were 991 decliners and 696 gainers, with 542 stocks finishing unchanged.

Among the actives, Advanced Info tumbled 1.81 percent, while Thailand Airport added 0.40 percent, Bangkok Bank collected 0.44 percent, Bangkok Dusit Medical dropped 0.89 percent, Bangkok Expressway gained 0.57 percent, Charoen Pokphand Foods advanced 0.95 percent, Delta Electronics cratered 10.74 percent, Gulf retreated 1.82 percent, Intouch Holdings plummeted 5.76 percent, Kasikornbank rose 0.41 percent, Krung Thai Card skidded 1.17 percent, PTT spiked 1.96 percent, PTT Exploration and Production surged 4.17 percent, PTT Global Chemical increased 0.41 percent, SCG Packaging sank 0.75 percent, Siam Commercial Bank lost 0.96 percent, Siam Concrete declined 1.44 percent, TTB Bank tanked 1.85 percent and BTS Group, Krung Thai Bank and PTT Oil & Retail were unchanged.

The lead from Wall Street is negative as the major averages opened higher on Tuesday but quickly turned lower and finished in the red.

The Dow tumbled 292.06 points or 0.84 percent to finish at 34,577.57, while the NASDAQ sank 67.82 points or 0.45 percent to close at 15,037.76 and the S&P 500 fell 25.68 points or 0.57 percent to end at 4,443.05.

Stocks initially benefited from a positive reaction to a highly anticipated Labor Department report showing consumer prices increased less than expected in August. The relatively tame inflation data generated optimism that the Federal Reserve may delay plans to begin scaling back stimulus.

However, subsequent comments from economists suggested that the Fed is still likely to begin tapering its asset purchases as soon as December.

The Fed is scheduled to hold a monetary policy meeting next week, with many expecting the central bank to provide an update on the outlook for its asset purchase program.

Crude oil futures settled slightly higher Tuesday after the Labor Department said U.S. consumer prices increased less than expected last month, while traders also weighed the impact of tropical storm Nicholas. Crude oil futures settled at $70.46 a barrel, up a penny from the previous close.

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