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Rally May Stall For Thai Stock Market

The Thai stock market has moved higher in back-to-back trading days, collecting almost 20 points or 1.2 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,640-point plateau although it may run out of steam on Monday.

The global forecast for the Asian markets is soft following disappointing jobs data out of the United States, although support from crude oil is expected to limit the downside. The European and U.S. markets saw mild losses and the Asian markets figure to follow suit.

The SET finished modestly higher on Friday following gains from the energy producers and retail companies, while the financials were mixed.

For the day, the index added 5.69 points or 0.35 percent to finish at 1,639.41 after trading between 1,635.77 and 1,644.16. Volume was 30.143 billion shares worth 92.939 billion baht. There were 919 decliners and 762 gainers, with 556 stocks finishing unchanged.

Among the actives, Advanced Info skidded 1.28 percent, while Thailand Airport advanced 0.78 percent, Bangkok Dusit Medical shed 0.44 percent, Bangkok Expressway jumped 1.69 percent, BTS Group climbed 1.05 percent, Charoen Pokphand Foods dropped 0.97 percent, Home Product Center surged 5.07 percent, IRPC improved 1.38 percent, Kasikornbank retreated 1.06 percent, Krung Thai Bank collected 0.86 percent, Krung Thai Card sank 0.88 percent, PTT perked 0.63 percent, PTT Exploration and Production gained 0.83 percent, PTT Global Chemical rose 0.39 percent, SCG Packaging added 0.41 percent, Siam Commercial Bank lost 0.79 percent, Siam Concrete spiked 1.50 percent, True Corporation soared 1.99 percent, TTB Bank improved 0.86 percent and Bangkok Bank, Gulf and PTT Oil & Retail were unchanged.

The lead from Wall Street suggests mild consolidation as the major averages spent most of Friday's session bouncing back and forth across the unchanged line before finally heading lower towards the end of the day.

The Dow eased 8.65 points or 0.02 percent to finish at 34.746.25, while the NASDAQ sank 74.46 points or 0.51 percent to close at 14.579.54 and the S&P 500 fell 8.42 points or 0.19 percent to end at 4,391.34. For the week, the Dow rose 1.2 percent, the NASDAQ added 0.1 percent and the S&P perked 0.8 percent.

The choppy trading on Wall Street came after the Labor Department's closely watched monthly jobs report showed weaker than expected job growth in September, although the jobless rate fell more than anticipated.

The data led to some uncertainty about the outlook for monetary policy, although most economists agree the disappointing job growth will not dissuade the Federal Reserve from scaling back stimulus.

Crude oil futures jumped Friday after surging past $80 a barrel for the first time in seven years amid tighter supplies and signs of increasing demand. West Texas Intermediate Crude oil futures for November jumped $1.05 or 1.3 percent at $79.35 a barrel after climbing to a high of $80.11 a barrel. WTI crude futures gained 4.6 percent in the week, gaining for a seventh straight week.

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