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Thai Stock Market Poised To Halt Losing Streak

Thai stock market has finished lower in two straight sessions, slipping more than 5 points or 0.3 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,640-point plateau although it figures to stop the bleeding on Monday.

The global forecast for the Asian markets is upbeat on solid earnings news and continued support from crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The SET finished slightly lower on Friday as losses from the financials and energy producers were mitigated by support from the technology stocks.

For the day, the index dipped 2.63 points or 0.16 percent to finish at 1,638.34 after trading between 1,635.14 and 1,651.41. Volume was 33.004 billion shares worth 84.751 billion baht. There were 1,209 decliners and 491 gainers, with 555 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.52 percent, while Bangkok Dusit Medical climbed 1.33 percent, Bangkok Expressway retreated 1.64 percent, BTS Group added 0.52 percent, Charoen Pokphand Foods advanced 0.98 percent, Delta Electronics soared 3.20 percent, Gulf tumbled 2.29 percent, IRPC sank 0.85 percent, Kasikornbank gathered 1.42 percent, KCE Electronics surged 3.22 percent, Krung Thai Card dropped 0.89 percent, PTT Oil & Retail gained 0.88 percent, PTT shed 0.63 percent, PTT Exploration and Production rose 0.40 percent, PTT Global Chemical skidded 1.15 percent, SCG Packaging increased 0.41 percent, Siam Commercial Bank slid 0.40 percent, Siam Concrete collected 0.50 percent, TTB Bank was down 0.87 percent and Thailand Airport, Bangkok Bank and Krung Thai Bank were unchanged.

The lead from Wall Street is broadly positive as the major averages opened solidly in the green on Friday and remained that way throughout the session.

The Dow surged 382.20 points or 1.09 percent to finish at 35,294.76, while the NASDAQ jumped 73.91 points or 0.50 percent to close at 14,897.34 and the S&P rose 33.11 points or 0.75 percent to end at 4,471.37. For the week, the Dow added 1.6 percent, the NASDAQ rose 2.2 percent and the S&P gained 1.8 percent.

Another batch of upbeat earnings news fueled the rally, led by financial giant Goldman Sachs (GS) and aluminum producer Alcoa (AA), among others.

Buying interest was also generated in reaction to a report from the Commerce Department showing an unexpected increase in U.S. retail sales in September. Also, the Labor Department said import prices in the U.S. increased less than expected last month.

Crude oil futures settled notably higher Friday after the International Energy Agency said oil demand is likely to increase significantly due to the energy crunch supporting prices. West Texas Intermediate Crude oil futures for November rose $0.97 or 1.2 percent at $82.28 a barrel. For the week, WTI Crude oil futures gained 3.7 percent, surging for the eighth straight week.

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