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Thai Stock Market Poised For Rebound On Friday

The Thai stock market has closed lower now in two straight trading days, giving away almost 25 points or 1.6 percent in that span. The Stock Exchange of Thailand finished just below the 1,545-point plateau, although the market figures to halt that slide on Friday.

The global forecast for the Asian markets suggests mild upside, again thanks to generally upbeat earnings news. The European markets were mixed and the U.S. bourses were barely higher - and the Asian markets figure to split the difference.

The SET finished modestly lower on Thursday following weakness from the financial shares and a mixed performance from the energy producers.

For the day, the index shed 7.17 points or 0.46 percent to finish at 1,544.84 after trading between 1,543.47 and 1,562.32. Volume was 8.678 billion shares worth 49.117 billion baht. There were 556 decliners and 296 gainers, with 253 stocks finishing unchanged.

Among the actives, coal miner Banpu dropped 2.48 percent, while Bangkok Bank collected 0.27 percent, Kasikornbank tumbled 2.21 percent, energy giant PTT eased 0.29 percent, PTT Exploration and Production climbed 0.85 percent, PTT Global Chemical jumped 0.81 percent, Siam Commercial Bank plunged 2.03 percent and Siam Concrete advanced 1.14 percent.

The lead from Wall Street is cautiously optimistic as stocks shrugged off early volatility to move mostly higher on Thursday. With the upward move, the tech-heavy NASDAQ hit a new record closing high.

While the NASDAQ rose 20.89 points or 0.4 percent to 5,056.06, the Dow inched up 20.42 points or 0.1 percent to 18,058.69 and the S&P 500 added 4.97 points or 0.2 percent to 2,112.93.

The strength on Wall Street reflected a positive reaction to the latest batch of earnings news from big-name companies, including AT&T (T) and eBay (EBAY) - although the numbers from General Motors (GM) and 3M (MMM) disappointed.

Traders also expressed optimism that the Federal Reserve will delay its planned increase in interest rates following disappointing housing data from the Commerce Department.

A separate report from the Labor Department showed an unexpected uptick in initial jobless claims in the week ended April 18, although claims remained below 300,000.

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