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Little Movement Expected For Thai Stock Market

The Thai stock market has finished lower in three straight sessions, sliding nearly 30 points or 1.8 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,670-point plateau and it's expected to remain in that neighborhood again on Monday.

The global forecast for the Asian markets is mixed and flat, with support from oil prices offsetting weakness among the technology stocks. The European markets were down and the U.S. bourses were mixed and little changed - and the Asian markets are tipped to follow the latter lead.

The SET finished modestly lower on Friday as the financial shares and energy producers were mostly in the red.

For the day, the index sank 15.00 points or 0.89 percent to finish at 1,667.91 after trading between 1,664.09 and 1,681.92. Volume was 14.603 billion shares worth 62.259 billion baht. There were 1,226 decliners and 306 gainers, with 344 stocks finishing unchanged.

Among the actives, Advanced Indo added 0.25 percent, while Thailand Airport skidded 1.61 percent, Banpu tumbled 2.75 percent, Bangkok Bank dropped 0.94 percent, Beauty Community jumped 1.69 percent, Bangkok Expressway shed 0.60 percent, Kasikornbank dropped 1.94 percent, Krung Thai Bank lost 0.99 percent, PTT fell 0.98 percent, PTT Exploration and Production added 0.70 percent, PTT Global Chemical dipped 0.65 percent, Siam Commercial Bank slid 0.70 percent, Siam Concrete declined 1.40 percent and Bangkok Medical and Charoen Pokphand Foods were unchanged.

The lead from Wall Street is uninspired as stocks failed to sustain an early move to the upside on Friday, eventually ending mixed.

The Dow added 64.89 points or 0.26 percent to 25,444.34, while the NASDAQ shed 36.11 points or 0.48 percent to 7,449.03 and the S&P fell 1.00 point or 0.04 percent to 2,767.78. For the week, the NASDAQ fell 0.6 percent, while the Dow rose 0.4 percent and the S&P 500 was nearly flat.

Early buying interest was generated by China when the heads of the People's Bank of China, the Securities Regulatory Commission and the Banking and Insurance Regulatory Commission all issued statements of support for the markets following disappointing data and heavy selling.

A positive reaction to upbeat earnings news from big-name companies such as Procter & Gamble (PG), American Express (AXP) and Honeywell (HON) also contributed to the early strength.

Traders were reluctant to make more significant moves, however, as concerns about rising interest rates and tension between the U.S. and Saudi Arabia continued to weigh on the markets.

Crude oil futures ended higher on Friday with investors weighing the possible impact of U.S. sanctions on Iran's oil exports on crude supply in the market. Crude oil futures for November ended up $0.47 or 0.7 percent at $69.12 a barrel. For the week, oil futures tumbled 3.1 percent.

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