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Thai Stock Market Tipped To Halt Losing Streak

The Thai stock market has finished lower in back-to-back trading days, surrendering almost 20 points or 1.3 percent in that span. The Stock Exchange of Thailand now rests just above the 1,635-point plateau although it's expected to find its footing on Monday.

The global forecast for the Asian markets is firm thanks to surging oil prices and optimism for the outlook on global trade. The European and U.S. markets finished in the green and the Asian bourses are expected to open in similar fashion.

The SET finished sharply lower on Friday following losses from the financial shares and the energy producers.

For the day, the index sank 15.70 points or 0.95 percent to finish at 1,636.94 after trading between 1,634.87 and 1,652.06. Volume was 14.855 billion shares worth 49.158 billion baht. There were 1,176 decliners and 333 gainers, with 312 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.54 percent, while Thailand Airport skidded 2.18 percent, Banpu lost 1.20 percent, Bangkok Bank retreated 1.43 percent, Bangkok Medical added 0.42 percent, Charoen Pokphand Foods tumbled 1.83 percent, Kasikornbank dipped 0.76 percent, Krung Thai Bank fell 0.52 percent, PTT Exploration and Production dropped 1.21 percent, PTT Global Chemical dipped 0.72 percent, Siam Commercial Bank eased 0.37 percent, Siam Concrete plunged 2.12 percent and Bangkok Expressway and PTT were unchanged.

The lead from Wall Street is positive as stocks moved mostly higher on Friday as the major averages ended at multi-month closing highs.

The Dow jumped 443.86 points or 1.74 percent to 25,883.25, the NASDAQ added 45.46 points or 0.61 percent to 7,472.41 and the S&P 500 gained 29.87 points or 1.09 percent to 2,775.60. For the week, the Dow spiked 3.1 percent, the NASDAQ climbed 2.4 percent and the S&P rose 2.5 percent.

The strength on Wall Street came amid continued optimism about trade talks between the U.S. and China. A statement from the White House said high level U.S.-China trade talks this week led to progress between the two parties.

In economic news, the University of Michigan noted a bigger than expected rebound in consumer sentiment in February. Also, the Federal Reserve reported an unexpected decrease in industrial production in January.

Crude oil futures ended sharply higher on Friday, lifted by data showing declines in crude output from OPEC. West Texas Intermediate Crude oil futures for March ended up $1.18 or 2.2 percent at $55.59 a barrel, a three-month high.

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