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Rebound Predicted For Thai Stock Market

The Thai stock market on Friday ended the two-day winning streak in which it had gathered almost 20 points or 1.1 percent. The Stock Exchange of Thailand now rests just above the 1,730-point plateau, although it's expected to bounce higher again on Monday.

The global forecast for the Asian markets is upbeat on continued optimism over the outlook for interest rates. The European markets were mixed and the U.S. bourses were firmly higher and the Asian markets are expected to follow the latter lead.

The SET finished modestly lower on Friday following mixed performances from the financial shares and the energy producers.

For the day, the index sank 8.86 points or 0.51 percent to finish at 1,731.59 after trading between 1,728.36 and 1,746.21. Volume was 23.528 billion shares worth 70.717 billion baht. There were 1,040 decliners and 530 gainers, with 428 stocks finishing unchanged.

Among the actives, Advanced Info skidded 1.85 percent, while Thailand Airport added 0.34 percent, Banpu shed 0.68 percent, Bangkok Bank collected 0.26 percent, Bangkok Medical tumbled 2.75 percent, Bangkok Expressway plunged 3.64 percent, Kasikornbank gained 0.27 percent, Krung Thai Bank rose 0.52 percent, PTT dropped 1.04 percent, PTT Global Chemical climbed 1.21 percent, Siam Commercial Bank sank 0.72 percent, Siam Concrete retreated 0.87 percent, TMB Bank fell 0.52 percent and PTT Exploration and Production, BTS Group and Charoen Pokphand Foods were unchanged.

The lead from Wall Street is positive as stocks opened higher Friday and remained in the green as the major averages extended recent gains and set fresh record closing highs.

The Dow added 243.95 points or 0.90 percent to 27,332.03, while the NASDAQ gained 48.10 points or 0.59 percent to 8,244.14 and the S&P 500 rose 13.86 points or 0.46 percent to 3,013.77. For the week, the Dow surged 1.5 percent, the NASDAQ climbed 1 percent and the S&P rose 0.8 percent.

The markets continued to benefit from renewed optimism about the Federal Reserve lowering interest rates as soon as its next meeting later this month following comments from Fed Chairman Jerome Powell.

Trading activity was somewhat subdued, however, as traders brace for the unofficial start of earnings season this week.

Crude oil futures ended flat on Friday as traders weighed near term prospects for energy demand and supply. West Texas Intermediate Crude oil futures for August ended at $60.21 a barrel, up just a penny over previous close. or the week, oil futures gained about 4.7 percent.

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