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More Pain Predicted For Thai Stock Market

The Thai stock market has moved lower in three straight sessions, sliding more than 20 points or 1.1 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,720-point plateau and it's expected to open under pressure again on Thursday.

The global forecast for the Asian markets is soft on uncertainty over the outlook for interest rates and a drop in crude oil prices. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.

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

For the day, the index fell 9.13 points or 0.53 percent to finish at 1,718.85 after trading between 1,717.82 and 1,729.88. Volume was 20.695 billion shares worth 62.632 billion baht.

Among the actives, Advanced Info added 0.47 percent, while Thailand Airport shed 0.34 percent, Banpu lost 0.68 percent, Bangkok Bank skidded 1.28 percent, Bangkok Medical climbed 1.22 percent, BTS Group gained 0.79 percent, Kasikornbank dropped 1.08 percent, Krung Thai Bank advanced 1.03 percent, PTT rose 0.52 percent, PTT Exploration and Production sank 1.10 percent, PTT Global Chemical tumbled 1.98 percent, Siam Concrete fell 0.87 percent and TMB Bank, Siam Commercial Bank, Bangkok Expressway and Charoen Pokphand Foods were unchanged.

The lead from Wall Street is negative as stocks opened in the red on Wednesday and remained there throughout the session, pulling back from record closing highs.

The Dow shed 115.78 points or 0.42 percent to 27,219.85, while the NASDAQ lost 37.59 points or 0.46 percent to 8,185.21 and the S&P fell 19.62 points or 0.65 percent to 2,984.42.

The weakness on Wall Street may reflect renewed uncertainty about the near-term outlook for interest rates following the release of disappointing housing data after the Commerce Department reported a bigger than expected drop in housing starts and building permits in June.

Trading activity was also subdued as traders stuck to the sidelines as they wait for the earnings season to pick up steam being making significant bets.

Crude oil prices drifted lower Wednesday after the U.S. Energy Information Administration noted a drop in crude oil stockpiles but a big jump in gasoline supply. West Texas Intermediate crude oil futures for August ended down $0.84 or 1.5 percent at $56.78 a barrel.

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