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Thai Stock Market May Halt Losing Streak

The Thai stock market has finished lower in three straight sessions, sliding almost 15 points or 0.9 percent in that span. The Stock Exchange of Thailand now rests just above the 1,620-point plateau although it may stop the bleeding on Tuesday.

The global forecast for the Asian markets is upbeat on renewed optimism about a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses are tipped to follow that lead.

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

For the day, the index sank 10.65 points or 0.65 percent to finish at 1,620.78 after trading between 1,619.49 and 1,631.63. Volume was 16.948 billion shares worth 40.965 billion baht. There were 1,068 decliners and 452 gainers, with 436 stocks finishing unchanged.

Among the actives, Advanced Info advanced 0.87 percent, while Thailand Airport shed 0.32 percent, Asset World plummeted 6.11 percent, Banpu skidded 1.69 percent, Bangkok Medical lost 0.43 percent, Bangkok Expressway dropped 0.93 percent, BTS Group tumbled 1.47 percent, Charoen Pokphand Foods sank 1.92 percent, Kasikornbank retreated 1.96 percent, Krung Thai Bank climbed 1.19 percent, PTT fell 0.56 percent, PTT Exploration and Production declined 0.85 percent, PTT Global Chemical added 0.50 percent, Siam Commercial Bank plunged 3.00 percent, Siam Concrete rose 0.27 percent, TMB Bank was down 1.38 percent and Bangkok Bank was unchanged.

The lead from Wall Street is positive as stocks moved higher on Monday, sending the major averages to their best closing levels in a month.

The Dow added 57.44 points or 0.21 percent to 26,827.64, while the NASDAQ gained 73.44 points or 0.91 percent to 8,162.99 and the S&P 500 rose 20.52 points or 0.69 percent to 3,006.72.

The strength on Wall Street came amid renewed optimism about the completion of phase one of a U.S.-China trade deal following encouraging comments from President Donald Trump and Chinese Vice Premier Liu He.

Strong corporate results from last week also made traders hopeful as earnings season gets into full swing in the coming days, including the likes of McDonald's (MCD), Procter & Gamble (PG), UPS (UPS), Caterpillar (CAT), eBay (EBAY), Ford (F), Microsoft (MSFT), Tesla (TSLA), Twitter (TWTR) and Amazon (AMZN).

Crude oil futures drifted lower on Monday on worries that a global economic slowdown could threaten near term energy demand. West Texas Intermediate Crude oil futures for November fell $0.47 or 0.9 percent at $53.31 a barrel.

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