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Mild Selling Pressure Tipped For Thai Stock Market

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The Thai stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had advanced almost 35 points or 2.1 percent. The Stock Exchange of Thailand now rests just beneath the 1,635-point plateau and it's expected to be rangebound again on Friday.

The global forecast for the Asian markets is flat to lower ahead of Fed Chairman Jerome Powell's speech later today at the Jackson Hole Economic Policy Symposium. The European markets were down and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The SET finished slightly lower on Thursday following losses from the energy producers and a mixed picture from the financial sector.

For the day, the index dipped 4.68 points or 0.29 percent to finish at 1,633.56 after trading between 1,627.30 and 1,638.03. Volume was 21.091 billion shares worth 66.880 billion baht. There were 903 decliners and 676 gainers, with 418 stocks finishing unchanged.

Among the actives, Advanced Info advanced 0.88 percent, while Banpu plunged 3.36 percent, Bangkok Bank collected 0.59 percent, Bangkok Expressway climbed 0.91 percent, BTS Group soared 4.72 percent, Charoen Pokphand Foods added 0.85 percent, Kasikornbank gained 0.32 percent, Krung Thai Bank tumbled 1.71 percent, PTT skidded 1.74 percent, PTT Exploration and Production shed 0.82 percent, PTT Global Chemical tumbled 2.35 percent, Siam Concrete retreated 0.98 percent, TMB Bank plunged 2.60 percent and Siam Commercial Bank, Thailand Airport and Bangkok Medical were unchanged.

The lead from Wall Street offers little guidance as stocks failed to sustain an early move to the upside on Thursday and showed a lack of direction before finishing mixed.

 

The Dow added 49.51 points or 0.19 percent to 26,252.24, while the NASDAQ lost 28.82 points or 0.36 percent to 7,991.39 and the S&P 500 fell 1.48 points or 0.05 percent to 2,922.95.

The choppy trading on Wall Street came amid another inversion of the yield curve, with the yield on the two-year note briefly dropping below the yield on the ten-year note after the minutes of the Federal Reserve's latest monetary policy meeting failed to provide much clarity about the outlook for interest rates.

In economic news, the Labor Department said first-time claims for unemployment benefits fell by much more than expected last week. Also, the Conference Board said its leading U.S. economic indicators rose by much more than anticipated in July.

Crude oil prices edged lower Thursday on concerns about the outlook for near-term energy demand due to a slowing global economy. West Texas Intermediate crude oil futures for October ended down $0.33 or 0.6 percent at $55.35 a barrel.

 

 

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