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Continued Consolidation Called For Thai Stock Market

(RTTNews) - The Thai stock market has finished lower in three straight sessions, falling more than 30 points or 1.9 percent along the way. The Stock Exchange of Thailand now rests just beneath the 1,730-point plateau and it draws another negative lead again on Friday.

The global forecast for the Asian markets is negative thanks to interest rate concerns and a tumble in crude oil prices. The European and U.S. markets were firmly lower and the Asian bourses are tipped to open in similar fashion.

The SET finished modestly lower on Thursday following losses from the financial shares, energy producers and cement companies.

For the day, the index dropped 12.56 points or 0.72 percent to finish at 1,729.40 after trading between 1,720.13 and 1,740.59. Volume was 14.671 billion shares worth 64.311 billion baht. There were 1,190 decliners and 365 gainers, with 322 stocks finishing unchanged.

Among the actives, Bangkok Expressway and Thailand Airport both dropped 1.17 percent, while Banpu tumbled 2.11 percent, Beauty Community plummeted 4.55 percent, Charoen Pokphand Foods shed 0.81 percent, Kasikornbank collected 0.47 percent, PTT lost 0.93 percent, PTT Exploration and Production skidded 1.60 percent, PTT Global Chemical fell 0.49 percent, Siam Commercial Bank retreated 1.37 percent, Siam Concrete slid 0.91 percent, TMB Bank declined 1.69 percent and Krung Thai Bank, Advanced Info, Bangkok Bank and Bangkok Medical were unchanged.

The lead from Wall Street is soft as stocks opened under pressure on Thursday and remained in the red throughout the session.

The Dow shed 200.91 points or 0.75 percent to 26,627.48, while the NASDAQ lost 145.57 points or 1.81 percent to 7,879.51 and the S&P 500 fell 23.90 points or 0.82 percent to 2,901.61.

The weakness on Wall Street followed a recent jump by U.S. treasury yields that raised concerns about the outlook for interest rates. With the ten-year yield reaching its highest levels in over seven years, traders seem worried the Federal Reserve may raise rates more aggressively than expected.

In economic news, the Labor Department reported a bigger than expected drop in initial jobless claims in the week ended September 29. Also, the Commerce Department noted a bigger than expected rebound in factory orders in August.

Crude oil prices came off four-year highs on Thursday, dragged down by reports suggesting Russia and Saudi Arabia will raise crude output. Crude oil futures for November delivery ended down $2.08 or 2.7 percent at $74.33 a barrel.
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