Thai Shares Expected To Remain Rangebound

(RTTNews) - The Thai stock market has alternated between positive and negative finishes through the last four trading days since the end of the five-day losing streak in which it had stumbled more than 35 points or 2.2 percent. The Stock Exchange of Thailand now rests just above the 1,605-point plateau although it's tipped to tick higher again on Friday.

The global forecast for the Asian markets is upbeat on optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

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

For the day, the index lost 8.68 points or 0.54 percent to finish at 1,607.50 after trading between 1,606.71 and 1,615.25. Volume was 18.140 billion shares worth 51.063 billion baht. There were 784 decliners and 577 gainers, with 533 stocks finishing unchanged.

Among the actives, Advanced Info shed 0.88 percent, while Thailand Airport dropped 1.01 percent, Bangkok Bank skidded 1.19 percent, Bangkok Medical fell 0.43 percent, BTS Group collected 0.75 percent, Kasikornbank retreated 1.00 percent, Krung Thai Bank lost 0.59 percent, PTT plunged 2.73 percent, PTT Exploration and Production advanced 0.85 percent, Siam Commercial Bank sank 0.87 percent, Siam Concrete plummeted 3.38 percent, TMB Bank jumped 1.34 percent and PTT Global Chemical, Charoen Pokphand Foods, Banpu and Bangkok Expressway were unchanged.

The lead from Wall Street is positive as traders intensely focused on the latest developments surrounding the highly anticipated U.S.-China trade talks, sending markets significantly higher.

The Dow added 150.66 points or 0.57 percent to 26,496.67, while the NASDAQ gained 47.04 points or 0.60 percent to 7,950.78 and the S&P 500 rose 18.73 points or 0.64 percent to 2,938.13.

Buying interest emerged on Wall Street after President Donald Trump revealed he plans to meet with Chinese Vice Premier Liu He as part of high-level U.S.-China trade talks. Traders will remain focused on the highly anticipated negotiations and any signs of progress or lack thereof.

In economic news, the Labor Department said U.S. consumer prices were essentially flat in September and that there was a modest decrease in first-time claims for U.S. unemployment benefits last week.

Crude oil prices moved higher Thursday as OPEC said that it has all options in place to balance oil markets and that it would make a decision in December about supply. West Texas Intermediate Crude oil futures for November ended up $0.96 or 1.8 percent at $53.55 a barrel, the highest settlement since October 1.
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