1) Thai stock market overview
Thailand’s SET Index closed at 1,695.24 points, decreased 3.16 points or 0.19% with a trading value of 71 billion baht. The analyst stated that the Thai stock market moved narrowly lower on uncertainties of Russia and Ukraine war after the U.S. denied the fact that Russia actually pulled back its troops, resulting in a short selloff in the market. However, the analyst expected SET Index could challenge the resistance level of 1,710-1,720 points in April, while giving a support level for tomorrow at 1,685 points and a resistance level at 1,705 points.
2) Russia offers India steep discount on its crude
Russia is offering India heavy discounts on the direct sale of oil as major buyers move away from its crude following the invasion of Ukraine, according to Bloomberg citing people familiar with the matter.
Sanction hit Russia is offering its flagship Urals grade to India at discounts for as much as $35 a barrel on prices before the war to our India, as reported by Bloomberg citing people familiar with the matter. Brent crude prices climbed about $10 since then, implying a larger discount from current prices.
3) Oil falls sharply on slower Chinese manufacturing and US releasing oil reserve
Oil prices plunged sharply on Thursday as the report of China’s manufacturing activity showed some decline in March due to the Covid-19 outbreak that led to another lockdown in some cities. Meanwhile, Biden’s administration is reportedly considering a plan to release its strategic oil reserve.
At the closing of Asian trading session, Brent crude was down by 5.09% to $107.68 a barrel. Meanwhile, West Texas Intermediate fell 5.69% to $101.68 per barrel.
4) Chinese factory activity slips in March from battling Covid outbreak
Chinese factory activity slipped in March as the country has been battling the resurgence of Covid-19 outbreak, especially in major cities like Shenzhen and Shanghai.
The Chinese official manufacturing Purchasing Managers’ Index for March came in at 49.5, lower than the reading of 50.2 in February and 49.8 expected. Meanwhile, Official non-manufacturing PMI comes in at 48.4, compared to 51.6 in February.
