1) Thai stock market overview
Thailand’s SET Index closed at 1,696.08 points, increased 6.27 points or 0.37% with a trading value of 113 billion baht. The analyst stated that the Thai stock market moved in the same direction as global markets after Jerome Powell’s statement to the Congress, leading to a speculation by the market that the rate hike in March will not be as aggressive as previously expected.
The analyst expected a selloff as the index is closing to gap to the resistance level of 1,700 points, while concerns on Russia and Ukraine still remained. The analyst expected support level for tomorrow’s session at 1,680 points and a resistance level at 1,700 points.
2) MSCI and FTSE to exclude Russia from indexes
MSCI and FTSE Russell Index will delist Russian securities from its weighing after Russia’s central bank closed its stock market and not allowed foreign investors to sell their options. The Kremlin is being pressured by western countries, led by the U.S., in economic and financial sanctions as a consequence of the invasion on Ukraine.
3) Oil extends gains on Thursday
Oil prices soared to the highest level since 2008 as buyers discarded Russian crude following its invasion of Ukraine, while OPEC and its allies including Russia decided to maintain an increase in output by 400,000 barrels per day in March.
Brent crude rose as high as $119.84 per barrel, while West Texas Intermediate reached $116.57 a barrel.
4) China not supporting financial sanction on Russia
As Russia’s largest trading partner, China confirmed on Wednesday that it will not impose any financial sanctions on Russia over the invasion of Ukraine last week whereas the United States of America and its allies heavily condemned Moscow for its action with series after series of sanctions imposed.
China’s banking and insurance regulator said that the country opposes and will not join financial sanctions against Russia, according to Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission as well as Chinese Communist Party secretary of the People’s Bank of China.
