Major stock markets in Asia traded mostly lower, following losses in Wall Street overnight and a drop in oil prices.
As of 10:12 local time in Thailand on Tuesday, Nikkei rose 0.31%, SSEC fell 1.64%, Hang Seng Index decreased 2.52%, ASX 200 dropped 0.62% while IDX Composite gained 0.074%.
Thailand’s SET Index opened at 1,658.13 points, decreased 2.02 points or 0.12%.
Over the night, Dow Jones closed almost flat with only a 1 point gain. Meanwhile, S&P 500 fell 0.74% and Nasdaq plunged 2.04%.
Oil prices traded lower in the morning session as Brent crude fell 4.44% to $102.15 per barrel. The West Texas Intermediate dropped 4.3% to $98.49 a barrel.
Mr. Suchet Suktae, Deputy Managing Director, Media Marketing Department of ASL Securities Co., Ltd., through “Kaohoon Jor Talad Program” on March 15, 2022, stated that the market has already priced in the potential Fed’s rate hike, while seeing the Thai stock market could test the resistance level at 1,670 points and give a support level at 1,650 points. Mr. Suktae said that the banking sector is attractive, while shipping stocks have the highest operating results among the transportation sector due to a surge in Baltic Dry Index.
Lastly, Mr. Suktae warned that gold prices could fluctuate and would be stable after the announcement of Fed’s rate hike.
