1) Thai stock market overview
Thailand’s SET Index closed at 1,684.30 points, increased 7.50 points or 0.45% with a trading value of 57 billion baht. The analyst stated that the Thai stock market made a recovery on a speculative buying for a window dressing, along with buying pressure in refining and petrochemical stocks.
The analyst expected the Thai stock market to extend its gain tomorrow, giving a support level at 1,685 points and a resistance level at 1,700 points.
2) Russia and Ukraine to continue peace talks this week
Russia and Ukraine are expected to continue their peace talks this week as delegations from both parties are set to meet face-to-face in Turkey on Monday after the war has been going on for more than one month. The talks are expected to run from Monday until Wednesday.
Vadym Denysenko, Ukrainian Interior Ministry advisor, said that he does not expect any major breakthroughs during the talks this week.
3) Thailand to suffer losses from Ukraine war, says UTCC
The Russia-Ukraine war could cost the Thai economy roughly THB250 billion and possibly lower GDP growth for 2022 to 1.5 percent, according to the latest report by University of the Thai Chamber of Commerce (UTCC).
As per a recent UTCC study, tensions in Eastern Europe are likely to slow Thailand’s economic growth to 1.5 percent from 2.5 percent in 2022. However, if the two nations reach an agreement in peace talks by the second quarter of this year, Thai GDP growth should be around 3.5 percent, but all of this is highly uncertain at the moment due to the unpredictable direction of Russia and Ukraine.
4) Bank of Thailand to keep rates at record low
Bank of Thailand (BOT) is expected to maintain interest rates from a record low for more than a year in a bid to support the economy that is yet to recover from the pandemic shock. The move would follow despite soaring inflation.
The BOT was expected to keep its policy accommodative to revive growth which has yet to return to pre-pandemic levels due to a subdued tourism recovery and tighter mobility restrictions.
