Major stock markets in Asia traded mostly higher on Tuesday as investors are monitoring the movement of oil prices after a plummet of more than 8% yesterday.
As of 10:18 local time in Thailand on March 29, 2022, Nikkei rose 0.60%, SSEC slipped 0.02%, Hang Seng Index gained 0.74%, ASX 200 increased 0.71%, while IDX Composite dipped 0.062%.
Thailand’s SET Index opened at 1,687.94 points, increased 3.64 points or 0.22%.
Oil prices dropped more than 8% yesterday in fear of lower demand after China implemented a new lockdown measure on Shanghai due to rising Covid-19 cases.
The international benchmark Brent crude fell 6.77% to close at $112.48 per barrel, while West Texas Intermediate plunged 8.25% to close at $104.50 per barrel.
Mr. Suchet Suktae, Deputy Managing Director, Media Marketing Department of ASL Securities Co., Ltd., through “Kaohoon Jor Talad Program” on March 29, 2022, stated that the first resistance level for today’s session is 1,685 points and the next rock solid resistance level is at 1,700 points, while giving a support level at 1,670 points amid positive sentiment in the market over the peace talks between Russia and Ukraine on Monday to Wednesday.
Mr. Suktae recommended Thai Union Group Pcl (SET: TU) due to its strong fundamentals and operating results with its fair value at THB22 per share. As for COM7 Pcl (SET: COM7), Mr. Suktae gave a resistance level at THB41 and a resistance level at THB45 per share. Lastly, he recommended Banpu Pcl. (SET: BANPU) for short-term speculation with a support level at THB11 and a resistance level at THB12 per share.
