Major stock markets in Asia traded mostly higher on Wednesday as investors digested positive information from the Russia and Ukraine peace talks after Ukraine said that it will remain neutral by not joining NATO and Russia will cease fire.
As of 10:13 local time in Thailand on March 30, 2022, Nikkei dropped 1.27%, SSEC rose 0.79%, Hang Seng Index gained 0.66%, ASX 200 increased 0.68% and IDX Composite advanced 0.47%.
Thailand’s SET Index opened at 1,696.14 points, increased 6.40 points or 0.38%.
On the negotiation table between Russia and Ukraine in Turkey, Ukraine offered to never join NATO and remain neutral in exchange for significant security guarantees, while Russia agreed to pullback its forces from Kyiv, the capital, and Chernihiv.
Oil prices continued to drop on Tuesday, following a positive sign from the Russia and Ukraine peace talks after the top Russian negotiator said the talks with Ukraine in the past few days were constructive.
The international benchmark Brent crude fell 2% to close at $110.23 per barrel. The West Texas Intermediate closed at $104.24, dropping 1.62% per barrel last night.
Mr. Chaiyot Jiwangkul, Assistant Director of Krungsri Securities (KSS), through “Kaohoon Jor Talad Program” on March 30, 2022, stated that the market momentum is positive over the Russia and Ukraine talks, but he believed that upside for the Thai stock market will be limited due to lower oil prices that could pressure the energy sector. Mr. Jiwangkul cautioned investors, saying that there could be a profit taking at around the index level of 1,700pts.
Mr. Jiwangkul expected the Monetary Policy Committee to maintain interest rate at 0.50% in today’s meeting, but cautiously warned investors to monitor the GDP forecast as various brokers and economists made a cut on their forecast earlier.
