1) Thai stock market overview
Thailand’s SET Index closed at 1,682.41 points, decreased 18.77 points or 1.10% with a trading value of 97 billion baht. The analyst stated that the Thai stock market edged lower in today’s session, following the plummet in regional markets due to the Fed’s minutes released yesterday on raising interest rate and reducing balance sheets.
The analyst expected the market to rebound tomorrow after pricing in the Fed’s moves, while bond yields slowly dropped, giving a support level at 1,670 points and a resistance level at 1,700 points.
2) Shell to write off as much as $5 Billion in assets after exiting Russia
The London-headquartered oil and gas company, Shell Plc., stated that it will write off up to $5 billion in the value of its assets following the decision to exit Russia in a sigh of financial sanction due to its invasion in Ukraine.
The write down is expected to be identified and therefore will not impact Adjusted Earnings, according to Shell.
3) Thai industries sentiment records a 25-month high in March
Thai industries sentiment increased to a 25-month high of 89.2 in March, up from 86.7 a month earlier as economic activities recovered, the Federation of Thai Industries reported on Thursday.
Suphan Mongkolsuthi, chairman of the FTI, said that a 13.6% increase in car bookings at the 43rd Bangkok International Motor Show shows that Thailand’s consumer confidence has improved.
4) Chinese companies paying for Russian coal and oil in yuan
Chinese companies are using local currency to buy Russian coal in March and the first cargoes will arrive this month, according to Chinese consultancy Fenwei Energy Information Service Co. said.
The move will market the first commodity shipments paid for in yuan since the U.S. and Europe penalized Russia and cut several of its banks off from the international financial system, according to traders.
