SET Index Plunges 30pts as Rising Oil Prices Fail to Cushion Negative Sentiment from Russia-Ukraine

Thailand’s SET Index fell 1.80% in the morning session on Monday as the rising commodity prices could not cushion the impact of negative sentiment in the market from the Russia and Ukraine conflict.


As of 10:46 local time in Thailand on March 7, 2022, SET Index dropped 30.15 points or 1.80% to 1,641.57 points with a trading value of 37.8 billion baht.

Oil prices rose significantly to a 14-year high on Monday morning amid concerns of tight supply in both oil and natural gas from the sanctions on Russia.

In the early morning of Asian trading session, the international benchmark Brent crude rose 10.14% to $130.09 per barrel, a level not seen since 2008. Meanwhile, West Texas Intermediate rose 9.42% to $126.58 a barrel.


Amid economic and financial sanctions from western countries, Russia aims to avoid a default by allowing borrowers to make payments on their overseas creditors in rubles, even for bonds denominated in foreign currencies, from countries that have imposed sanctions on Russia.

Meanwhile, Vladimir Putin stated that sanctions that are being introduced are akin to a declaration of war on Russia. He appointed his government to prepare a list of countries that have imposed sanctions on Moscow, its firms or any Russian nationals.


China’s exports rose 16.3% YoY in dollar-denominated terms for the first two months of 2022, according to the official data released Monday. China on weekend announced that it has set a gross domestic product growth target of about 5.5% for 2022. An unemployment rate in cities is targeted to be no more than 5.5%, while a consumer price index is expected at around 3%.