The SET Index started Tuesday’s afternoon session down 41 points as the tension between Russia and Ukraine escalated.
At 14.50 hrs. local time in Thailand, the SET Index dropped 40.79 points or 2.51 percent to 1,585.91 points, with a total trading value of THB90,852 million.
Maybank Securities (Thailand) forecasted the index to fall below the 1,620-point level, and a panic sell-off seems to be continuing in the afternoon session. Establishing a new support level at 1,565 points.
Meanwhile, RHB Securities stated that the market remains concerned about the Russia-Ukraine war, despite the fact that Monday’s negotiations concluded with little progress. Traders were fearful that the tension in Eastern Europe would have a negative effect on the global economy, and thus sold risk assets.