1) Thai stock market overview
Thailand’s SET Index closed at 1,643.64 points, increased 24.54 points or 1.52% with a trading value of 115 billion baht. The analyst stated that the Thai stock market made a technical rebound today after a series of plummet, especially big-cap stocks, as there will be a negotiation between Russia and Ukraine tomorrow that could potentially lead to a cessation. Meanwhile, investors were looking for ECB for liquidity injection to ease the impact of this war.
The analyst expected SET Index to continue to increase tomorrow, giving a support level at 1,640 points and a resistance level at 1,650-1,655 points.
2) Thailand faces stagflation risk as Russia-Ukraine war likely to drive inflation to 5.5%
Thailand is facing the risk of stagflation if the Russia-Ukraine crisis continues throughout this year, according to the University of the Thai Chamber of Commerce (UTCC). If the Russia-Ukraine crisis continues throughout 2022, Thailand’s headline inflation would reach 5 percent, putting the country in stagflation following a rapid increase in prices.
3) OPEC says no oil producer can compensate Russian oil
OPEC said that it has no control over events that have led to the run up in global oil prices and there is not enough capacity worldwide to compensate for the loss of Russian supply.
“There is no capacity in the world that could replace 7 millions barrels per day,” said Secretary General Mohammad Barkindo.
4) Thailand’s consumer confidence in Feb falls
The Thai Chamber of Commerce on Wednesday revealed that Thailand’s Consumer Confidence Index in February dropped to 43.3, compared to 44.8 in January in concerns of a wide and rapid spread of Covid-19 omicron variant in the country, the unrest between Russia and Ukraine in late Fed, and rising oil prices. Meanwhile, fear of economic slowdown, higher cost of living and political issues also contributed to a drop in confidence.