Market Roundup 10 March 2022

1) Thai stock market overview

Thailand’s SET Index closed at 1,647.08 points, increased 3.44 points or 0.21% with a trading value of 100 billion baht. The analyst stated that the Thai stock market traded higher, following the positive movement trends in regional markets in hopes of easing tension between Russia and Ukraine. However, there was also selling pressure from profit taking on the uncertainty of the outcome from peace talks. The analyst  expected the Thai stock market tomorrow to move in sideways trends with a support level of 1,630-1,640 points and a resistance level of 1,660 points.


2) Talks for ceasefire between Russia and Ukraine end in failure

The talks between Russia and Ukraine’s foreign ministers in Turkey on Thursday reportedly ended with no progress made on establishing a cease-fire or safe passage for civilians for fleeing the besieged city of Mariupol.

Moscow said it want the demilitarization of Ukraine and the recognition of separatist territories as independent. It has periodically called for regime change in Kyiv. Meanwhile, Ukraine still insisted on not ceding any territory.


3) Roman Abramovich, Chelsea FC owner, sanctioned by UK

Chelsea Football Club owner Roman Abramovich has been sanctioned by the UK government, citing his long relationship with the Russian President Vladimir Putin. The sanction also includes six more of Kremlin’s wealthiest and most influential oligarchs as the UK government tries to pressure Russia over its invasion of Ukraine.

The sanction came despite reports of Roman Abramovich himself being included in the early peace talks between Russia and Ukraine.


4) Morgan Stanley warns on exposure of Asian currencies in the short term

Asian currencies are more prone to larger losses in the short term as investors seem to underestimate risks from the war in Ukraine, stated Morgan Stanley.

“A combination of geopolitical uncertainty and higher oil prices should lead to higher inflation and lower growth in Asia,”  wrote the analyst in a note. “The impact on Asian markets will be via FX, given that FX is the main shock absorber”.