Major stock markets in Asia traded mostly lower amid rising oil prices that jumped 5% on Wednesday and the ongoing war in Ukraine.
As of 10:14 local time in Thailand, Nikkei dropped 1.11%, SSEC fell 0.59%, Hang Seng Index slipped 0.16%, ASX 200 gained 0.12% and IDX Composite increased 0.41%.
Thailand’s SET Index opened at 1,678.70 points, increased 0.75 points or 0.04%.
President Vladimir Putin said on Wednesday that Russia will seek gas payment in Russian rubles for unfriendly countries, implying those that sanction gas imports from Moscow such as the European countries.
On Wednesday, Brent crude jumped 5.3% to $121.60 per barrel and West Texas Intermediate rose 5.18% to $114.93 a barrel.
Mr. Koraphat Vorachet, Capital Nomura Securities’ strategist, through “Kaohoon Jor Talad Program” on Thursday, stated that the Thai stock markets should move sideways in a negative territory after Russia announced that unfriendly countries will now have to pay gas price in Russian rubles, while the U.S. will meet with NATO to discuss more sanction measures on Russia, resulting in rising oil prices.
The strategist noted that oil prices above $120 level would have a negative impact on the economy such as inflation and consumption.
Mr. Vorachet gave a support level for today’s session at 1,663-1,655 points and a resistance level at 1,686 points, recommending PTTEP and TOP for speculative-buy.