Major stock markets in Asia traded in a mixed session after a rise in oil prices yesterday in concerns that Great Nations would impose more sanctions on Russia after the Bucha incident.
As of 10:15 local time in Thailand on April 5, 2022, Nikkei dropped 0.10%, ASX200 gained 0.67%, Kospi dipped 0.08% and IDX Composite increased 0.11%.
Markets in China and Hong Kong are closed for holiday.
Oil prices spiked 4% yesterday after the report of civilian deaths in Bucha, Ukraine, could spark a new round of sanctions on Russia.
The Kremlin has denied the accusation of this wrongdoing, saying it was staged by Ukraine.
Yesterday, the international benchmark Brent crude rose 3.01% to close at $107.53 per barrel, and West Texas Intermediate rose 4.04% to close at $103.28 per barrel.
Mr. Suchet Suktae, Deputy Managing Director, Media Marketing Department of ASL Securities Co., Ltd., through “Kaohoon Jor Talad Program” on April 5, 2022, stated that the Thai stock market could move in sideways directions giving a support level at 1,690 points and a resistance level at 1,706 points, and advised to be cautious if the index level dropped below the resistance level or 1,688 points, which could mark a new direction of the market movement.
Mr. Suktae stated that if the market can surpass the resistance level at 1,706 points, the movement moving onward will be an uptrend, eyeing 1,730 points by the end of April, while adding that Thai tourism is recovering, seeing an increased amount of international tourists at tourist attractions around the nation. AOT is the most outstanding stock among the reopening.
In Addition, Mr. Suktae recommended THANI (S4.16/R4.40-4.15), MCOT (S6.15/R7), KBANK (S160/R167.50), SCGP (S58.50/R65) and IIG (S33.75/R38).