Resistance Expected At 1,700 Points

The Thai stock market bounced higher again on Thursday, one session after snapping the three-day winning streak in which it had advanced more than 30 points or 1.9 percent. The Stock Exchange of Thailand now sits just above the 1,695-point plateau although figures to head south again on Friday.

The global forecast for the Asian markets is negative and volatile, responding to the ongoing Russian invasion of Ukraine and resulting sanctions. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The SET finished modestly higher on Thursday following mixed performances from the financial shares and the energy producers.

For the day, the index rose 6.27 points or 0.37 percent to finish at 1,696.08 after trading between 1,691.20 and 1,705.50. Volume was 29.937 billion shares worth 113.829 billion baht. There were 976 gainers and 908 decliners, with 480 stocks finishing unchanged.

Among the actives, Advanced Info improved 0.85 percent, while Thailand Airport soared 3.19 percent, Banpu soured 3.31 percent, Bangkok Bank jumped 1.49 percent, Bangkok Dusit Medical rallied 2.50 percent, Bangkok Expressway climbed 1.12 percent, B. Grimm sank 0.73 percent, CP All Public advanced 0.73 percent, Charoen Pokphand Foods fell 0.40 percent, Energy Absolute plummeted 4.21 percent, Gulf added 0.50 percent, IRPC increased 0.53 percent, Kasikornbank collected 0.93 percent, Krung Thai Card lost 0.79 percent, PTT Oil & Retail dropped 0.97 percent, PTT perked 0.63 percent, PTT Exploration and Production gathered 0.67 percent, PTT Global Chemical retreated 1.44 percent, SCG Packaging tumbled 2.58 percent, Siam Commercial Bank declined 1.20 percent, Siam Concrete dipped 0.26 percent, True Corporation slumped 1.94 percent and TTB Bank, Asset World, BTS Group and Krung Thai Bank were unchanged.

The lead from Wall Street is soft as the major averages opened higher on Thursday and bounced back and forth across the unchanged line before late selling pressure saw them finish firmly in the red.

The Dow dropped 96.69 points or 0.29 percent to finish at 33,794.66, while the NASDAQ tumbled 214.08 points or 1.56 percent to end at 13,537.94 and the S&P 500 fell 23.05 points or 0.53 percent to close at 4,363.49.

The volatility on the day came as traders kept an eye on developments in Ukraine as Russian forces continue to step up their attacks, forcing thousands of Ukrainians to flee the country.

Traders remain worried the sanctions imposed on Russia along with the subsequent surge in oil prices could derail the economic recovery even as the Federal Reserve prepares to begin raising interest rates.

Fed Chair Jerome Powell appeared before the Senate Banking Committee and reiterated the central bank is likely to raise rates by at least 25 basis points at its meeting later this month.

In economic news, the Labor Department noted a modest decrease in first-time claims for U.S. unemployment benefits last week. Also, the Institute for Supply Management reported a continued slowdown in the pace of growth in U.S. service sector activity in February.

U.S. crude oil prices drifted lower on Thursday, retreating from multi-year highs on speculation over a possible nuclear deal with Iran. West Texas Intermediate Crude oil futures for April ended down by 2.6 percent at $107.67 a barrel.

Closer to home, Thailand will release February numbers for consumer prices later today, with forecasts calling for an increase of 4.05 percent on year – up from 3.23 percent in January. Core CPI is called higher by an annual 0.62 percent, up from 0.52 percent a month earlier.