Asia Stocks Retreat amid Rising Coronavirus Concerns, U.S. Tech Stocks Edge Higher

Stocks in Asia retreated in the morning session on Friday, July 10, 2020, after a mixed session in Wall Street where investors sought to invest in tech stocks amid rising coronavirus concerns.

 

As of 9:33 local time in Thailand (GMT+7), Nikkei slipped 0.16%, SSEC dropped 0.87%, HSI plunged 0.59%, ASX 200 fell 0.16% and Kospi dipped 0.38%.

Overnight, Dow Jones fell 361.19 points or 1.39% to 25,706.09 points. S&P 500 dropped 0.56%, but Nasdaq rose 0.53% to an all-time high.

The move in Wall Street showed signs of concerns amid rising coronavirus cases that recently topped 12 million worldwide, while the U.S. had just surpassed the 3 million mark.

 

Tisco Securities expected a quiet and negative session for SET Index, following the regional market outlook in the morning, mainly due to the coronavirus concerns, especially in the U.S. that reported a sequential increase in coronavirus daily cases, along with the fatality nearly 1,000 per day. The situation could interrupt the reopening economy measures and trip the economic recovery in the U.S.

Thailand’s political issue is the main focus for domestic factors. Tisco expected an adjustment in the Thai Cabinet and would have to wait and see how high the confidence can be raised from the adjustment.

Tisco gave a support level for today’s session at 1,350-1,355 points and a resistance level at 1,370-1,380 points.