Analyst Expects SET to Break the 1,300 Resistance Level, Energy Sector as a Leader

Asia Stocks traded higher on Tuesday, May 19, 2020, in hopes of the development of the coronavirus vaccine from Moderna.

 

As of 9:10 local time in Thailand, Nikkei rose 1.71%, SSEC gained 0.64%, HSI jumped 2.51%, ASX 200 advanced 1.92% and Kospi hiked 1.71%.

Over the night, Dow Jones closed at 24,597.37 points, rose 991.95 points or 3.85%. S&P 500 soared 3.15% and Nasdaq jumped 2.44%.

 

Last night, Moderna Inc., an American biotechnology company, reported that the company received positive testing results from the lab for a potential coronavirus vaccine. The company stated that after two doses all 45 trial participants had developed coronavirus antibodies.

 

Finansia Syrus Securities stated that SET Index has the potential to break the 1,300 resistance level in today’s session with the energy sector as a top leader on the board due to the continuous rising oil prices, coupled with the positive sentiment over the coronavirus vaccine and the reopening economy.