Asia Stocks Face Volatile Session, Analyst Expects SET within 1,400-1,420pts

Stocks in Asia were mostly traded lower on Friday, June 5, 2020, after a long rally this week in response to the reopening economy and lockdown easing.

 

As of 9:22 local time in Thailand (GMT+7), Nikkei plunged 0.32%, SSEC dipped 0.15%, HSI lost 0.05%, ASX 200 dropped 0.29%, while Kospi rose 0.39%.

Overnight, Dow Jones rose only 11.93 points or 0.05% to settle at 26,281.82 points. Meanwhile, S&P 500 dropped 0.34% and Nasdaq lost 0.69%.

 

Yesterday, the European Central Bank approved an increase in its Pandemic Emergency Purchase Programme by 600 billion euros.

The U.S. Labor Department announced a consecutive decline of Americans filing for unemployment benefits. Last week the department recorded at 1.877 million. Still, the number was higher than a Dow Jones estimate of 1.775 million.

 

Finansia Syrus Securities expected SET Index to swing sideways within 1,400-1,420 points after a high surge for the last two sessions in response to the reopening economy. However, Asia markets still are expected to receive fund inflow from foreign investors and institutions, expecting a resistance level at 1,450 points.