SET at Risk of Negative Session after WHO Warns of an Uptick in Coronavirus Cases

Stocks in Asia were fluctuating in the morning session on Tuesday, July 8, 2020, after a negative session in Wall Street last night as the rising cases of coronavirus continued to weigh on investors’ sentiment.

 

As of 9:30 local time in Thailand (GMT+7), Nikkei dropped 0.11%, SSEC rose 0.12%, HSI gained 0.14%, ASX 200 slipped 0.43% and Kospi dipped 0.38%.

 

The coronavirus cases in the U.S. almost reach 3 million cases with more than 130,000 deaths reported. Meanwhile, the World Health Organization (WHO) warned that the infection could rise again, saying that it should not be surprised if coronavirus deaths start to rise again as reported Covid-19 cases globally accelerated in June.

 

Finansia Syrus Securities (FSS) expected sideways-down trends between 1,360-1,385 points as concerns over the second wave of the coronavirus outbreak still pressured the market, while cases in Europe also increased gradually as well. Moreover, the economic recovery could be slower than anticipated after the European Commission revised down European GDP and the German industrial production data came in lower than expected.