Asia Stocks Trade Higher amid Hopes for Widespread of Coronavirus Vaccine by Next Year

Stocks in Asia traded higher on Tuesday amid positive sentiment in the market after Oxford University reported a promising vaccine that triggers an immune response to fight coronavirus.

 

As of 9:43 local time in Thailand (GMT+7), Nikkei gained 0.63%, SSEC increased 0.37%, HSI jumped 1.59%, ASX 200 advanced 1.35% and Kospi hiked 1.27%.

 

Overnight, BBC reported that Oxford University developed a coronavirus vaccine, which tested on 1,077 people and led them to make antibodies and T-cells that can fight coronavirus. UK government had already ordered a mass production for 100 million doses of this vaccine.

The university stated that it would test on a larger group to make sure that the vaccine works and is safe. The result should be before the end of the year, but to make it widely spread would be at the beginning of next year the earliest.

 

KT Zmico Securities stated that the Thai stock market would move in line with the regional market in response to the vaccine news. Meanwhile, EU should be able to settle its €750 billion stimulus package soon.

However, the analyst expected SET Index to move within a limited upside due to the negativity from the banking sector earnings and the unstable political issues. In this regard, the analyst expected a support level at 1,350-1,340 points and a resistance level at 1,366-1,370 points.