Asia Stocks Fall as Covid Cases Spike Stateside, Analyst Sees Opportunity to Accumulate

Stocks in Asia traded lower on Thursday as investors grappled with the impact of the coronavirus outbreak that caused some countries or areas to re-enter a lockdown, while Dow Jones closed lower for the second day.

 

In the morning session on Thursday, Nikkei dipped 0.33%, SSEC slipped 0.21%, HSI dropped 0.53%, ASX 200 fell 0.07% and Kospi retreated 0.13%.

As for stateside, Dow Jones plunged 344 points or 1.16% to 29,438.42 points. S&P 500 dropped 1.16% and Nasdaq fell 0.82%. On the other hand, VIX Index rose 4.98%.

 

Krungsri Securities expected a slight retreat in the morning session for SET Index in the same direction of regional markets due to a spike of coronavirus cases in the U.S., resulting in more restriction of social distancing measures. The security company viewed Pffizer’s vaccine as a mid-term positive sentiment, while expecting a support level for SET Index at 1,340 points and seeing an opportunity to accumulate stocks.