Stocks in Asia Move Higher from Positive Eurozone Economic Data and U.S. Stimulus Plan

Stocks in Asia traded higher on Friday as the Eurozone economy showed signs of fast recovery along with the hopes for the U.S. economic boost from President Joe Biden’s $2 trillion infrastructure plan.

 

Yesterday, the economic data showed that the Eurozone manufacturing activity grew at its fastest pace on record in March, with IHS Markit’s final manufacturing PMI reported at 62.5 compared to 57.9 in February.

 

As of 9:13 local time in Thailand on April 2, 2021, Nikkei rose 1.21%, Kospi increased 0.84%, while SSEC was flat. Other major stock markets such as Hong Kong and Australia closed on Good Friday holiday.

 

The analyst expected SET Index to test 1,600 resistance level, following the positive sentiment in the regional markets from the Eurozone economic data and the U.S. stimulus plan.

Meanwhile, Thailand would also release phase 3 stimulus measures such as the “50-50” scheme and the “Travel Together” scheme.

The analyst gave a support level at 1,590-1,585 points and a resistance level at 1,600-1,605 points. The next resistance level would be 1,620 points.