Asia Stocks Trade Lower, Analyst Expects SET to Move Narrowly with Support Level at 1,270

Asia Stocks Trade Lower, Analyst Expects SET to Move Narrowly with Support Level at 1,270.

Stocks in Asia opened lower on Tuesday, May 12, 2020, after China’s inflation report missed the expectation and the new cases of coronavirus started to climb in the country that had been easing the lockdown.

 

Nikkei dipped 0.04%, SSEC dropped 0.34%, HSI plunged 1.78%, ASX 200 shed 1.22% and Kospi fell 1.11%. Over the night, Dow Jones lost 0.45%, while S&P 500 rose 0.02% and Nasdaq advanced 0.78%.

In the early morning, China’s National Bureau of Statistics reported an increase of 3.3% YoY in consumer price index for April, but missing expectation from Reuters poll which forecasted an increase of 3.7%. Also, China’s producer price index for April declined 3.1% YoY, compared to a 2.6% decline forecasted in a Reuters poll.

The analyst from Tisco Securities expected today’s session of SET Index to move narrowly in the same direction of Asia markets after South Korea and Germany reported higher cases of coronavirus infection. The new positive factor for Thai market would be the phase 2 lockdown easing, which would depend on the decision of the Thai Cabinet meeting today.

The analyst expected a support level at 1,278-1,270 points and a resistance level at 1,294-1,300 points.

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