Asia Stocks Edge Higher on Covid-19 Vaccine Trial, Analyst Expects SET to Reach 1,335

Stocks in Asia traded higher on Monday on vaccine hopes and the gradual reopening economy.

 

As of 8:45 local time in Thailand, Nikkei jumped 1.95%, SSEC rose 0.35%, HSI hiked 1.07%, ASX 200 gained 1.42% and Kospi advanced 1.29%.

 

Overnight, Novavax, an American vaccine development company, said that it has started the phase 1 clinical trial of a coronavirus vaccine candidate and has enrolled the trial’s first participants. The results of the trial are scheduled to be published in July.

 

Yesterday, Japan announced an end of its state of emergency after the country was able to control the spread of the coronavirus.

Japanese Prime Minister Shinzo Abe stated on Monday that the state of emergency will be lifted for all of Japan, allowing citizens to go out freely and businesses to resume operations, and declared a victory over the coronavirus outbreak in the country.

 

Krungsri Securities expected a positive session in the Thai stock market with SET to extend to 1,330 and 1,335 on the positive sentiment over Novavax’s vaccine report, coupled with the expectation of the upcoming phase 3 lockdown easing to recover the Thai economy.