Asia Stocks Pull Back as Hopes on Vaccine Fades, Analyst Expects SET to Rebase

Asia Stocks Pull Back as Hopes on Vaccine Fades, Analyst Expects SET to Rebase over the Political Gathering Concerns on October 14.

Major stock markets in Asia declined on Wednesday, following a retreat in the U.S. stocks as hopes for early vaccine faded after Eli Lilly and Johnson & Johnson halted their trial of a coronavirus antibody treatment.

 

As of 9:36 local time in Thailand (GMT+7), Nikkei dropped 0.10%, SSEC dipped 0.41%, HSI fell 0.30%, ASX 200 slipped 0.09% and Kospi plunged 0.79%.

 

On Tuesday, Johnson & Johnson announced a pause on its late-stage coronavirus vaccine after two participants had fallen ill after receiving the company’s treatment. Sequentially, Eli Lilly also announced a halt, citing safety concerns.

The analyst expected SET Index to move sideways in rebasing trends due to concerns about the political gathering today after the pro-democracy leaders were arrested yesterday. However, the Thai stock market could trade higher, buoyed by the energy sector in response to an increase in oil prices overnight, though, prices edged lower in the Asia trading session.

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