Asia Stocks Edge Higher as China 3Q GDP Rises 4.9%, SET Faces Downside Risk!

Asia Stocks Edge Higher as China 3Q GDP Rises 4.9%, SET Faces Downside Risk from Political Issues!

Stocks in Asia surged on Monday as China announced a growth in its 3Q20 GDP at 4.9%, bringing its three-quarter of 2020 GDP to a growth of 0.7%.

 

As of 9:40 local time in Thailand (GMT+7), Nikkei hiked 1.07%, SSEC increased 0.39%, HSI rose 0.97%, ASX 200 advanced 1.07% and Kospi gained 0.76%.

Earlier Monday, China reported growth in 3Q20 GDP at 4.9%, lower than a consensus from economists which forecasted growth at 5.2%. Still, the rise in the third quarter brought China’s GDP to 0.7% for the year.

 

However, CGS-CIMB Securities expected the Thai stock market to edge lower due to concerns over political issues, but the downside would be limited as the analyst expected a rebound once the index plunged to a certain point. Moreover, the Thai stock market would also receive positive sentiment from the rise in Asia stock markets as well.

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