“Biden” Takes 10-Pont Lead over “Trump,” UOB Expects Fund Inflow to Asia Market

“Biden” Takes 10-Pont Lead over Trump, UOB’s “Kitpon” Expects Fund Inflow to Asia Market.

Joe Biden takes a 10-point lead over Donald Trump in the closing days of the U.S. presidential campaign with 52% support of registered voters nationwide, compared to Trump’s 42%, reported NBC News and Wall Street Journal poll.

 

According to the poll, a majority of voters said that they were unhappy with how the president had handled the coronavirus pandemic and the direction of the nation on where the country is going. 6 out of 10 voters from the poll felt the U.S. is on the wrong track under the U.S. President Donald Trump from the Republicans.

The former vice president took advantage among African-Amerian voters (Biden’s 87% – Trump’s 5%), voters ages 18-34 (60% – 32%), seniors (58% – 35%), women (57% – 37%), whites with college degrees (56% – 41%) and independents (51% – 36%).

 

Mr. Kitpon Praipaisarnkit, Director of Strategist Department of UOB Kay Hian Securities (Thailand), stated Joe Biden has the favor to win the presidential election in 2020, while expecting the U.S. stock market to response negatively in the short term whether it be Trump or Biden as the next U.S. president.

The negativity would be due to a series of stimulus packages that Washington had approved prior to the election whereas the new president would require to put more effort on handling the spread of Covid-19 and the economic slowdown due to a lack of economic stimulus plan.

In the meantime, the outflow from the U.S. market could be a positive factor to Asia stock markets as investors would seek the market that could have better return. Nevertheless, the focus stocks for investors would be technology stocks, which Thai stock market lacks. The market could receive slight upside due to diversification from investors. Mr. Kitpon recommended Agricultural stocks such as rubber glove stocks and food sectors such as CPF.

 

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