It might. First scan the DTCs and post it here or do some research first before trying to clear and reset lights(s). Any trouble code that is related to a malfunction(s), first needs proper diagnosing and troubleshooting.

You will be surprised if the Abs light came on due to a broken sensor wire, a blown fuse, simple things sometimes, etc.

 My apology sir when I meant "it might". As of a fact the DS708 can reset the ABS light if needed. When I said "it might", it was in relations to whatever issues you may be dealing with, etc.

 One time I reset an ABS light on off a Volvo before purchasing just to make sure it would work. And it did, only if briefly, until I test drove the car and the ABS light came on once more. So knowing that indeed, the ABS light could be reset I took the task of further troubleshooting the issue. Of course after I bought the vehicle, it was a good deal btw.

Before resetting the ABS light, I took note of the previously codes stored, to compare with the ones that made turn the light on once more; Less DTCs were available after the reset but the main ones still showed up as compared to the previous history. After checking the basics like the fuses, electrical connections and etc, I finally did some research on the Net and nailed it to the ABS control module being the culprit, which was something typical to this particular model;

FYI some of the DTCs were relating to the ABS speed sensors, hydraulic unit, etc. Once I replaced the module, I again reset the light before test driving the vehicle. Also confirmed that ABS light turned off after  the "self check" when first turning ignition before starting vehicle after clearing the DTCs once more to reset the ABS light. Verified with a test drive along with monitoring live data of the system, etc and the ABS light never came on. Issue was resolved.

To summarize, yes the DS708 can reset ABS systems and related DTCs which if in proper functioning state of ABS system, also reset the light, etc.

If you have a persistent issue with the ABS system and hope to just plug the tool and erase the light and hope it fixes your issues, then good luck.

If there is any possible way where might be able to assist you in troubleshooting the vehicle and its ABS system your are working with, please let me know. I will be glad to help you.