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Asian Stocks Rally on Slow China Factory Reopenings

Asian stock markets followed Wall Street higher on Tuesday as China’s industrial facilities battled to re-open after an extended break, yet experts cautioned traders may be underestimating the real economic damage.

china stocksPhoto: Flickr


The loss of life from the coronavirus pandemic in mainland China moved past 1,000 on Tuesday, however, the quantity of new affirmed cases tumbled.


Traders appeared to be optimistic and MSCI’s broadest equity indicator of Asia-Pacific stocks outside Japan gained 0.9 percent, with Shanghai blue chips ahead by 0.8 percent.


Japan’s Nikkei was closed for a vacation, even though Nikkei futures NKc1 exchanged 0.8 percent higher. Futures for the EUROSTOXX 50 added 0.7 percent and the FTSE 0.5 percent.


Hong Kong’s Hang Seng Index increased by 1.2 percent, while the Shanghai Composite progressed by 0.3 percent. The smaller-cap Shenzhen Composite plunged 0.1 percent. South Korea’s Kospi added 1.3 percent. Benchmark equity indicators in Taiwan, Singapore, and Indonesia edged higher, while shares dropped in Malaysia. Australia’s S&P/ASX 200 advanced by 0.6 percent.


Among individual shares, Geely Automobile flooded in Hong Kong, as WH Group and Country Garden progressed also. Samsung and SK Hynix rose in South Korea, and Apple part producer Hon Hai Precision Industry gained in Taiwan. Beach Energy tumbled in Australia following slicing its production standpoint, while Fortescue Metals advanced.


Source: Reuters

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