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Mainland China stocks surge as the fears over Coronavirus outbreak is being dialed down

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Mainland China stocks surge as the fears over Coronavirus outbreak is being dialed down

On Friday stocks in Mainland China ascended. Overall, the Asia stocks were a mix bag.

The Shenzhen component added 1.05% to 11,629.70 while the Shenzhen composite soared 1.125% to 1,907.35. The Shanghai composite jumped 0.31% to about 3,039.67 as well.

According to China’s Ministry of Commerce, the work in China, which was declining due to the virus outbreak, has started getting back on track in major foreign trade provinces such as Guangdong and Jiangsu. According to official data accessed through Wind Information, Guangdong was the top source of China’s exports by far in 2019.

Meanwhile, stocks in South Korea marked losses with the Kospi dipping 1.49% to close at 2,162.84 as shares of SK Hynix dropped 0.96%, according to data provided by CNBC.

Hong Kong’s Hang Seng index went down 1.1% by its final hour of trading.

Over in Japan the Nikkei 225 stumbled 0.39% at 23,386.74 as shares of index heavyweight and conglomerate SoftBank Group added 2.4%. The Topix index marked the end of the trading day with largely being flat at 1,674.

At the other end, shares in Australia dropped, with the S&P/ASX 200 slipping 0.33% to close at 7,139 as shares of Wesfarmers descended 1.96%.

Overall, the MSCI Asia ex-Japan index dropped 0.92% as well.

(Reference: CNBC)

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