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No drastic difference in stocks in Asia

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No drastic difference in stocks in Asia

Stocks in Asia Pacific showed a little amount of progression on Wednesday as people remained alerted on sudden waves of recent coronavirus cases in some countries regionally as they begin to reopen their economies.

Mainland Chinese stocks had a movement on the day, with the Shanghai composite adding 0.22% to about 2,898.05 while the Shenzhen composite surging 0.669% to around 1,822.85. Hong Kong’s Hang Seng index was mostly neutral, as of its final hour of trading.

In Japan, the Nikkei 225 dropped 0.49% to close at 20,267.05 while the Topix index also went down 0.14% to end its trading day at 1,474.69. South Korea’s Kospi ended the day by adding 0.95% at 1,940.42.

Also, the S&P/ASX 200 in Australia jumped 0.35% to finish its trading day at 5,421.90.

Overall, the MSCI Asia ex-Japan index soared 0.34%.

“The market appears to be ignoring the decline in earnings and the deterioration of economic conditions. We see significant risks remaining as economies attempt to reopen and remain underweight equities overall,” César Pérez Ruiz, Head of Investments & Chief Investment Officer at Pictet Wealth Management, stated in a note.

(Reference: CNBC)