The so-called “stock market bloodbath” has continued on Friday with major indices falling down to the lows of the last October. What's going on?
Asian markets conclude mixed, as tech equities rebound
On Friday, Asian stock indexes generally rallied, with Japan in the lead. However, they mostly concluded mixed.
The Nikkei NIK index gained 0.3% in Japan due to the fact metals, shipping and precision instrument appeared to be top-notch performers. Additionally, medical-device maker Terumo 4543 added 3%, Sumitomo Metal Mining 5713 soared by 1.92%, while major shipper Mitsui O.S.K. managed to ascend by 2.51%
Chinese equities didn’t manage to conclude a rough week on an upbeat note. They reversed an early profit by Friday’s close. As for the Shanghai Composite SHCOMP, it headed south by 1.3%, thus marking five dip in a row. The Shenzhen Composite399106 inched down by 1.6%. Moreover, insurers reported revenue, with New China Life Insurance adding 0.7%. Additionally, tech equities bounced off and Henan Shuanghui managed to regain 0.6% because the meat producer had to close a slaughterhouse due to African swine fever, thus reversing some of Thursday’s sink.
The Hang Seng Index HIS kept sliding for five straight days in Hong King, adding 0.4% because tech equities managed to revive. Lenovo ascended by 6.5%, while Tencent jumped by 3%. As for financials, they turned out to be firm, with insurer Ping An2318 adding 1% following its quarterly outcomes.
The Kospi SEU tacked on by 0.2% in South Korea. Samsung gained 0.34%, HK Hynix jumped by 0.27%. paring yesterday’s dip.
The benchmark STI gave up an early gain in Singapore, concluding down less than 0.1%, sinking seven consecutive days. In Taiwan, the index Y9999 soared by 0.07%, while Malaysia FBMKLCI acquired 0.35%.
In New Zealand, the NZX 50 NZ50GR managed to gain by 0.6% because it approached a fourth straight day of profits and got closer to its record maximum, reached in July. Additionally, the benchmark XJO posted mild revenue in Australia even as mining companies, including Fortescue Metals FMG headed south by 1.17%.
Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
Will coronavirus continue keeping the markets in fear? What releases should we wait for? Find out in the news!
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