Thu, 09 Apr 2020

Stock markets in Asia generally positive Wednesday

Lola Evans
19 Feb 2020, 16:26 GMT+10

SYDNEY, Australia - Stocks were broadly higher in Asia Wednesday, although in mainland China indices remained flat.

The Chinese government's approach to stimulus, and its handling of the coronavirus has been seen in a good light by markets.

"Part of the thinking that is supporting markets is the actions that China takes to support its economy," Michael McCarthy, chief market strategist at CMC Markets in Sydney told Reuters Wednesday.

"Any investor concern around impact on demand globally from the virus will be offset by expectations that global central banks will ride to the rescue."

At the close of trading Wednesday, the Nikkei 225 in Japan was ahead 219.21 points or 0.95% at 23,413.01.

The Australian All Ords was 29.10 points or 0.40% higher at 7,237.40.

In Hong Kong, the Hang Seng advanced 125.61 points or 0.46% to 27,655.81.

China's Shanghai Composite went against the trend, losing 9.,57 points or 0.32% to 2,975.40.

The U.S. dollar retained its strength, particularly against the euro which was trading around a 3-year low at 1.0793 Wednesday, late in Sydney.

The British pound was little changed at 1.2990. The Japanese yen weakened to 110.03. The Swiss franc too edged down to 0./9832.

The Commonodity currencies were little changed, albeit weak, at 1.3248 (Canadian dollar), 0.6693 (Australian dollar) and 0.6389 (New Zealand dollar).

Overnight on Wall Street, the Dow Jones dropped 165.89 points or 0.56% to 29,232.19.

The Standard and Poor's 500 fell 9.87 points or 0.29% to 3,370.29.

The Nasdaq Composite, going against the trend, made a small 1.57 points or 0.02% gain, to close flat at 9,732.74.

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