Asian Stock Market: China-led gains push indices higher on improved risk-sentiment

Asia-pacific stocks make remarkable gains on the fresh trading week.
Overnight gains in Wall Street shrugs off fears of the coronavirus outbreak globally.
Eyes on US Vice President visit kamala Harris in south-east Asia.

Rekha Chauhan Independent Analyst

Asian shares edge higher on the first day of the week on Monday following the gains on Wall Street.

MSCI’s broadest index of Asia-pacific shares outside Japan rose 1.49%.

Most of the indices are trading in the green on bargain hunting after China reported no new locally transmitted COVID-19 case for the first time since July. Further Beijing said its cross-cyclical macroeconomic policy will help economic volatility to stay within a reasonable range.

Hong Kong Hang Seng’s index rose nearly 2%, after plunging to an over nine-month low on Friday.

The Shanghai Composite Index gained 1.1% as investors sentiment improves after China’s health ministry reported no new locally transmitted cases of COVID-19 for the first time since July.

Japan’s Nikkei 225 surged 1.8%, after tumbling to an eight-month low on Friday, Kospi rebounded 1.6%.

In Australia, the S&P/ ASX 200 edged 0.29% higher.

Gold trades higher at $1,789 per ounce with mild gains.

The US Dollar Index (DXY), which tracks the greenback against a basket of its peers trades at 93.13 after its recent climb from 93.70.

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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