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.
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.
