Asian stocks rebound after Wall Street Monday rout

Published March 10, 2020, 12:00 AM

by manilabulletin_admin

TOKYO (AFP) – Asian stock markets le by Tokyo bounced back Tuesday from its recent sell-offs sparked by a strong yen, a crash in oil prices and fears over the coronavirus.

The Nikkei 225 index, which shed more than five percent on Monday — its biggest fall since February 2018 — rose 0.85 percent, or 168.36 points, to close at 19,867.12.

Hong Kong and Shanghai shares jumped Tuesday following the previous day’s rout, with energy firms tracking a bounce in oil prices and firms linked to Hubei, the center of the coronavirus, rallying after Xi Jinping visited the province.

Hong Kong’s Hang Seng Index climbed 1.41 percent, or 352.05 points, to 25,392.51.

The benchmark Shanghai Composite Index added 1.82 percent, or 53.47 points, to 2,996.76, while the Shenzhen Composite Index, which tracks stocks on China’s second exchange, jumped 2.42 percent, or 44.68 points, to 1,887.34.

The gains were in line with a slight recovery from the Black Monday sell-off that was sparked by fears over the global economic impact of the outbreak and a crash in oil prices sparked by a row between key producers Saudi Arabia and Russia.

Asian shares had opened sharply lower after major Wall Street indices finished down more than seven percent Monday following an ugly session sparked by an oil price crash and fears over the economic fallout from the coronavirus.

Major Wall Street indices finished down more than seven percent Monday following an ugly session sparked by an oil price crash and fears over the economic fallout from the coronavirus.

At the end of a day-long rout, the benchmark Dow Jones Industrial Average was at 23,851.02, a loss of more than 2,000 points or 7.8 percent, making it the worst session since December 2008.

The broad-based S&P 500 slid 7.6 percent to 2,746.56, while the tech-rich Nasdaq Composite Index tumbled 7.3 percent to 7,950.68.

The dramatic sell-off followed gloomy sessions in Asia and Europe and came as economists slashed their forecasts and mulled over the prospects of a global recession as further signs of economic fallout emerged.

 
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