Asia Pacific markets traded higher on Wednesday, building on gains from the previous session, after stocks sold off recently due to worries over the new coronavirus outbreak.
Japan’s Nikkei 225 was up 1.14% while the Topix index was up 1.05%. The yen, considered a safe-haven asset in times of market uncertainties, changed hands at 109.47 per dollar, weakening from levels below 108.80 earlier in the week.
Australia’s benchmark ASX 200 rose 0.32%, with most sectors trading up. The heavily weighted financial subindex retraced most of its earlier gains to trade fractionally higher as most major banking stocks in the country gained. Commonwealth Bank shares, however, declined 0.43%
Chinese mainland markets rose after the first half-hour of trade, with the Shenzhen component index jumping 2.17% and the Shenzhen composite up 2.26%. The Shanghai composite added 1.1%. The Chinext start-up board jumped 3% in early trade.
The session in Asia Pacific follows overnight rallies on Wall Street and in Europe.
“Markets have now embarked on a new rebound, spurred by China’s efforts to support its economy alongside an apparent decline in concerns over the Coronavirus impact on the global economy,” Rodrigo Catril, senior foreign-exchange strategist at the National Australia Bank, wrote in a morning note.
- Asia Pacific markets traded higher on Wednesday, building on gains from the previous session, after stocks sold off recently due to worries over the new coronavirus outbreak.
- Japan’s Nikkei 225 was up 1.14% while the Topix index was up 1.05%.
- Chinese mainland markets rose after the first half-hour of trade, with the Shenzhen component index jumping 2.17% and the Shenzhen composite up 2.26%. The Shanghai composite added 1.1%.
Source CNBC