Asia report: Markets mixed as investors digest latest pandemic developments
By Josh White
Date: Wednesday 08 Apr 2020
(Sharecast News) - Markets in Asia finished in a mixed state on Wednesday, as investors tried to make sense of another day of fresh measures from governments amid the ongoing Covid-19 coronavirus pandemic.
In Japan, the Nikkei 225 was up 2.13% at 19,353.24, as the yen weakened 0.07% against the dollar to last trade at JPY 108.84.
Uniqlo owner Fast Retailing surged 7.7%, while among the benchmark's other major components, automation specialist Fanuc was up 1.5% and technology giant SoftBank Group rose 0.24%.
The broader Topix index was also in the green by the end of trading, closing up 1.59% at 1,425.47 in Tokyo.
On the mainland, the Shanghai Composite slipped 0.19% to 2,815.37, and the smaller, technology-heavy Shenzhen Composite was 0.16% weaker at 1,740.65.
South Korea's Kospi was down 0.9% at 1,807.14, while the Hang Seng Index in Hong Kong lost 1.17% to close at 23,970.37.
Both of the blue-chip technology stocks were weaker in Seoul, with Samsung Electronics down 2.02% and SK Hynix losing 1.52%.
Global sentiment had turned relatively rosier in recent days, as strict social distancing measures implemented by governments globally appeared to be having an effect on the rates of infection in a number of countries.
In Hong Kong, authorities extended their ban on gatherings of more than four people and the closure of a number of bars until 23 April on Wednesday, while Singapore's government passed new laws banning social gatherings of any size in public and in private.
Japan's prime minister Shinzo Abe, meanwhile, declared a state of emergency in the country as the number of infections in the country's major cities continued to rise.
One spot of optimism was in China, where travel restrictions were lifted on the city of Wuhan, meaning the lockdown that started on 23 January was finally being lifted.
The strain of coronavirus that causes Covid-19 was first identified in the city in the Hubei province, with the first infections being noted by medical staff there in December.
By the end of the day in Asia, more than 1.4 million confirmed cases of Covid-19 had been reported worldwide, with the number of fatalities topping 80,000.
"There was the single largest increase in daily cases in New York State yesterday but the Chinese City of Wuhan in which the virus originated has seen its travel restrictions lifted," noted London Capital Group analyst Jasper Lawler.
"It looks like pandemic curves will not flatten in time to reach April deadlines set by many governments to review lockdown measures."
Oil prices were higher as the region went to bed, with Brent crude last up 0.34% at $31.98 per barrel, and West Texas Intermediate ahead 3.39% at $24.46.
In Australia, the S&P/ASX 200 was off 0.86% by end-of-play, settling at 5,206.90, while across the Tasman Sea, New Zealand's S&P/NZX 50 was up 2.26% at 10,031.66.
The down under dollars were a mixed picture against the greenback, with the Aussie last 0.01% stronger at AUD 1.6205, while the Kiwi weakened 0.07% to last trade at NZD 1.6741.
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