Fri, March 01, 2024

Mainland Chinese Stocks Fell by the end of Trading

Stocks and Peter Navarro

On Wednesday, Asian markets recovered despite the problems connected with coronavirus. Investors are closely monitoring the situation as they would like to learn more about the ongoing situation.

Hong Kong’s Hang Seng index added 0.47% in the afternoon. However, mainland Chinese stocks were unable to strengthen their positions, as stocks erased gains to decline by the end of the trading day.

The Shanghai Composite fell 0.32% to 2,975.40. At the same time, another Chinese stock index also declined. The Shenzhen component dropped 0.63% to 11,325.60.  Meanwhile, the Shenzhen composite fell 0.55% to close at 1,846.40.

Japan’s Nikkei 225 strengthened its positions. Its index added 0.89% to close at 23,400.70. On Tuesday, Nikkei, 225 fell by more than 1%. Topix index rose 0.37% to 1,671.86.

South Korea’s Kospi index edged up to close at 2,210.34.

In the Asia Pacific region, Australia’s ASX 200 gained 0.43% to 7,144.60. Gold stocks rose as prices of the safe-haven asset increased again. Shares of Evolution Mining jumped 5.13%, and shares of Newcrest added 3.25%.

Shares of Domino’s Pizza listed in Australia jumped by as highs as 15.2% before jumping 9.64% by the close. On Wednesday, the pizza chain reported half-year net profits rose nearly 30.0% to 69.2 million Australian dollars ($46.3 million).

Stocks and Coronavirus outbreakStock markets on Wednesday

Coronavirus outbreak continues to affect the stocks. It is not surprising because China is the main industrial hub. Moody’s Investors Service made the decision to lower the growth forecast for China from 5.8% to 5.2%.

On Tuesday, state media reported that more than 80% of its central state-owned enterprises have resumed work.

Singapore is also struggling to deal with an ongoing virus outbreak. The Southeast Asian country decided to allocate more than $4 billion to help businesses and households. This way, the government is trying to deal with economic impact.

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