Wed, May 22, 2024

Virus Outbreak Created Problems for the Stock Markets

Stocks around the world, Asian stock markets trade higher

The current situation created questions about the future of the global economy. It is not surprising that stock markets across the Asia Pacific region are struggling due to coronavirus outbreak.

Yesterday, another news affected the stocks in Malaysia. Hopefully, this news had a limited impact on the stock index.

Malaysia’s Prime Minister Mahathir Mohamad unexpectedly resigned.

Nevertheless, the FTSE Bursa Malaysia KLCI Index added about 0.7% during the afternoon trade.

Stock markets and the impact of coronavirusGlobal economy and stock markets

Some of the largest economies in the world are in Asia. Moreover, China’s economy was slowing down even before the outbreak. However, this virus created additional pressure for the economy. Also, some factories remain shut due to containment measures.

All of the factors combined continue to affect the stock markets around the world.

For example, Japanese stocks declined following an overnight drop in U.S. stocks due to the fears connected with the economic impact of coronavirus. The Nikkei 225 closed 3.34% lower at 22,605.41. Shares of index heavyweight Fast Retailing fell 4.15%.

Meanwhile, the Topix index dropped 3.33% to end its trading day at 1,618.26.

However, shares of Fujifilm defied the overall trend as its shares gained 2.83%. According to the local media, the Japanese government was considering the use of an anti-flu drug created by a unit of Fujifilm. This news helped to boost the shares of Fujifilm.

Mainland Chinese were mixed as the Shanghai Composite declined 0.6% to around 3,013.05. However, the Shenzhen component gained 0.71% to 11,856.08.

The Shenzhen composite added 0.507% to about 1,943.17.

South Korea’s Kospi index rose 1.18% to 2,103.61. On Monday, the Kospi index fell due to a virus outbreak.

Shares of Korean Air Lines added 1.58%.

Hong Kong’s Hang Seng Index added 0.2% as of its final hour of trading. In the Asia Pacific region, shares in Australia declined as the S&P//ASX 200 fell 1.6% to close at 6,866.60.

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