Tue, 25 Feb 2020

Sharetraders in Asia claw back losses, greenback jumps

Morocco News
22 Jan 2020, 19:28 GMT+10

SYDNEY, Australia - Stocks in Asia rebounded on Wednesday, clawing back some of the extensive losses of a day earlier.

The coronavirus scare reached stock markets globally on Tuesday, sparking fears of another SARS-type outbreak. In Hong Kong alone, the benchmark index, the Hang Seng, dropped more than 750 points.

On Wednesday in Hong Kong almost half those losses were recovered. The U.S. dollar meantime had a good day in Asia, rising against all the major currencies.

The spreading coronavirus remains an issue, but it is early days as to the extent of it. On Wednesday the Chines government confirmed the number of fatalities in China had risen to 9, while a WHO-emergency meeting being chaired by the head of the organization, was taking place Wednesday.

At the close of trading Wednesday, the Hang Seng was ahead 355.71 points or 1.27% at 28,341.04.

In Japan, the Nikkei 225 gained 166.79 points or 0.70% to 24,031.35.

China's Shanghai Composite rose 8.61 points or 0.28% to 3,060.75.

The Australian All Ordinaries climbed 68.50 points or 0.95% to 7,249.00

On the currencies markets, the euro fell to 1.1080. The British pound declined to 1.3043.

The Japanese yen was easier at 109.97. The Swiss franc dived to 0.9723.

The Canadian dollar fell to 1.3076. The Australian dollar dropped to 0.6838. The New Zealand dollar fell to 0.6586.

Overnight on Wall Street, the Dow Jones industrials shed 152.06 points or 0.52% to 29,196.04.

The Standard and Poor's 500 dropped 8.83 points or 0.27% to 3,320.79.

The Nasdaq Composite fell 18.14 points or 0.19% to 9,370.81.

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