Fundamental Comment

Asian shares mixed amid sharp increase in Coronavirus cases

Asian shares mixed amid sharp increase in Coronavirus cases

Asian stock were mixed during Friday’s trading, with Japanese Nikkei hitting weekly losses for the first time in two weeks as concerns about the spread of the Corona virus and its negative effect on the global economy increased.

In Hong Kong, the Hang Seng Index increased by 0.27 percent to 27,805.52, while the Shanghai Composite Index closed 0.38 percent up at 2,917.01.

Australia’s S&P/ASX 200 finished 0.38 percent up at 7,130.21 and South Korea’s Kospi index ascended 0.48 percent to 2,243.59.

Japan’s Nikkei 225 index slumped 0.59 percent to 23,687.59 points, to record its first weekly loss in two weeks, due to increased demand for the yen, which is a safe haven in the currency market.

Regarding Coronavirus, Health officials in Hubei Province reported a 116-death and 4,823 new cases yesterday. Overall, Hubei County announced that more than 51,900 people had been infected in the province.

American shares

 

US indexes fell from record highs at the close of trading on Thursday, with Dow Jones lost more than 120 points as the number of coronavirus victims soared dramatically.

The Dow Jones Industrial Average fell more than 0.4 percent to 29,423 points, losing 128 points. The S&P 500 fell 0.2 percent to 3,372 points, and the NASDAQ fell 0.1 percent to 9,711.

Meanwhile, the dollar index, which measures the performance of six major currencies against the US dollar, surged 0.03 percent at 98.98, registering a peak of 99.07, which is the highest level, recorded since June 2017.

Later in the day, the U.S. will release its retail sales that may show a 0.3 percent gain in January, the same pace recorded in December.

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