Fundamental Comment

Asian stocks retreat amid negative investor’s sentiment

Asian stocks retreat amid negative investor’s sentiment

Most Asian stocks were down on Tuesday, as the continuing concerns about the economic impact of Covid-19 on global economies weighed on investors’ sentiment.

In Hong Kong, the Hang Seng Index increased by 0.49 percent to 24,028.20, while the Shanghai Composite Index closed 0.31 percent down at 2,819.94.

Australia’s S&P/ASX 200 finished 0.92 percent down at 5,416.28, and South Korea’s Kospi index descended 0.02 percent to 1,857.07.

In Japan, Nikkei 225 index slumped 1.33 percent to 19,290.20 points.

The decline in Asian shares was influenced by the decline in US shares during Wednesday’s trading, amid heightened concerns about the extent of the damage caused by the Corona pandemic due to a series of weak economic data.

U.S. retail sales dropped 8.7 percent, the sharpest monthly fall on records, ahead of the U.S. jobless claims that may show American employers laid off 5.5 million people last week.

The International Monetary Fund (IMF) report added to worries, as it forecast Asia-Pacific economic growth this year would stall for the first time in 60 years.

So far, the outbreak of Coivd-19 has claimed more than 134,700 lives and infected more than two million people worldwide, according to calculations by Johns Hopkins University.

US stocks closing

U.S. stock indexes fell at the end of trading Wednesday, with negative business results and economic data.

The Dow Jones Industrial Average fell 1.9 percent to 23,504.3 points, losing 445 points. The S&P500 fell 2.2 percent to 2,783.3 points, while the Nasdaq fell 1.4 percent to 8,393.1 points.

Meanwhile, the dollar index, which measures the performance of six major currencies against the US dollar, rose 0.39 percent at 99.88.

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