• Tuesday, May 28, 2024
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Asian stocks gain on WallStreet optimism over stimulus packages

Asian stocks gain

Asian and Pacific Stocks gained Friday to halt a bearish-run that has dominate trading in the week after sentiments improved on the US market on hopes that the Trump Administration and the Federal Reserve can stimulate coronavirus-hit US economy.

All trackers in the Chinese market closed in the green with benchmark Shanghai Composite index up 1.52%. Hong Kong’s bullish market saw main Hang Seng close 4.2% higher, Australia’s S&P 200 saw a 0.7% uptick although Japan’s Nikkei 225 faltered in a mixed performance on its domestic market.

Stock markets in South Korea, India, New Zealand, Taiwan, Pakistan, Malaysia Singapore, Thailand and Philippines all gained as the region’s wider measure of stock performance excluding Japan, MSCI asia apex 50 advanced 4.8% in the day.

The rare gain for Asian markets comes as US steps up efforts to prevent shocks to its economy after the virus caused businesses to shut down.The S&P 500 index rose 0.5% on Thursday.

The world’s biggest economy is planning a $1 trillion package that would put cash in the hands of Americans and would also provide credit to businesses.

The Feds also said it would allow for temporary USD swap lines with Australia, Denmark, Mexico, Brazil, Norway, New Zealand, Korea, Singapore and Sweden.