• Thursday, May 23, 2024
businessday logo

BusinessDay

Asian stocks show mixed performance in volatile trade after US market rout

asian-stocks

Major stock trackers in the Asian and Pacific region improved but the broad market closed bearish on Tuesday after a jerky trade in the region that trailed record decline in the US market at the start of the week.

Shanghai Composite in China fell by 0.74%, but Japan’s benchmark Nikkei 225 jumped 1.1%, Hong Kong’s Hang Seng rose 0.32% while all market indices in Australia rose above 5% with benchmark S&P200 index up 5.83%.

The MSCI Asia ex-Japan index traded 0.197% higher data obtained 7:21 GMT+1 show.

The broad underperformance of the Chinese and Hong Kong market especially, masked gains in India, Australia, Thailand and Mongolia.

US Stocks on Monday failed to rally after US Federal Reserve announced a rate cut to almost zero and a stimulus package of $700bn.

The Dow Jones industrial average plunged more than 10% to close at 20,188.52, its lowest in more than two years, while the Nasdaq Composite (COMP) fell 12.3% while S&P 500 fell 12% percent Monday.

SEGUN ADAMS