Most South East Asian stocks rose on optimism around a massive US stimulus package, although Singapore shares fell after the city-state cut its annual growth forecast to better reflect the economic damage from the coronavirus pandemic.

Japanese shares took a tumble Thursday following 3 days of massive gains after a rise in domestic coronavirus cases stoked worries of tougher domestic restrictions for social distancing.

The Nikkei share average dropped 4.51% to 18,664.60. It had risen 18% in the last 3 sessions, including an 8% gainer the Wednesday its biggest since Y 2008.

Australian shares settled higher for a 3rd session running Thursday, as investor sentiment was lifted by the US Senate passing a massive stimulus package to mitigate the economic blow from the coronavirus epidemic and curb its spread.

The S&P/ASX 200 index climbed 2.3% at 5,113.30, its highest close in a week, after Wednesday’s 5.5% gainer.

New Zealand’s benchmark S&P/NZX 50 index gained 3.8%, or 355.6 pts, at 9,619.9.

Chinese shares finished lower Thursday following 2 days of gains as China reported another rise in imported coronavirus cases. At the midday break, the Shanghai Composite index was down 0.18% at 2,776.64.

China’s blue-chip CSI300 index was down 0.16%, with its financial sector sub-index higher by 0.31%, the consumer staples sector up 0.42%, the real estate index down 0.25% and the healthcare sub-index up 0.78%.

Chinese H-shares listed in Hong Kong rose 0.19% to 9,548.04, while the Hang Seng Index was unchanged at 23,527.82.

The smaller Shenzhen index was down 0.34% and the start-up board ChiNext Composite index was weaker by 0.22%.

The Hang Seng erased losses late in the morning session after the U.S. Senate unanimously passed a $2-T bill aimed at helping unemployed workers and industries hurt by the coronavirus pandemic.

Philippine shares gained 4.9%, with property developers SM Prime Holdings Inc and Ayala Land gaining 9.6% and 6.7%, respectively.

The Malaysian index moved 0.7% higher, with gains led by telecom and utilities stocks.

Thai equities added 0.5%. Thailand has put into effect a state of emergency until the end of April, sealing off its borders from non-resident foreigners to contain the virus, though it held off on restricting people’s movement inside the country.

Singapore cut its F-Y GDP forecast and is set to announce more relief measures later, weeks after unleashing multi-billion dollar packages.

ASIA-PACIFIC INDICES

Data as of 26 March 2020. All quotes delayed at least 15 mins.

Have a healthy day, stay home!

  #Asia, #Australia, #China, #congress, #coronavirus, #Japan, #markets, #stimulus, #stocks, #US, #US Senate, #Wall Street, #world

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