Home 2020 Thursday’s World Markets Outlook: Asia-Pacific

Thursday’s World Markets Outlook: Asia-Pacific

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Most Southeast Asian stock markets rose Thursday, tracking an upbeat session on Wall Street, as hopes for the coronavirus outbreak nearing its peak rose, while expectations of a cut in oil output pushed the energy-heavy Thai index higher

Australian shares rose more than 2% on Thursday, tracking gains on Wall Street as hopes that the new coronavirus pandemic is peaking in the United States bolstered sentiment, while a jump in crude oil prices lifted energy stocks.

The S&P/ASX 200 index added 2.2% to 5,320.1 by 0010 GMT after a 0.9% drop on Wednesday. For the week, it was up more than 4%.

In New Zealand, the benchmark S&P/NZX 50 index rose as much as 0.9% at 10,120.89.

New York Governor Andrew Cuomo said on Wednesday the state’s efforts at social distancing are working to get the pandemic under control, while US President Trump said he would like to reopen the US economy with a “big bang“.

The Trump Administration continued to push for an additional $250-B in emergency economic aid for small U.S. businesses, also aiding sentiment.

The Thai index gained most in the region, adding nearly 2.1%. Energy stocks rose in tandem with crude futures on expectations that the world’s largest oil producers would agree to cut production at a meeting later in the day.

Index heavyweights, PTT PCL and PTT Exploration and Production PCL added as much as 3.5% and 3.3%, respectively. Singaporean stocks advanced as much as 2.2% in early trade, with heavyweight financials United Overseas Bank Ltd and DBS Group Holdings Ltd adding up to 2% and 2.9%, respectively.

Vietnamese equities were up for a 7th session running and hit their highest in 4 wks, led by gains among consumer stocks.

On the Southside, Indonesian stocks slumped as much as 1.4% and were set to fall for a third straight day.

Financials were the top drag on the index, with PT Bank Central Asia Tbk and PT Bank Negara Indonesia (Persero) Tbk losing 2.4% and 3.5%, respectively.

The drop came ahead of a long weekend for most markets on account of Good Friday, according to analysts.

Philippine markets were closed for a holiday.

ASIA-PACIFIC INDICES

Data as of 9 April 2020. All quotes delayed at least 15 mins.

SymbIndexTimeLastChgChg %
.TRXFLDJPPThomson Reuters Equity Japan Index2:04am EDT124.22-0.71-0.57%
.TRXFLDHKPThomson Reuters Equity HK Index2:04am EDT269.72+2.73+1.02%
.TRXFLDINPThomson Reuters Equity India Index2:04am EDT1,028.61+28.34+2.83%
.N225Nikkei Stock Average 2252:15am EDT19,345.77-7.47-0.04%
.HSIHang Seng Index2:20am EDT24,153.38+183.01+0.76%
.AORDASX All Ordinaries Index2:17am EDT5,439.40+180.60+3.43%
.KS11KOSPI Index2:32am EDT1,836.21+29.07+1.61%
.SETISET Composite Index1:29am EDT1,234.40+28.63+2.37%
.JKSEJakarta Composite2:35am EDT4,650.32+23.62+0.51%
.PSIPSE Composite Index8 Apr 20205,510.83-139.18-2.46%
.SSECShanghai Composite Index2:20am EDT2,830.04+14.67+0.52%
.BSESNS&P BSE Sensex2:20am EDT30,937.23+1,043.27+3.49%
.FTFBMKLCIFTSE Bursa Malaysia KLCI2:20am EDT1,368.41+7.02+0.52%
.HNX30HNX 30 Index7 Apr 2020193.34+1.63+0.85%

Have a healthy day, stay home, Keep the Faith!

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S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.