Asian markets close mixed; Chinese stocks surge

Japanese Nikkei closed 0.92% lower while Korean Kospi sank 0.6%. Market in Taiwan plunged 3%.

May 17, 2021 02:05 IST India Infoline News Service

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Asian markets ended mixed on Monday as optimism about the global recovery was offset by concerns about a spike in new infections in several countries that have officials battling to avert new lockdowns.

Japanese Nikkei closed 0.92% lower while Korean Kospi sank 0.6%. Market in Taiwan plunged 3% while in Jakarta it dropped 1.76%.

Chinese mainland markets outperformed as as data expected on exports set to out beat estimates. Shanghai Composite gained 0.78% while Shenzen Component ended 1.74% higher. Hong Kong’s Hang Seng was also 0.6% on the upside. Australian ASX 200 also ended marginally higher. SGX Nifty and Indian Nifty 50 were bullish.

US indices saw big gains on Friday as weak job numbers see the fear of inflation decline as bond yields fall to 1.63%. Stocks rose from an oversold territory with technology stocks leading the indices higher as Nasdaq climbs 2.3% while Dow Jones jumps over 350 points.

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