Asian markets gain with Hang Seng index up 4%

On the economic news, China’s loan prime rates (LPR) kept unchanged from their February levels, with both the 1-year and 5-year LPR left steady at 4.05% and 4.75%, respectively.

Mar 20, 2020 02:03 IST India Infoline News Service

Nikkei
Asian markets were trading higher on Friday’s session ahead of the release of China’s benchmark lending rate.

South Korean stocks, which saw heavy losses on Thursday, also saw robust gains in today’s morning as the Kospi advanced 2.69%, Hong Kong’s Hang Seng index also jumped 4%, the Shanghai Composite 0.85% higher and the S&P/ASX 200 rose 4%. Markets in Japan are closed on Friday for a holiday.

On the economic news, China’s loan prime rates (LPR) kept unchanged from their February levels, with both the 1-year and 5-year LPR left steady at 4.05% and 4.75%, respectively.

Meanwhile, developments on the ongoing global coronavirus outbreak will continue to be watched as investors continue to weigh the disease’s potential economic impact.

Overnight on Wall Street, the Dow Jones Industrial Average rose 188.27 points to close at 20,087.19, the S&P 500 ended its trading day 0.5% higher at 2,409.39 and the Nasdaq Composite outperformed with a 2.3% surge to close at 7,150.58.

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