Asian stock markets edge higher; Kospi index up over 2%

The Shanghai Composite advanced 0.78%, Hong Kong’s Hang Seng index rose 1.25%.

Aug 21, 2020 10:08 IST India Infoline News Service

Asian markets were trading higher after a sharp sell-off on Thursday, while the Shanghai Composite advanced 0.78%, Hong Kong’s Hang Seng index rose 1.25%.

In Japan, the Nikkei 225 rose 0.42% while the Topix index added 0.3%, South Korea’s Kospi jumped over 2% and Australia’s S&P/ASX 200 also advanced in today’s trade.

Meanwhile, oil prices rose buoyed by major oil producers’ efforts to hold back output amid concerns about the economic recovery from the coronavirus pandemic.

As per media reports, the US Labor Department said Thursday that initial weekly jobless claims stateside came in above 1 million.

Overnight on Wall Street, the Dow Jones Industrial Average gained 46.85 points, or 0.1%, to close at 27,739.73, the S&P 500 gained 0.3% to finish its trading day stateside at 3,385.51 while the Nasdaq Composite jumped 1% to a new record close of 11,264.95.

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