Markets in Asia – Mixed. 14,000 new cases with COVID-19 in Hubei Province

Shares in Asia, given the initial positive sentiment, remained mixed. Investors have become frightened again after the latest Hubei-infected data. The data showed a sharp rise with 14,000 new cases after it became clear that their diagnostic methodology was extremely inaccurate.

Major Chinese stocks have eroded initial gains and remain weak throughout the session. Shanghai Composite is down 0.53%, Shenzhen Component is down 0.6%, Shenzhen Composite is down 0.69%. In Hong Kong, the Hang Seng Index remains down 0.14%.

Nikkei225 is also down 0.14%, Topix is down 0.34%. Softbank Group’s shares are trading down almost 2.5%. The company’s reports showed that profit for Q1 was almost eroded.

Kospi is up 0.31% with SK Hynix rallying up 2%. Shares in Australia also saw growth, with the ASX200 up 0.14%.

The MSCI Asia ex – Japan index remains flat.

 Trader Martin Nikolov

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