Mixed picture in Asia amid worries about coronavirus

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The main Asian stock markets are moving with mixed signs on Monday, with investors watching the developments around the coronavirus and assimilating the economic data announced in China.

In mainland China, the Shanghai Composite loses 0.06% and o Shenzhen marks a drop of 0.10%. China’s industrial profits rose 19.1 percent in August, the country’s national statistics office said at the weekend.

Meanwhile, the share of the listed – chip maker, SMIC – – in the Hong Kong stock market plunged 5.81%, after reports that the US imposed restrictions on the company’s exports due to risks of military use. At the same time, the share of the China Evergrande group jumped by almost 12%, after the company announced on Friday that “its activities remain stable and healthy”. Evergrande’s stock plunged on Friday in the wake of reports of a leaked document showing the company was seeking state support for a restructuring plan.

The index Hang Seng Hong Kong adds 0.71%. In the rest of the board, in Japan o Nikkei 225 recorded gains of 1.22%, the Kospi in South Korea gains 1.44% and the S&P/ASX 200 in Australia lost 0.21%.

Investors are also looking at developments around the coronavirus pandemic, with Europe facing the prospect of recession as it battles a second wave of the virus. In the US, new daily cases exceeded 1,000 in New York on Sunday. This is the first time more than 1,000 cases have been reported in the state since early June.

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