Stocks in major Asia Pacific markets were mixed on Monday as investors continue to assess the economic impact of the global coronavirus pandemic that continues to spread rapidly.
In Japan, the Nikkei 225 index swooned 304.56 or 1.6%, to 19.084.97, as shares of index heavyweight and conglomerate Softbank Group dropped 5%
Fujifilm’s stock, on the other hand, jumped 6%. The moves came after the Nikkei Asian Review reported over the weekend that Japanese Prime Minister Shinzo Abe said the government will start trial procedures aimed at winning approval for an anti-flu drug developed by the company as a treatment for the coronavirus.
The Japanese yen, often seen as a safe-haven currency, traded at 108.08 per U.S. dollar after strengthening from levels above 110 last week.
In Hong Kong, the Hang Seng Index fell 309.17 points, or 1.3%, to 23,175.11.
Stocks in Australia surged, with the heavily weighted financial subindex up 8.8% as shares of the country’s so-called Big Four banks soared: Australia and New Zealand Banking Group added 8.5%, Commonwealth Bank of Australia rose 10.9%, Westpac advanced 8.5% while National Australia Bank gained 7.9%.
The Australian dollar changed hands at $0.6132 after rising from levels below $0.60 in the previous week.
Investors continue to watch for developments on the global coronavirus outbreak, which has already infected more than 720,000 worldwide and taken at least 33,925 lives, according to the latest data compiled by Johns Hopkins University.
Markets have been volatile in recent weeks, seeing sharp movements in both directions as authorities across the globe announced vast amounts of stimulus to stem the economic impact of the virus.
In other markets
The CSI 300 scaled back 35.95 points, or 1%, to 3,674.11
In Korea, the Kospi index gave back 0.61 points to 1,717.12
In Taiwan, the Taiex dropped 69.49 points, or 0.7%, to 9,629.43
In Singapore, the Straits Times Index slumped 112.52 points, or 4.5%, to 2,416.24
In New Zealand, the NZX 50 regained 104.46 points, or 1.1%, to 9,661.19
In Australia, the ASX 200 jumped 378.95 points, or 7%, to 5,181.38
