الأحد , يونيو 14 2020

China shares break downward trend

Shanghai stock board

Things are looking up again for Chinese stocks

Shares in mainland China on Wednesday stopped their downward trend after dramatic losses earlier in the week.

The benchmark Shanghai Composite was up by 0.5% at 3,680.38 points.

After the record losses earlier in the week, authorities tried to calm markets promising to stabilise the market while the central bank hinted at further easing.

Investors were also boosted by a higher close overnight for the Dow Jones, which broke a five-day losing trend.

Hong Kong’s Hang Seng was also higher, 0.2% up to 24,555.12 points.

In Japan, retail sales came in 0.9 % higher for June compared with the previous year, almost double forecasts.

But the Nikkei 225 failed to pick up on the positive cues and closed flat at 20,302.91 points.

Investor sentiment was pulled down by poor earnings reports with both Fanuc and Tokyo Electron cutting their full year forecasts. Shares in both companies fell by 10% in early trade.

In Australia, the ASX/200 was boosted by both Wall Street and the encouraging signs from China. The index finished up by 0.7% to 5,624.20 points.

In South Korea, the benchmark Kospi index closed flat at 2,037.86.

Investors across the region were also looking ahead to the US Federal Reserve which finishes its regular two-day meeting later on Wednesday.

Hopes are that there might be signals on the timing of an interest rate raise later in the year.

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