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Singapore, Hong Kong stocks fall along with most markets

Singapore, Hong Kong stocks fall along with most markets

Stocks in Asia mostly traded in the red by mid-day on Wednesday.

Singapore’s Straits Times Index dropped 1.92%, as the Republic braces for a second wave of Covid-19 cases. Real estate led losses as Mapletree Commericial Trust sank 7.10% and CapitaLand fell 4.91%.

Indonesia’s Jakarta Composite Index is marginally up 0.36%.

Japan’s Nikkei 225 dipped 4.5%, with the Topix Index down 3.68%. Recruit Holdings plunged 8.57%, Eisai sank 7.98% and Fanuc fell 6.58%.

The Bank of Japan’s latest Tankan survey found that sentiment among the largest manufacturers have plunged in the first quarter to its lowest reading since 2013. 

South Korea’s Kospi Index fell 2.79%, while Hong Kong’s Hang Seng Index slipped 2.6%.

Despite the private gauge of China’s manufacturing activity in March expanding slightly, the CSI 300 sits at 3,680.21, 0.16% lower. The Shanghai and Shenzhen Composite both inched lower 0.49% and 0.23% respectively.

India’s Nifty 50 is down 3.43%. Kotak Mahindra Bank led losses in the region, plummeting 9.28%.

Elsewhere, Australia’s S&P/ASX 200 rallied 3.58% to recoup losses on Tuesday. Mayne Pharma and SkyCity Entertainment both rocketed 17.7%.

Overall, the MSCI Asia ex-Japan index fell 1.28%.

In the US, the Dow and S&P 500 both posted their worst first quarter on record leading to a drop in futures.

The Dow Jones Industrial Average futures are down 662 points, S&P 500 futures are down 79.5 points and Nasdaq futures are down 218.25 points.

President Donald Trump switched to a more somber tone on Tuesday, stating that the US has to brace for a ‘very, very painful two weeks’ on the back of escalating cases.

The UK’s FTSE 100 posted its worst quarterly fall since 1987’s Black Monday aftermath. Although the index closed marginally higher 1.95%.