Asian Stocks Down Despite Positive Chinese Trade Data, Progress on U.S. Stimulus

Asian Stocks

Asian Stocks Down Despite Positive Chinese Trade Data, Progress on U.S. Stimulus

Asia Pacific stocks were mostly down Monday morning, even as optimism over the U.S.’ $1.9 trillion stimulus package and hopes for a global economic recovery from COVID-19 grew.

China’s Shanghai Composite edged down 0.18% by 10:02 PM ET (3:02 AM GMT) and the Shenzhen Component was down 0.68%.

Trade data released earlier in the day showed that exports rose 60.6% year-on-year in February, imports rose 22.2% year-on-year and the trade balance was at $103.25 billion. All the metrics were higher than the figures in forecasts prepared by Investing.com as well as January’s numbers.

The annual session of the National People’s Congress, which opened on Friday, also continues.

Hong Kong’s Hang Seng Index slumped 1.16%.

Japan’s Nikkei 225 was up 0.23%, with GDP data to be released on Tuesday. The country extended its state of emergency in Tokyo and surrounding prefectures, originally slated to end on Mar. 7, until around Mar. 21.

Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 1.53% to 3448.23. Hong Kong’s Hang Seng Index was down about 1.10% to 28,795.25.

Japan’s benchmark Nikkei average Nikkei 225 is trading down 0.48 per cent at 28,727.00 on Monday, while the broader TOPIX  100 fell 0.28  per cent to 1,228.89. South Korea’s Kospi was down by 0.95% to 2997.49.

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KOSPI:-

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