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Asian shares down, Australia rebounds after U.S. rout



News Today 2

Stocks in Asia, on Tuesday were mostly lower following another U.S. sell-off, while Australia’s market bounced back after suffering its worst loss in history on the previous day.

Japan’s benchmark Nikkei 225 Stock Average gained 9.49 points, or 0.06 per cent, to close at 17,011.53 after fluctuating for much of the session. The index had fallen 3.66 per cent in the morning.

South Korea’s Kospi Index plummeted 2.47 per cent and the Shanghai Composite index was down 0.34 per cent while the Taiwan Stock Exchange tumbled 2.86 per cent to its lowest point in 14 months.

Australia’s benchmark S&200 index gained 5.83 per cent after falling 9.7 per cent on Monday, while the broader All Ordinaries index also rose sharply by 5.43 per cent after losing 9.52 per cent on the previous day.

Meanwhile, the Philippines’ Stock Exchange (PSE), suspended trading on Tuesday as the government imposed an expanded lock-down on the country’s main island in a bid to contain the spread of the coronavirus disease.

The President and Chief Executive of the Exchange, Ramon Monzon, the suspension of trading will be in effect until further notice to ensure safety of employees and traders in light of the escalating cases of coronavirus.

Meanwhile, share prices plunged 7.92 per cent in shortened trading on Monday, with the main PSE index shedding 458.57 points to close at 5,335.37.

U.S. markets closed sharply down on Monday, with the S&P 500 plunging 11.98 per cent and the Dow Jones Industrial Average lower by 12.93 per cent, just before the Federal Reserve cut interest rates to near zero.

Edited By: Yahaya Isah/Rabiu Sani Ali

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