Asian Daily Market Review 23.03.20

Asian markets are trading broadly lower again on Monday as coronavirus uncertainty continues to roil investor confidence and in response to the failure of the U.S. to pass a fiscal stimulus package over the weekend.

Australia’s S&P/ASX 200 is leading the charge lower with a drop of 7.4% in morning trade. The big four banks are taking another heavy hit today as ANZ drops 9.9%, NAB is sliding 10.8% lower, Commonwealth Bank is falling 8.8%, and Westpac has a 10.6% loss.

Mainland China’s Shanghai Composite has opened to a loss of 2.1% and the smaller-cap Shenzhen Composite is down 2.4% despite the apparent drop in new coronavirus cases in the country. Meanwhile, over in Hong Kong, the Hang Seng is down 4% in early trade as the city has seen an increase in its own cases.

Japan’s Nikkei is bucking the falling trend and trades 0.4% higher heading into the lunch break. Japan’s Prime Minister has said for the first time today that the summer Olympics scheduled to begin in July in Tokyo may need to be postponed. That comes as athletes from around the world have said they are unable to train properly, and after Canada announced overnight that they would not be sending their athletes to the Olympics if it does begin in July.

In South Korea, the Kospi is 4.9% lower, while Taiwan’s Taiex has an early loss of 3.4%.

Southeast Asian markets are also falling broadly, with the Straits Times in Singapore 7% lower as coronavirus cases there have increased, while Malaysia’s KLCI is 3.3% lower and the Jakarta Composite in Indonesia is falling 3.8%.

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