Hang Seng Index sees 4.4 per cent monthly gain in April after dreadful March; Asia stocks rise on hopes in coronavirus war
- WH Group tumbles as US meat supply is threatened by virus
- South Korea’s factory output surges at fastest pace in 11 years
Hong Kong finished its last trading session of April, delivering a monthly gain of 4.4 per cent. That was a huge swing from last month’s plunge, with sentiment improving that the world’s economies will find their way out of coronavirus-sparked turmoil.
Most Asia-Pacific stocks gained Wednesday on cautiously positive sentiment that steps by governments around the globe to ease lockdowns will not set off a new deadly round of the respiratory illness.
Overall, sentiment in recent weeks has shifted away from the deep fear that sent the world’s markets on scary roller-coaster rides. As the end of April nears, Asia markets are flirting with bull territory, charging from a bottom up nearly 20 per cent. The MSCI Asia-Pacific Index has rebounded about 19 per cent from its March 23 low and is close to hitting that 20 per cent bar.
The Hang Seng Index has bounced back 13.6 per cent as of Wednesday’s close from its March 23 low. Hong Kong is on holiday Thursday and Friday, and its markets will be closed.