SINGAPORE — Stocks in mainland China surged as they returned to trade on Friday from holidays.
In early trade, the Shanghai composite jumped 1.34% while the Shenzhen component gained 2.248%.
Data out of China has been watched for clues on the state of the country’s economic recovery from the coronavirus pandemic.
Over in Hong Kong, the Hang Seng index dipped 0.15%. Shares of biopharmaceutical startup Everest Medicines jumped about 30% from their issue price in the opening moments of the market debut in the city. The stock later pared some gains but were still trading more than 25% higher.
In Japan, the Nikkei 225 dipped 0.1% while the Topix index was 0.49% lower.
Meanwhile, shares in Australia nudged lower, with the S&P/ASX 200 down 0.14%.
Markets in South Korea and Taiwan are closed on Friday for holidays.
Investor focus was also likely be on ongoing developments regarding potential new fiscal stimulus stateside. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke on Thursday about a broad coronavirus stimulus plan, after U.S. President Donald Trump pulled out of talks earlier in the week and called for stand-alone bills.
- China’s Caixin/Markit services Purchasing Managers’ Index for September came in at 54.8, above the 50 level that separates expansion and contraction.
- Investor focus will also likely be on ongoing developments regarding potential new fiscal stimulus stateside.
- Markets in South Korea and Taiwan are closed on Friday for holidays.
- Overnight stateside, the Dow Jones Industrial Average touched its highest level in a month.
Source CNBC