HSI Rise In Volatile Session, Asia Extends Retreat

Hong Kong stocks finished Tuesday's early session on a positive note after fluctuating through the morning, but traders are shifting nervously after Wall Street's worst day in 33 years caused by coronavirus fears.

The Hang Seng Index rose 1.1 percent, to 23,306 by the break.

On the mainland, the Shanghai Composite Index was flat, inching up 0.7 points to 2,790, while the Shenzhen Composite Index edged up 0.1 percent, to 1,714.

The Philippines became the first country to shut down its stock market as the country goes into lockdown. The Philippine Stock Exchange and the Bankers Association of the Philippines said the bourse would be closed until further notice.

Seoul, Jakarta and Taipei dropped more than 3 percent. Tokyo ended the morning down 0.5 percent.

Elsewhere, Sydney rose 3.3 percent, a day after crashing 9.7 percent in its worst day on record.

Singapore was slightly lower and Wellington was flat after New Zealand became the latest country to announce monetary support.

"The message from markets is that as much as monetary stimulus is a welcome move, lowering the price of borrowing and increasing liquidity are not enough," National Australia Bank's Rodrigo Catril.

"The required Covid-19 measures are hampering the global economy and with activity grinding to a halt, governments need to step in and provide support. Markets are crying out for more fiscal backing."

Oil prices edged up a little, after Monday's collapse that saw Brent falling more than 12 percent to a four-year low, and WTI sliding below $30 a barrel.

Adding to the weakness in crude markets is the price war between major producers Saudi Arabia and Russia. (AFP)

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