HSI futures suggest index will open higher
Hang Seng Futures suggest the Hong Kong index will open higher on Wednesday morning.
Prior to market open, Hang Seng Futures are trading 333 points higher, up 1.4%, as of 02:02 (HKT) on Wednesday.
The strength of pre-market trading suggests that the Hang Seng Index (HSI) will open a touch higher on Wednesday’s session.
The HSI closed 200 points higher on Tuesday to 23,263, up 0.86%.
HSI finds support after slipping into bear market
Hong Kong’s stock market has finally found a degree of support on Tuesday, after sliding into a bear market last week, with the index down 20% since the beginning of January amid coronavirus concerns.
Shares in mainland China close lower
Outside of Hong Kong, shares in mainland China closed lower on Tuesday, with the Shanghai composite sliding 0.34% to 2779.
The Shenzhen composite also edged lower too, with the index down 0.43% to 1704.
Elsewhere in Asia, Japan’s Nikkei 225 closed marginally higher to 17,011, while South Korea’s Kospi closed 2.47% lower at 1672.
Philippines suspends stock market over Covid-19
Meanwhile, the Philippines halted trading at its stock exchange 'until further notice'.
In a statement by the Philippine Stock Exchange, it said trading was suspended ‘to ensure the safety of employees and traders in light of the escalating cases of the coronavirus disease’.
The news will prompt investors to speculate whether stock exchanges in Europe and the US will opt to suspend trading if central banks’ emergency measures fail to quell the economic impact of the coronavirus.
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