Asian stocks hold steady despite investor fears over China virus
Asian shares held steady on Friday as trade slugged toward the Lunar New Year despite growing concerns over the new virus in China. Investors had feared that the coronavirus could spread further as millions travel for the week-long holiday.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1%, while Japan’s Nikkei eased a marginal 0.05%. Meanwhile, Australian stocks also added 0.3%.
The World Health Organization (WHO) labeled the outbreak as an emergency for China after 25 people have died due to it with at least 800 more being infected. As of now, the World Health Organization hasn’t broadened the emergency to the rest of the world, providing enough relief for U.S. markets to advance.
The Nasdaq Composite rose 0.2% to a record closing high, while S&P 500 eased 0.1%. Meanwhile, the Dow Jones Industrial Average added 0.1%.