Asia slightly higher despite Wall Street slump, virus fears

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Asian shares were slightly higher Friday despite some investor attention shifting again to the uncertainties in global economies amid the coronavirus pandemic, as reflected in the overnight fall on Wall Street.

Japan's benchmark Nikkei 225 was little changed but inched up less than 0.1% in morning trading to 23,326.00. South Korea's Kospi added 0.3% to 2,412.37. Australia's S&P/ASX 200 was little changed at 5,887.30. Hong Kong's Hang Seng rose 0.2% to 24,398.87, while the Shanghai Composite edged up 0.5% to 3,286.68.

"Hesitations as to whether the U.S. economy can sustain the current pace of recovery amid the lack of additional fiscal policy support and the Fed standing put on stimulus had the market reeling once again," said Jingy Pan, senior market analyst at IG. While the market took more losses Thursday, they selling eased toward the end of the day. The S&P 500 fell 28.48 points to 3,357.01. The Dow Jones Industrial Average lost 130.40 points, or 0.5%, to 27,901.98. It had been down 384 points.

 

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