China, Hong Kong, Japan, Malaysia, South Korea and Taiwan ended lower while Australia bucked the trend. The ASX 200 had its biggest single-day jump on record, advancing 339 points or 7 per cent to 5,181.40 after Canberra committed A$130 billion to supporting its economy.
Oanda Asia-Pacific senior market analyst Jeffrey Halley said:"The sad reality is that until the world starts making evidential progress in the fight against Covid-19, and by that, I mean the United States and Europe, pricing in a V-shaped recovery in asset markets remains delusional hype at best, or reckless stupidity at worst."
Meanwhile, Singapore Airlines stock continued to fall after announcing a massive cash call last Thursday. The national carrier closed S$0.28 or 4.6 per cent lower at S$5.80.On Monday, the transport operator revealed that it is spending S$80 million to extend its daily rental relief for taxi drivers until Sept 30 due to the worsening situation surrounding Covid-19. This will send its taxi business into the red for FY2020, the company added.
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