Asian stocks closed higher on Tuesday (17), as signs of progress in the Covid-19 situation in Shanghai overlapped with fears of a slowdown in the Chinese economy.
In mainland China, the Shanghai Composite index rose 0.65% to 3,093.70 points, while the less comprehensive Shenzhen Composite rose 0.73% to 1,940.05 points.
Automaker stocks led the gains, amid an assessment that the sector is starting to recover from supply problems caused by the pandemic.
In Shanghai, businesses continue to gradually reopen as the number of new cases of Covid-19 infection in the biggest Chinese city has been falling steadily for more than two weeks.
Progress in fighting the disease dampened concerns over China’s April industry and consumption figures, which came in well below expectations.
Chinese officials also pointed to signs that activity in the world’s second-largest economy has picked up steam again this month.
Elsewhere in Asia, the Hang Seng jumped 3.27% in Hong Kong today to 20,602.52 points, the Japanese Nikkei gained 0.42% in Tokyo to 26,659.75 points, the South Korean Kospi advanced 0 92% in Seoul, at 2,620.44 points, and Taiex rose 0.98% in Taiwan, at 16,056.09 points.
In Oceania, the Australian stock exchange followed the positive tone of the Asian markets, with a 0.27% gain in the S&P/ASX 200 in Sydney, at 7,112.50 points.
Source: CNN Brasil
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