The Chinese stock markets recovered somewhat on Tuesday after the fall of the day before. The other Asian stock markets also improved. Investors kept a close eye on developments regarding the outbreak of the new corona virus in China. The death toll in China has now risen to 425 people and the number of infections has risen to more than 20,000. Hong Kong reported the first coronavirus death in the city. It is the second death of the virus outside of China. A Chinese man who had traveled to the Philippines earlier died of the virus.
The stock market degree meter in Shanghai was 1.1 percent in the plus and the stock market in Shenzhen won 2.9 percent. The Chinese stock markets plummeted around 8 percent on Monday on the first trading day after the extended holiday period. The Chinese central bank has pumped billions into the economy and cut interest rates on corporate loans to reduce the economic impact of the corona virus and analysts expect the bank to take even more stimulus measures.
In Hong Kong, where the authorities closed most border crossings with the rest of China, the Hang Seng index increased by 1.1 percent. The Chinese internet companies Tencent and Alibaba won 2.2 and 3.2 percent respectively. The Chinese casino companies, on the other hand, were under pressure after reports that the casinos in Macau might remain closed for two weeks.
The Nikkei in Tokyo finished 0.5 percent higher at 23084.59 points. The Kospi in Seoul gained 1.8 percent. The All Ordinaries in Sydney closed with a gain of 0.4 percent after the decision of the Australian central bank to leave interest rates unchanged at 0.75 percent.