Asian shares inch up to three-week highs on China’s support measures

SYDNEY- Asian shares recuperated from previous underperformance and managed to go back on track for three-week high as investor sentiment increased on Chinese efforts to minimize the impact of coronavirus contagion. However, Japanese stocks sunk down on risks brought by recession.

Trading activity will ease as U.S. stocks and bond markets will temporarily stop operating on Monday to celebrate a holiday.

MSCI’s broadest index of Asia-Pacific shares outside Japan placed at 557.40, neutral enough from its previous weekly performance of 558.30, the highest record since the latter part of January.

Overall gains were mainly from the help of blue-chip index clocking in 0.4% after Japan central bank cut interest rates and integrated a higher volume of liquidity to their system.

Another factor that heightened market wariness was the announcement from China’s Finance Minister last Sunday that the country’s capital would implement fee cuts and tax roll out. Together with the announcement, coronavirus anxiety still lurked as investors worried on growing cases, which according to current posting reached a 2,048 record from Saturday’s 2,009 tally.