Asian shares reach low grounds on surging COVID-19 cases
After reaching their milestone peaks recently, Asian share markets recorded a subdued performance on Tuesday. The series of declines followed after investors’ vaccine-driven sentiment was heavily dampened by an upsurge in fresh coronavirus infections and implemented lockdowns.
MSCI’S broadest index of Asia-Pacific shares outside Japan recorded a 0.6% drop to 637.8. The index’s recent record came as its weakest in more than a week after a series of record peaks. Meanwhile, Chinese stocks dropped 0.3% as Hong Kong plunged 0.9%.
Japan and South Korea declined 0.4% and 0.5% respectively as both countries struggle to control their virus records and growing public frustration. More so, the markets made minimal changes even after China’s industrial output advanced in parallel with forecasts.