Asian stocks slip over mounting second-wave COVID-19 fears

Asian stocks mostly traded low earlier on Monday after a surge of COVID-19 cases in several countries during the weekend brought about fears of a second wave.

China’s Shanghai Composite increase by 0.01% at 10:33 PM ET (3:33 AM GMT), recovering gains lost in the previous session. Meanwhile, the Shenzhen Component was up by 0.35%, also reclaiming lost ground from the previous session.

China reported a second outbreak in Beijing during the weekend which had led to the closing of the area including 11 other districts. On June 13, 57 new cases were reported, making it the highest since April.

In Tokyo, 47 new cases were reported with a majority originating from nightclubs and bars, which had reopened after lockdown measures eased.

The number of global cases has since surged near 8 million as of June 15, according to data from Johns Hopkins University.

Hong Kong’s Hang Seng Index lost 0.53%, while South Korea’s KOSPI slid 0.29%.

Meanwhile, Japan’s Nikkei slipped by 0.81% a day ahead of a Bank of Japan’s policy meeting scheduled to be announced on Tuesday.

Down Under, the ASX200 fell by 0.24%.