Asia Stocks Reaching One-Week Low amid Rising Covid Cases

Asia Stocks Reaching One-Week Low amid Rising Covid Cases

On Monday, July 19, Asia stocks were down reaching a one-week low. Investors continue to worry about the rising covid infections.

This is alongside inflationary pressure on the global economic recovery which reduced investor sentiment.

In China, the Shanghai Composite Index and Shenzhen Component both crashed 0.31% or 11.15 points to $3,528.16 and 0.09% or 13.84 points to $14,958.38, respectively.

The fall is due to investors being cautious about Chinese stocks amid the government’s tech crackdown.

Also, Japan’s broader TOPIX Index lost 1.38% with a net change of $26.70. This sent the stocks to the bottom at $1,905.49 per share.

Likewise, the Nikkei 225 tumbled 1.29% with a net loss of $360.48 to $27,642.60 per share.

The worst performers which led the benchmark to a downfall include Showa Denko, Ebara, and Hitachi Zosen which all decreased 4.58%, 4.14%, and 3.93%, respectively.

Moreover, Tokyo is already under its fourth state of emergency since the pandemic began as the country’s vaccination rates lagged behind the U.S. and EU.

In the rules of its latest state of emergency, no spectators and international fans will have access inside the capital during the games. However, over 18,000 are expected to come.

So far, more than 45 people who are affiliated with the Olympics have tested positive since early July and there were concerns that this will increase before the competition begins later this week.

Furthermore, the stocks of South Korea’s KOSPI, Hong Kong’s Hang Seng, and Australia’s S&P/ASX 200 Index crashed.

All plummeted 0.92% or 30.31 points to $3,246.60 per share, 1.63% or 455.26 points to $27,549.42 per share, and 0.87% or 64.20 points to $7,283.90 per share, respectively.

Global Stock Market

As Asia Pacific stocks fell, the global stock market also fluctuated.

In the European Union, London’s FTSE 100 Index and FTSE All Share Index both declined 0.06% to $7,008 per share and 0.07% to $4,003 per share, respectively.

Likewise, Germany’s DAX and MDAX Performance Index both slipped 0.57% or 89.35 points to $15,540 and 0.51% or 33.28 points to $6,460, respectively.

At the Paris Stock Exchange, CAC 40 Index also dropped 0.51% with a net change of $33.28. This sent the stocks below at $6,460 per share.

Additionally, in the U.S., the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all dropped 0.86% to $34.688, 0.75% to $4,327, and 0.80% to $14,427, respectively.

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