The Asian and Pacific Rim markets were mostly mixed on Tuesday. Traders are watching Covid-19 (coronavirus) headlines as the global death toll has exceeded one million. There is also a major initial public offering (IPO) on the Hong Kong exchange.
The American based ZTO Express debuted in Asia today and its shares soared higher on the Hang Seng index. Overall the Hang Seng index fell a quarter of a percent.
On the mainland, in China, the headline Asian equity bourses gained ground. The Shanghai composite rose 0.52 percent and the Shenzhen component was up 1.18 percent.
In South Korea, the Kospi composite index rose 0.99 percent and elsewhere in the Asian and Pacific Rim, the Australian ASX 200 was up a fraction of a percent.
In Japan, the benchmark Nikkei 225 reversed early losses to gain 0.14 percent and in Tokyo, the Topix index gave up over 0.2 percent.
Asian Traders Monitor Covid-19 News as the Death Toll Rises
The global coronavirus death toll has now exceeded one million. The pandemic continues to weigh on sentiment and slow attempts of an economic recovery.
According to data released by John Hopkins University, about half of those who have died are in just four countries. These countries are the United States, Brazil, India and Mexico. Traders worry about a second wave hitting the European Union, United Kingdom and the United States. Israel is the first country to issue a second nationwide lockdown to stem the contagion.
ZTO Express Debuts Trading on the Hang Seng Index
Shares of logistics provider ZTO Express surged after the opening bell on the Hong Kong index, Hang Seng. The company’s shares rose ten percent to fetch 218 Hong Kong dollars ($28.13) per share
The company saw its price pare some gains but was still up nine percent by the late afternoon. This is the latest American based company to trade in Hong Kong.