Markets in retreat after latest stocks surge | Malay Mail

A photographer takes pictures of the German share price index board at the stock exchange in Frankfurt, Germany, February March 9, 2020. — Reuters pic

After the latest advances, which saw Shanghai hit a two-year high and the Nasdaq on Wall Street end at another record, dealers stepped back and took profits. In afternoon trade Hong Kong shed 0.5 per cent, having climbed more than eight per cent over the previous four trading days, while Tokyo, Seoul, Singapore, Taipei and Manila were also in negative territory.But Shanghai rose 0.4 per cent, having surged almost six per cent yesterday as retail investors piled back into the market.

“Instead, they are listening to the enthusiastic chorus from the nation’s influential state media, which are universally singing bullish from the same song page.”Wellington and Bangkok also rose. “Investors have recognised that as bad as the economy in the US is, it’s not as bad as what people thought it would look like in March and April,” said Nancy Prial at Essex Investment Management.

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