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Coronavirus-Asia markets rise as US agrees stimulus package

Komal FatimaWeb Editor

25th Mar, 2020. 02:47 pm
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PSX update today 8th April 2020

President Donald Trump and the US Senate have approved an economic relief package worth more than $1.8 trillion, making Asian shares higher.

International news agency BBC stated that the Market had speeded on Wall Speed and in London in anticipation of a deal being struck.

Japan’s benchmark Nikkei 225 index was up 7.9% on Wednesday following news of the relief deal.

The package includes money to bail out industries that have been affected by the crisis.

BBC stated that the Dow Jones in the US Industrial Average saw its biggest one-day gain since 1933 on Tuesday, surging 11.4% although the deal had not yet been signed.

In Asia, the Hang Seng index in Hong Kong rose 3.1%, and China’s Shanghai Composite was up by 2% in Wednesday’s trading session.

“It’s good news, but we’re not out of the woods yet, ” said Tom Stevenson, investment director at fund manager Fidelity International.

“When markets are falling, you get these big rallies but you shouldn’t get stuck on that. They do bounce around in these situations.”

It continues a period of unprecedented volatility as markets react wildly to the economic impact of the coronavirus pandemic.

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