Stock market investors across Asia are buying the dip in early trade on Wednesday, mirroring the price action seen on Monday following Wall Street’s late plunge last Friday.
Here’s the scoreboard as at 1pm in Sydney.
Australia ASX 200 5800.00 , -0.55%
NZ NZX 50 8388.76 , -1.40%
Japan TOPIX 1687.92 , -1.70%
Shanghai Comp 3160.32 , -0.20%
Shenzhen Comp 1822.23 , -0.41%
HK Hang Seng 30488.65 , -0.98%
Sth Korea KOSPI 2421.08 , -1.26%
Sinagpore STI 3406.27 , -0.96%
Taiwan TAIEX 10899.22 , -0.80%
Philippines PSI 7995.74 , -0.64%
Malaysia KLCI Index 1859.13 , -0.18%
S&P 500 Futures 2623.75 , 0.31%
Most markets are well off their session lows, performing significantly better than US indices on Tuesday which closed down, nursing losses of between 1.4% and 2.9%.
The dip-buyers are also out in force in currency markets with the dollar sliding lower against all bar the Japanese yen.
AUD/USD 0.7694 , 0.22%
NZD/USD 0.7270 , 0.04%
USD/JPY 105.61 , 0.27%
USD/CNY 6.2760 , -0.03%
USD/HKD 7.8460 , -0.01%
USD/KRW 1068 , -0.54%
USD/SGD 1.3076 , -0.15%
USD/TWD 29.12 , -0.22%
US Dollar Index 89.30 , -0.08%
Sentiment across the region may have been helped by news that North Korean leader Kim Jong-un is “committed to denuclearisation” on the Korean Peninsula, according to reports in Chinese media.
While undoubtedly a good thing, it’s not exactly “new” news with similar statements heard over a month ago.
For the moment, it appears investors don’t believe the late carnage on Wall Street on Tuesday will continue into Wednesday trade, as was the case earlier this week when US stocks soared after getting smoked on Friday.
After finding support below the 2,600 point level in each of the past three sessions, the performance of the S&P 500 later today will likely determine whether the dip-buying mentality in Asia seen today is wise.
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