Stocks in Asia jumped in Wednesday afternoon trade, with optimism over the reopening of economies as authorities ease coronavirus-induced lockdown measures continuing to keep investor sentiment afloat.
Over in South Korea, the Kospi led gains among the region's major markets as it rose 2.86%, with shares of industry heavyweight Samsung Electronics skyrocketing around 6%. The moves came after South Korea on Wednesday unveiled a 35.3 trillion won ($29 billion) supplementary budget, raising the total stimulus to 270 trillion won as it battles the economic hit from the coronavirus pandemic, according to Reuters.
Japan's Nikkei 225 also saw decent gains as it advanced 1.04%. The Topix index added 0.52%.
In Hong Kong, the Hang Seng index rose 1.2% by the afternoon as shares of Chinese tech juggernaut Alibaba soared 4.4%. Stocks in mainland China also advanced, with the Shanghai composite up 0.51% while the Shenzhen component edged 0.618% higher.
Shares in Australia also saw gains, with the S&P/ASX 200 up 1.35%. Australia's GDP fell 0.3% in seasonally adjusted terms during the March quarter, according to data released Wednesday by the country's Bureau of Statistics.
Bank stocks in Asia Pacific also jumped amid the investor optimism. In Hong Kong, shares of HSBC gained 1.75% while China Construction Bank rose 0.63%. Meanwhile, Shinhan Financial Group's stock in South Korea soared 10.63%. Over in Singapore, DBS Group surged 4.35% while Oversea-Chinese Banking Corporation gained 2.25%. Commonwealth Bank of Australia and Westpac in Australia jumped 2.94% and 4.01%, respectively.
Overall, the MSCI Asia ex-Japan index rose 1.64%.
Markets in Thailand are closed on Wednesday for a holiday.
Developments surrounding the reopening of economies likely continued to be monitored by investors on Wednesday.
"Investor remain on an optimistic mood, squarely focused on the prospect of economies reopening supported by COVID-19 stats that broadly speaking continue to suggest reopening plans remain on track," analysts at National Australia Bank wrote in a note.
Still, Nikko Asset Management's John Vail warned that the market may have gotten ahead of itself.
"We've been positive on the market since mid-March but certainly … all of them have shot way beyond … our targets," Vail, who is chief global strategist at the firm, told CNBC's "Squawk Box" on Wednesday.
"It does look like enthusiasm should be dialed down quite a bit for the market," Vail said, adding that the upcoming second quarter "earnings warning season" is likely to feature "more negative ones than positive ones."
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.417 after weakening in recent days following levels above 99.4 seen last week.
The Japanese yen traded at 108.56 per dollar after seeing an earlier low of 108.84. The Australian dollar changed hands at $0.6938, continuing its rally from levels below $0.68 seen earlier this week.
Oil prices jumped in the afternoon of Asian trading hours, with international benchmark Brent crude futures up 1.21% to $40.05 per barrel. U.S. crude futures also rose 2.01% to $37.55 per barrel.
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June 03, 2020 at 11:46AM
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South Korea jumps nearly 3% as optimism over reopening economies buoys investor sentiment in Asia - CNBC
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