Asian markets were higher today, partly on bargain-hunting from the recent global market falls amid continuing pessimism about the coronavirus pandemic.

Japan’s benchmark Nikkei 225 surged 2.1 per cent in morning trading to 28,412.06.

South Korea’s Kospi gained 1.1 per cent to 3,169.67, Hong Kong’s Hang Seng jumped 1.3 per cent to 28,551.53, while the Shanghai Composite inched up nearly 0.1 per cent to 3,519.58.

Regional markets shrugged off the latest gross domestic product data out of Japan, showing the world’s third-largest economy contracted at an annualised rate of 5.1 per cent in January-March, its worst pace since World War II. Analysts had expected the GDP results and don’t see the situation improving soon.

Yeap Jung Rong, market strategist at IG in Singapore, said Asian markets were seeking “to rebound from weakness over concerns on virus resurgences.”

Although Asia has fared better in curbing infections and COVID-19 related deaths, compared to the US and parts of Europe, worries have been growing about recent surges in coronavirus cases.

US stocks slipped on Monday, tacking more losses onto last week’s stumble, as worries about inflation continue to dog Wall Street.

The S&P 500 dipped 10.56, or 0.3 per cent, to 4,163.29, with tech stocks and other former market darlings once again taking the brunt of the losses. The benchmark index is coming off a 1.4 per cent weekly drop from its record high, which would have been even worse if not for a late rebound.

The Dow Jones Industrial Average fell 54.34, or 0.2 per cent, to 34,327.79, while the Nasdaq composite lost 50.93, or 0.4 per cent, to 13,379.05.

AP