Fri, 14 Aug 2020

SYDNEY, Australia - Buyers swamped mainland China's stock exchanges on Monday pushing the main share index more than 5% higher.

Stocks in Hong Kong too were in demand with the Hang Seng jumping 966 points.

China with the biggest population on earth was the first nation to bring the dreaded coronavirus under control while other major nations worldwide are seeing major surges.

"We advise against regarding uncertainty as a reason for exiting markets. Instead, we see ways for investors to cope with uncertainty - including averaging into markets - or even take advantage of volatility," Mark Haefele, chief investment officer at UBS Global Wealth Management told Reuters Thomson Monday.

Tokyo's Nikkei 225 also tacked on to the buying spree, sending the key index up 407.96 points or 1.83% to 22,714.44.

The Australian All Ordinaries however skipped the party, with the key index losing 37.80 points or 0.61% to 6,125.90.

The closing numbers in China for the Shanghai Composite saw a 180.07 points or 5.71% gain to 3,332.88.

The Hang Seng closed 966.04 points or 3.81% higher at 26,339.16.

The U.S. dollar buckled. The euro climbed to 1.1285. The British pound closed in Sydney Monday around 1.2500. The Swiss franc firmed to 0.9422.

The Canadian dollar was slightly stronger at 1.3550, but the Australian and New Zealand dollars, both being major exporters to China, jumped sharply to 0.6961 and 0.6535 respectively.

The Japanese yen was little changed at 0.6535.

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