Asia stocks mostly higher despite IMF warnings of unprecedented crisis

Stocks in Asia were mostly higher on Wednesday as the International Monetary Fund said the global economy is set to see a more significant contraction than it previously forecast.

Mainland Chinese stocks nudged higher on the day, with the Shanghai composite up 0.14% to about 2,935.87 while the Shenzhen component advanced 0.192% to approximately 11,420.84. Hong Kong’s Hang Seng index rose 0.25%, as of its final hour of trading.

Over in South Korea, the Kospi rose 0.14% to close at 2,141.05. India’s Nifty 50 was 0.24% higher in afternoon trade.

Shares in Japan lagged, as the Nikkei 225 shed 0.56% to close at 22,455.76 while the Topix index declined 0.4% to end its trading day at 1,587.09.

Meanwhile, the S&P/ASX 200 in Australia added 0.83% to close at 5,991.80.

Overall, the MSCI Asia ex-Japan index was 0.34% higher.