Asian stocks rose as IMF announces $50 billion package to fight coronavirus

Asia stocks rose on Thursday after the Dow Jones Industrial Average soared more than 1,000 points overnight stateside.

The International Monetary Fund (IMF) also announced a $50 billion aid package on Wednesday to combat the impact of the coronavirus. IMF Managing Director Kristalina Georgieva told CNBC the money is available “immediately” and is for low-income and emerging market countries.

Stocks in mainland China were among the biggest gainers on the day, with the Shanghai composite up 1.99% to about 3,071.68 while the Shenzhen component added 1.9% to 11,711.37. The Shenzhen composite also gained 1.777% to approximately 1,929.44.

Hong Kong’s Hang Seng index advanced 1.95%, as of its final hour of trading, with shares of life insurer AIA soaring almost 3%.

Shares in Australia also rose as the S&P/ASX 200 jumped 1.11% to close at 6,395.70, with shares of CSL surging 3.51%.

Australia’s January trade data released Thursday came in above expectations. The balance on goods and services came in at a surplus of $5.21 billion Australian dollars (approx. $3.445 billion) on a seasonally adjusted basis, above expectations of a surplus of $4.8 billion Australian dollars in a Reuters poll.

Meanwhile, the country warned on Thursday that the coronavirus crisis will deduct at least half a percentage point from growth in the current quarter, according to Reuters. Australia reported its second death from the disease, and a first from a local transmission.

In Japan, the Nikkei 225 closed 1.09% higher at 21,329.12 while the Topix index also gained 0.88% to end its trading day at 1,515.71. South Korea’s Kospi closed 1.26% higher at 2,085.26 as shares of Celltrion soared 4.3%.

Overall, the MSCI Asia ex-Japan index was 1.26% higher.