Asian Shares KickOff Week on Cautious Note as COVID19 Cases Spike

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SYDNEY, June 28 Businesshala Asian stocks got off to a cautious start on Monday, with Chinese markets steadfast as a spike in coronavirus cases across the region hurt investor sentiment over the weekend, while oil hovered around 210. Hovered. Height of 2 years.

MSCIs broadest index of AsiaPacific shares outside Japan was weaker at 702.57. Australian shares .AXJO slid 0.2. South Koreas benchmark KOSPI .KS11 was barely changed, as was Japans Nikkei .N225.

Investors were worried about a spike in coronavirus infections in Asia, with Sydney, Australias most populous city, following a cluster of cases linked to the highly contagious Delta strain balloon.

Indonesia is battling with a record high number of cases while the lockdown in Malaysia is set to be extended. Thailand also announced new restrictions in Bangkok and other provinces.

Chinese shares were a touch higher with the CSI300 index .CSI300 up 0.2. Data from the weekend showed profit growth in Chinas industrial firms slowed again in May as rising raw material prices dented margins and impacted factory activity.

Investors will keep a close eye on Chinas official factory activity scheduled for Wednesday. Manufacturing readings are expected to slow to 51 to 50.7. The private sector Caixin Manufacturing PMI will follow later in the week….

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