Asian Stock Market: Falls for the second day on risk-off mood

• Asian stocks fell straight for the second day amid concern of rising COVID-19 infections.
• US dollar gains as risk-sentiment deteriorate despite Fed’s cautious outlook on economic recovery.
• China’s State Council proposes increased support for the economy, signaling RRR cuts.

Asia-pacific stocks fell on Thursday diverting from Wall Street. Investors avoid riskier assets amid heightened market volatility on the fear of rising coronavirus infections in the region.

MSCI’s broadest index of Asia-pacific shares outside Japan fell 1% to its lowest level since late May.

Investors remain cautious as Chinese tech stocks in Hong Kong came under selling pressure amid regulatory fears.

Hong Kong’s Hang Seng Index lost 1.9% for the eighth consecutive trading session.

Japan’s Nikkei dropped 0.72%, Topix declined 0.42%. South Korea’s Kospi fell 0.61%.

The Japanese government is set to declare another COVID-19 state of emergency in Tokyo until August 22. South Korea recorded the highest daily coronavirus infections since the pandemic hit the country.    

The Shanghai Composite lost 0.57%, and ASX 200 advanced 0.1%.

The US Dollar, which tracks the greenback performance against its six major rivals, traded at 92.75 with 0.12% gains.