Asia-Pacific markets set for cautious trade, Australian shares struggle for gains

Asia-Pacific markets set for cautious trade, Australian shares struggle for gains

An electronic board displays stock information at the Australian Securities Exchange, operated by ASX Ltd. on March 16, 2020 in Sydney, Australia.

SINGAPORE “” Asia-Pacific markets traded mixed on Thursday, despite a relatively strong finish on Wall Street overnight after U.S. lawmakers passed a $1.9 trillion coronavirus relief package.

Australian shares fell as the benchmark ASX 200 traded down 0.6%, with most sectors down in the red. The heavily-weighted financials subindex lost 0.59% while the materials sector tumbled 1.29%. Shares of major miners Rio Tinto, Fortescue and BHP fell 1.23%, 1.77% and 2.73%, respectively, while banking stocks also declined.

The Nikkei 225in Japan rose 0.33% while the Topix index added 0.16%. The Japanese market in recent sessions has struggled to hold onto gains.

In South Korea, the Kospi rose 1.21%, buoyed by tech names. Shares of Samsung rose 1.11%, SK Hynix advanced 3.38% and LG Electronics rose 2.46%. Elsewhere, the Kosdaq index added 0.76%.

Overnight in the U.S., the passing of the new stimulus package spurred investors to snap up stocks that will be boosted by a faster recovery from the pandemic. The Dow Jones Industrial Average rose more than 400 points while bond yields fell.

President Joe Biden hopes to sign the relief bill on Friday.

Investors