Asian Stocks Rally Amidst Global Momentum
Asian markets gained on Thursday amidst global bullish sentiment on stocks and other risk assets. Sentiment was boosted by the promise of more stimulus measures from China. Chinese benchmarks, however, pared gains.
China’s Shanghai Composite Index slumped 31.46 points or 1.0 percent to 3,249.03. The day’s trading ranged between 3,231.34 and 3,308.83. The Shenzhen Component Index tumbled 156.98 points or 1.3 percent to close at 11,907.40.
The Japanese benchmark Nikkei 225 Index gained 194.58 points or 0.7 percent to end trading at 27,696.44. The day’s trading range was between 27,597.12 and 27,727.66.
Mitsubishi Motors and Nissan Motor rallied more than 4 percent. Mazda Motor also added 3.7 percent. Kansai Electric Power and NTN Corp. also jumped more than 3 percent.
Sapporo Holdings shed 3.6 percent. Aozora Bank, Pacific Metals Co., Chiba Bank and Shinsei Bank all lost more than 1 percent.
The Hang Seng Index of the Hong Kong Stock Exchange advanced 175.50 points or 0.8 percent from the previous close to finish trading at 20,987.67. The day’s trading range was between a high of 21,306.54 and a low of 20,887.70.
The Korean Stock Exchange’s Kospi Index surged 47.58 points or 2.0 percent to close trading at 2,444.06. The day’s trading range was between 2,442.07 and 2,475.99.
Australia’s S&P/ASX200 Index closed trading at 7,410.30 after gaining 58.10 points or 0.8 percent amidst jobs data that showed unemployment unexpectedly spiked to 3.7 percent, prompting bets of lower-than-expected rate hikes by the RBA. The day’s trading was between 7,351.40 and 7,422.00.
Packaging products business Orora surged 14.8 percent, closely followed by Sonic Healthcare, which added 14.2 percent. Corporate Travel Management rebounded close to 10 percent. Fintech firm Block gained 9.3 percent whereas semiconductor business Brainchip Holdings rebounded 8.8 percent.
AMP plunged 13 percent. Energy business New Hope Corporation, Pro Medicus and Origin Energy all declined more than 3 percent. Northern Star Resources also dropped almost 3 percent.
The NZX 50 Index of the New Zealand Stock Exchange added 74.63 points or 0.6 percent to close at 12,157.75. Trading ranged between 12,045.92 and 12,165.07.
Summerset Group Holdings topped the gainers list with a 3.8 percent jump. Software business EROAD and logistics business Freightways also gained more than 3 percent. Fisher & Paykel Healthcare as well as software business Vista Group International added more than 2 percent.
Polymer business Skellerup Holdings declined 4.4 percent whereas Westpac Banking Corp dropped 3.4 percent. Amidst damages caused by Cyclone Gabrielle, agribusiness Scales Corporation extended losses with a 2.4 percent decline. Synlait Milk dropped 2 percent whereas Fonterra Shareholders Fund lost 1.6 percent.
Wall Street closed on a strong note on Wednesday as a fresh set of data indicated a strong economy. Retail sales jumped 3 percent, more than the expected level of 1.8 percent. The Nasdaq Composite added 0.9 percent to close at 12,070.59 whereas the Dow Jones Industrial Average gained 0.1 percent to finish trading at 34,128.05.
Source: Read Full Article