Asian stocks rose on Tuesday as upbeat Chinese trade data boosted hopes of a quick economic rebound from the pandemic in major Asian economies. Investors also awaited cues from a slew of central bank decisions due this week.
The Reserve Bank of New Zealand’s decision is due Wednesday, while the Bank of Korea and Bank of Japan will announce their decisions on Thursday and Friday respectively.
Chinese shares eked out modest gains as new data showed the country’s exports and imports grew at a much faster than expected pace in June. The benchmark Shanghai Composite index ended up 18.69 points, or 0.53 percent, at 3,566.52.
Exports advanced 32.2 percent year-on-year in June, bigger than the economists’ forecast of 23.1 percent, official data showed. Likewise, imports climbed 36.7 percent on a yearly basis, faster than the expected rate of 30 percent.
Additional data, including Q2 GDP and industrial production figures, will be released on Thursday.
Hong Kong’s Hang Seng index climbed 448.17 points, 1.63 percent, to 27,963.41 as tech stocks surged.
Japanese shares advanced on optimism over corporate earnings growth. The Nikkei average rose 149.22 points, or 0.52 percent, to 28,718.24, while the broader Topix gained 0.73 percent to close at 1,967.64, marking its highest close since June 16.
Shipping firms, securities brokerages and insurers topped the gainers list. Drugstore chain operator Cosmos Pharmaceutical jumped 9.3 percent and home Builder Tama Home surged 17.6 percent after posting upbeat earnings.
Liquor store company Kakuyasu tumbled 3.3 percent as it withdrew its earnings outlook for the current year through March 2022.
Australian shares gave up early gains to end on a flat note amid lingering worries about the spread of the highly contagious coronavirus variants in New South Wales.
Miners extended gains from the previous session, with Rio Tinto rising 0.6 percent and Fortescue Metals Group climbing 2.1 percent. Banks ANZ, Commonwealth and Westpac fell between half a percent and 0.8 percent.
Nearmap soared 14.4 percent after the aerial imagery tech firm said it expects its fiscal 2021 contract value to beat the top end of its upgraded guidance. Other tech stocks finished broadly lower.
Youfoodz shares skyrocketed more than 77 percent after the ready-made meals provider received a 95 cents per share or $125 million bid from global food giant HelloFresh.
Seoul stocks extended gains for the second day on the back of upbeat Chinese trade data and expectations for strong corporate earnings both at home and abroad.
The Kospi average climbed 24.91 points, or 0.77 percent, to 3,271.38 despite concerns about the toughened social distancing measures in the greater Seoul area. Chipmaker SK Hynix rallied 2.5 percent while internet portal operator Naver surged 5.4 percent.
New Zealand shares ended a choppy session higher, with the benchmark NZX 50 index settling up 21.54 points, or 0.17 percent, at 12,784.94.
Overnight, the major U.S. averages rose between 0.2 percent and 0.4 percent to reach new record closing highs, with Tesla and banking stocks gaining ground ahead of the start of earnings season.
Market Analysis
Asian Shares Rise On China Data
2021-07-13 08:40:31
