Asian stocks gained on Thursday, tracking the Wall Street, which ended overnight on a positive note, bolstered by the surge in quarterly earnings that shifted focus away from macroeconomic headwinds. The spill over of the earnings-led enthusiasm to the Asian bourses is despite concerns on the impact of the lockdowns in China and the interest rate hardening worldwide.
China’s Shanghai Composite Index recovered 17 points or 0.58 percent to finish at 2,975.48. The day’s trading ranged between 2,936.79 and 2,991.51. The Shenzhen Component Index however dropped 0.23 percent to close at 10,628.92.
The Japanese benchmark Nikkei 225 gained 461 points or 1.75 percent to end trading at 26,847.90.
Electrical equipment manufacturer Fujikura was the top gainer with a 15 percent rally. Auto component maker Denso Corp added close to 10 percent. Tokuyama Corp, Daiichi Sankyo and Cyber Agent advanced more than 7 percent from Wednesday’s closing levels.
Technology business Konica Minolta dropped more than 6 percent. Hitachi Construction Machinery and Keisei Electric Railway shed close to 5 percent. Kansai Electric Power and logistics business Nippon Yusen declined more than 3 percent.
The Hang Seng Index of the Hong Kong Stock Exchange gained 250 points or 1.26 percent from the previous close to finish trading at 20,197.00.
Korean Stock Exchange’s Kospi Index added 28 points or 1.1 percent to close at 2,667.49. The day’s trading range was between 2,638.37 and 2667.49.
Australia’s S&P/ASX200 closed trading at 7,356.90 after gaining 96 points or 1.32 percent. Trading ranged between 7261.20 and 7356.90.
Diversified financials business AMP was the top gainer with a 13.2 percent surge after it announced an agreement to sell its international infrastructure equity business and return the proceeds to its shareholders. Mining stock Sandfire Resources added 11.9 percent. Mining business Fortescue Metals Group gained 8 percent. OZ Minerals and Whitehaven Coal also gained close to 7 percent.
Uranium miner Paladin Energy and gold miner Silver Lake Resources dropped more than 6 percent. Healthcare equipment business Polynovo Ltd dropped 4.6 percent. Software business Tyro Payments lost 4.5 percent. EML Payments also declined 3 percent.
The NZX50 of the New Zealand Stock Exchange added 150 points or 1.27 percent to close at 11,875.96. Trading ranged between 11,726.39 and 11,875.96.
Software business Vista Group International and Restaurant Brands NZ were the toppers with gains of 5.6 percent. Tourism Holdings too gained more than 5 percent. Electric utility Vector and healthcare provider Ryman Healthcare added more than 4 percent.
Fonterra Shareholders Fund shed 2.95 percent. Fisher & Paykel Healthcare dropped 1.89 percent. Healthcare provider EBOS Group edged down less than half percent.
The Wall Street had closed mostly positive on Wednesday as upbeat earnings updates lifted sentiment. Nasdaq-100 edged down 0.05 percent to close at 13,003.36 and the Dow Jones Industrial Average gained 0.19 percent to end at 33,301.93.
Business News
Asian Stocks Rebound As Earnings Eclipses Economics
2022-04-28 08:50:12
