Asian stocks finished mixed amidst gains in Nikkei, Kospi, ASX 200, NZX50, Hang Seng and losses in Shanghai Composite. Japanese shares gained as the economy contracted less than expected. Higher commodity prices lifted Australian mining stocks. New Zealand Index too gained tracking overnight gains in Wall Street, triggered by the strong retail sales numbers. Chinese stock market sentiment was muted amidst an anxious wait to strong policy support from Beijing and hoping for an end to the Covid lockdowns.
China’s Shanghai Composite Index dropped 7 points or 0.25 percent to finish at 3,085.98. The day’s trading ranged between 3,071.30 and 3,105.84. The Shenzhen Component Index lost 0.24 percent to close at 11,203.26.
The Japanese benchmark Nikkei 225 gained 251 points or 0.94 percent to end trading at 26,911.20.
IHI Corp led the gainers charts with an uptick of close to 5.5 percent. Japan Steel Works, Fujitsu, NTT Data Corp and Kobe Steel, all gained more than 4 percent.
Kikkoman Corp lost more than 3 percent. Cyber Agent too declined close to 3 percent. Hitachi Zosen Corp dropped more than 2 percent. Matsui Securities Co and Taiheiyo Cement Corp lost less than 2 percent.
The Hang Seng Index of the Hong Kong Stock Exchange gained 42 points or 0.20 percent from the previous close to finish trading at 20,644.28. The day’s trading range was between 20,389.61 and 20.711.93.
Korean Stock Exchange’s Kospi Index added 5 points or 0.21 percent to close trading at 2,625.98. The day’s trading range was between 2,618.00 and 2644.13.
Australia’s S&P/ASX200 closed trading at 7,182.70 after gaining 70 points or 0.99 percent. The day’s trading was between 7,112.50 and 7,199.00.
Diversified metals and mining business South32 was the top gainer with a 5.4 percent surge. Champion Iron gained 5.3 percent following announcement of plans to acquire a Quebec-based Iron Ore Pelletizing Facility and signing of an MOU with an international steelmaker. Flight Centre Travel Group, Corporate Travel Management, and Paladin Energy, all gained a little less than 5 percent.
Healthcare equipment business Polynovo was the top loser, shedding more than 5 percent. Materials businesses Sims, Boral and Incitec Pivot, as well as retailer Eagers Automotive lost more than 3 percent in the day’s trading.
The NZX50 of the New Zealand Stock Exchange added 120.4 points or 1.08 percent to close at 11,258.28. Trading ranged between 11,137.88 and 11,269.72.
Utilities business Meridian Energy was the top gainer with a 4.7 percent rally. Rubber and polymer business Skellerup Holdings too gained more than 4 percent. Cancer diagnostics company Pacific Edge moved up 3.75 percent. Real Estate Investment Trust Argosy Property, and retirement villages business Oceania Healthcare, both increased more than 3 percent.
Software business EROAD was the biggest loser with a decline of close to 7 percent. Software company Serko dropped more than 4 percent while another software business Vista Group International lost 1.79 percent. Communication services provider Spark New Zealand and Auckland International Airport, both shed less than a percent.
The Wall Street had closed with strong gains on Tuesday as strong retail sales numbers helped ease concerns surrounding economic growth. Data released Tuesday had shown the retail sales in the U.S. increasing 0.9 percent month-on-month in April of 2022, matching the market forecasts. Nasdaq-100 surged 2.6 percent to close at 12,564.10 and the Dow Jones Industrial Average gained 1.34 percent to end at 32,654.59.
Market Analysis
Mixed Sentiments At Asian Bourses
2022-05-18 08:28:32
