Equity markets in Asia closed on a positive note on Tuesday amidst growing hopes of more stimulus measures and expectations from the rate review by the Peoples Bank of China due on Wednesday. Australia’s S&P/ASX200 touched an all-time high. Markets also cheered the global easing in bond yields.
China’s Shanghai Composite Index climbed 0.7 percent to finish trading at 3,346.01. The day’s trading ranged between 3,346.76 and 3,284.13. The Shenzhen Component Index jumped 1.9 percent to close at 10,743.84.
The Japanese benchmark Nikkei 225 Index rose 0.5 percent to close at 38,414.43. The day’s trading range was between 38,560.10 and 38,246.36.
Japan Steel Works topped with a gain of 11.6 percent followed by Fujikura that added 7.2 percent. Ebara Corp. rallied 5.2 percent followed by Nidec Corp. and Panasonic that added more than 4 percent.
Bandai Namco Holdings, Konica Minolta and Astellas Pharma all slipped more than 3 percent. Recruit Holdings and Oriental Land Co. both lost a little less than 3 percent.
The Hang Seng Index of the Hong Kong Stock Exchange added 0.4 percent from the previous close to finish trading at 19,663.67. The day’s trading range was between a high of 19,758.57 and a low of 19,522.59.
The Korean Stock Exchange’s Kospi Index edged up 0.1 percent or 2.88 points to close trading at 2,471.95. The day’s trading range was between 2,479.39 and 2,465.15.
Australia’s S&P/ASX200 Index closed trading at 8,374.00, gaining 0.9 percent and setting a new 100-day high. The day’s trading range was between 8,300.20 and 8,446.40.
Software business Technology One jumped more than 10 percent after reporting an 18 percent profit growth. Sonic Healthcare, Block, and De Grey Mining, all rallied more than 6 percent. ALS followed with gains of 5.7 percent in the day’s trading.
Elders which completed an equity raising plunged more than 10 percent. Neuren Pharmaceuticals and Pilbara Minerals slipped more than 5 percent. Liontown Resources declined 4.1 percent followed by Pexa Group that slipped 3.8 percent.
The NZX 50 of the New Zealand Stock Exchange added 0.4 percent to close trading at 12,816.32, versus the previous close of 12,764.65. Trading ranged between 12,746.55 and 12,840.36.
Healthcare business Pacific Edge topped with a gain of 4.2 percent. Agribusiness Scales Corporation and healthcare business Ryman Healthcare rallied a little less than 3 percent whereas Meridian Energy and Investore Property added a little less than 2 percent.
Synlait Milk topped losses with a decline of 5 percent. KMD Brands erased 2.3 percent. Telecommunications business Spark New Zealand, infrastructure investment firm Infratil, and software business Serko all lost more than 1 percent in the day’s trading.
Wall Street closed on a mixed note on Monday ahead of key earnings updates. The prospect of slower-than-expected rate cuts by the Fed also weighed on sentiment. Nasdaq Composite added 0.6 percent to close trading at 18,791.81 whereas the Dow Jones Industrial Average shed 0.1 percent to finish trading at 43,389.60.
Business News
Positive Trend In Asian Markets
2024-11-19 10:16:29
