Asian markets broadly rallied and remained insulated from turbulence in China’s stock markets. Market sentiment in Japan improved considerably after headline inflation slowed to a nine-month low.
However, weak corporate earnings, worries about economic growth as well as concerns about the efficacy and sufficiency of stimulus measures contributed to a sell-off in mainland China and Hong Kong.
China’s Shanghai Composite Index tumbled more than 3 percent to finish trading at 3,267.19. The day’s trading ranged between 3,372.00 and 3,267.19. The Shenzhen Component Index plunged 3.5 percent to close at 10,438.72.
The Hang Seng Index of the Hong Kong Stock Exchange also slumped 1.9 percent from the previous close to finish trading at 19,229.97. The day’s trading range was between a high of 19,711.40 and a low of 19,134.59.
The Japanese benchmark Nikkei 225 Index rebounded 0.7 percent to close at 38,146.98. The day’s trading range was between 38,420.63 and 38,085.13.
Credit Saison surged 6.2 percent. Mitsui Chemicals rallied more than 5 percent. Resonac Holdings Corp., Yokogawa Electric Corp. and Obayashi Corp. all gained more than 4 percent.
Taiyo Yuden, Suzuki Motor Corp. and IHI Corp. all slipped more than 2 percent. Omron Corp. and Isetan Mitsukoshi Holdings both declined more than 1 percent.
The Korean Stock Exchange’s Kospi Index added 0.8 percent to close trading at 2,501.24. The day’s trading range was between 2,492.21 and 2,511.23.
Australia’s S&P/ASX200 Index closed trading at 8,393.80, gaining 0.9 percent from the previous close of 8,323.00 The day’s trading range was between 8,323.00 and 8,416.40.
New Zealand-headquartered The A2 Milk Company surged 13 percent after the company announced plans to pay dividends for the first time in its 20-year history. Deep Yellow rallied 6.3 percent. Paladin Energy, Yancoal Australia and Sigma Healthcare all gained more than 5 percent.
Wisetech Global plunged 12.4 percent after providing its fiscal 2025 revenue guidance. Megaport followed with a loss of 9.5 percent. Pilbara Minerals declined 6.8 percent. Audinate Group slid 5.5 percent whereas NextDC lost 3.7 percent.
The NZX 50 Index of the New Zealand Stock Exchange jumped 2.2 percent to close trading at 13,041.90, versus the previous close of 12,765.24. Trading ranged between 12,765.24 and 13,054.69.
A2 Milk spiked more than 18 percent after the company upgraded its revenue outlook and announced plans to pay dividends for the first time in its 20-year history. EROAD rallied 6.7 percent followed by Fisher & Paykel Healthcare that gained 4.3 percent. Fletcher Building and Kiwi Property Group both gained more than 3 percent.
Oceania Healthcare tumbled 5 percent followed by KMD Brands that declined 4.7 percent. Vital Healthcare Property Trust and Tourism Holdings both lost more than 2 percent. ANZ Group Holdings also shed close to 2 percent in the day’s trading.
Wall Street closed on a positive note on Thursday as markets digested NVIDIA’s earnings report as well as the latest labor market data. The Dow Jones Industrial Average rallied 1.1 percent to finish trading at 43,870.35 whereas the Nasdaq Composite edged up 0.03 percent to close trading at 18,972.42.
Business News
Asian Markets Rally Despite China Sell-off
2024-11-22 10:11:42
