Asian markets gained amidst optimism over demand boost from China’s reopening and expectations that the Federal Reserve would pursue a softer monetary policy regime. Markets in China and Australia are closed for a holiday. Hang Seng added more than 2 percent in the day’s trade.
The Japanese benchmark Nikkei 225 shed 32 points or 0.12 percent to end trading at 27,362.75 amidst sentiment concerning global economic growth. The Summary of Opinions from Bank of Japan’s January meeting revealed participants debating about inflation outlook as well as the need to keep monetary policy accommodative. The day’s trading range was between 27,284.08 and 27,502.15.
Dai Nippon Printing Co surged 4.3 percent and was the top gainer. Taiheiyo Cement Corp and Sumitomo Osaka Cement Co, both rallied more than 3 percent. Tokyu Fudosan and Nippon Sheet Glass Co, both added more than 2 percent.
Kawasaki Kisen Kaisha Tokyo Electron was the biggest loser with an overnight decline of 4.11 percent. Mitsui O.S.K. Lines shed more than 3 percent. Nippon Yusen K.K., Advantest Corp and Taiyo Yuden also lost more than 2 percent.
The Hang Seng Index of the Hong Kong Stock Exchange added 522 points or 2.37 percent from the previous close to finish trading at 22,566.78. The day’s trading range was between a high of 22,566.78 and a low of 22,329.07.
Korean Stock Exchange’s Kospi Index gained 40 points or 1.60 percent to close trading at 2,468.65. The day’s trading range was between 2,426.40 and 2,468.65.
The NZX 50 of the New Zealand Stock Exchange added 29 points or 0.24 percent to close at 12,023.46. Trading ranged between 11,968.82 and 12,039.58.
Software business Serko that rallied 6.6 percent is the best performer on the Index. Arvida Group that owns and operates retirement villages and care facilities for the elderly gained 3.51 percent. Healthcare business Pacific Edge also rallied more than 3 percent.
Aquaculture farming business Sanford was the biggest laggard with a 3.3 percent overnight decline. Real estate businesses Goodman Property Trust, Property for Industry and Precinct Properties as well as healthcare business EBOS Group declined more than 1 percent.
Mixed sentiment had prevailed in Wall Street on Wednesday ahead of key U.S. data releases viz the GDP readings on Thursday as well as the PCE -based inflation readings on Friday. The Nasdaq Composite shed 0.18 percent to close at 11,313.36 and the Dow Jones Industrial Average edged up 0.03 percent to finish trading at 33,743.84.
Business News
Asian Stocks Rally, Hang Seng Surges More Than 2 Percent
2023-01-26 09:43:43
