Asian Stocks Trade Mixed As Earnings And Inflation Swing Sentiment

(RTTNews) - Asian stocks finished mixed with the benchmarks in Japan, Australia and New Zealand tracking Tuesday's positive sentiment at Wall Street. Stock market performance in China, Hong Kong and South Korea was negative amidst concerns over inflation and economic growth.

China's Shanghai Composite Index dropped 37 points or 1.19 percent to finish at 3,044.38. The day's trading ranged between 3,044.38 and 3,081.39. The Shenzhen Component Index also lost 1.4 percent to close at 11,027.24.

The Japanese benchmark Nikkei 225 rallied 101 points or 0.37 percent to end trading at 27,257.38. The day's trading range was between 27,192.79 and 27,371.38.

Softbank Group Corp was the biggest gainer with a 3.7 percent uptick. Tokyo Electric Power Co, Tokyo Gas Co, Kansai Electric Power Co and Osaka Gas Co also rallied more than 2 percent.

Credit Saison Co was the biggest loser with a decline of more than 7 percent. Konami Corp lost 3.3 percent. TDK Corp, J. Front Retailing Co and Chugai Pharmaceutical Co, all declined more than 1 percent.

The Hang Seng Index of the Hong Kong Stock Exchange shed 403 points or 2.38 percent from the previous close to finish trading at 16,511.28. The day's trading range was between a high of 16,923.12 and a low of 16,508.37.

Korean Stock Exchange's Kospi Index shed 13 points or 0.56 percent to close trading at 2,237.44. The day's trading range was between 2,234.59 and 2,266.80.

Australia's S&P/ASX200 closed trading at 6,800.10 after adding 21 points or 0.31 percent. The day's trading was between 6,777.50 and 6,822.20.

Core Lithium added 8.24 percent. Pilbara Minerals, financial services business Pendal Group, integrated resorts business Star Entertainment Group and mining stock IGO, all rallied more than 5 percent.

Technology business Megaport plunged more than 22 percent following its first quarter update. Software business Nuix declined more than 6 percent, whereas Zip dropped 5.9 percent. Gold miners St Barbara as well as Resolute Mining have both declined more than 4 percent in the day's trade.

The NZX 50 of the New Zealand Stock Exchange added 69 points or 0.64 percent to close at 10,916.65. Trading ranged between 10,841.94 and 10,930.68.

Logistics business Freightways is the top gainer with a 5.9 percent overnight rally. Utilities business Genesis Energy, building materials business Fletcher Building and healthcare business EBOS Group have also rallied more than 2 percent. Contact Energy, another utilities business, follows with gains of little less than 2 percent.

Healthcare business Pacific Edge declined as much as 5.3 percent in the day's trading. Arvida Group that owns and operates retirement villages and care facilities for the elderly, followed with losses of more than 3 percent. Goodman Property Trust declined 2 percent. Aquaculture farming business Sanford as well as Oceania Healthcare that owns and operates retirement villages and care facilities for the elderly shed more than 1 percent in the day's trading.

The Wall Street had also closed with gains on Tuesday amidst strong earnings updates. Nasdaq Composite added 0.90 percent to close at 10,772.40 whereas the Dow Jones Industrial Average rallied 1.12 percent to finish trading at 30,523.80.