Asian Stocks End Trading On A Positive Note

RTTNews | 964天前

(RTTNews) - Euphoria surrounding the lower-than-expected inflation readings in the U.S. helped most of the Asian benchmarks to finish Wednesday's trading on a positive note. However, caution ahead of key central bank decisions on interest rates and China's covid caseloads kept the gains in check.

China's Shanghai Composite Index edged up 0.2 points or 0.01 percent to finish at 3,176.53. The day's trading ranged between 3,189.83 and 3,168.59. The Shenzhen Component Index lost 2 points or 0.02 percent to close at 11,321.81. Sentiment was impacted by the surge in Covid cases in the country.

The Japanese benchmark Nikkei 225 gained 211 points or 0.75 percent to end trading at 28,165.84. The day's trading range was between 27,993.78 and 28,195.69.

Toray Industries was the biggest gainer with a 6.95 percent uptick. Shin- Etsu Chemical Co gained 3 percent. Mitsui Chemicals, Dentsu and Daiwa House Industry Co, all gained more than 2 percent.

Mitsubishi Motors declined more than 3 percent whereas J. Front Retailing Co shed 2 percent. Hino Motors, Resona Holdings and internet media company CyberAgent, all dropped more than one percent.

The Hang Seng Index of the Hong Kong Stock Exchange added 77 points or 0.39 percent from the previous close to finish trading at 19,673.45. The day's trading range was between a high of 19,859.75 and a low of 19,528.71.

Korean Stock Exchange's Kospi Index gained 26 points or 1.1 percent to close trading at 2,399.25. The day's trading range was between 2,379.44 and 2,400.18.

Australia's S&P/ASX200 closed trading at 7,251.30 after adding 48 points or 0.67 percent. The day's trading was between 7,203.30 and 7,253.50.

Gold miner St Barbara was the biggest gainer with a surge of more than 13 percent. Global fintech company Block added 8 percent. Chalice Mining and battery materials company Novonix rallied more than 6 percent. Asset management business Pinnacle Investment Management Group also gained more than 5 percent.

Biotechnology business Imugene topped the laggards list with a 5.1 percent overnight decline. Beverage business Endeavour Group followed with a 4.3 percent drop. Bendigo and Adelaide Bank shed 3.3 percent. TPG Telecom and farm products business Graincorp, both lost more than 2 percent.

The NZX 50 of the New Zealand Stock Exchange shed 16 points or 0.14 percent to close at 11,585.00. Trading ranged between 11,553.52 and 11,6616.70.

Dairy businesses A2 Milk and Synlait Milk were the top gainers with an uptick of more than 2 percent. Medical care facilities business Ryman Healthcare, medical distribution business EBOS Group and Mainfreight, an integrated freight and logistics business, all gained more than 1 percent.

Farm products business Scales Corporation which recently announced the decision to split annual dividend into 3 payments, extended losses with a more than 7 percent decline. Healthcare business Pacific Edge declined 4 percent whereas electronic components maker EROAD dropped 3.6 percent. Oceania Healthcare that owns and operates retirement villages and care facilities for the elderly and Kiwi Property Group, a real estate investment trust, both declined more than 2 percent.

The positive inflation surprise had lifted the Wall Street higher on Tuesday, with the Nasdaq Composite rallying 1.01 percent to close at 11,256.81 and the Dow Jones Industrial Average adding 0.3 percent to finish trading at 34,108.64.

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