Asian Markets Mostly Rebound

RTTNews | 198 days ago

(RTTNews) - Asian markets mostly staged a smart rebound on Tuesday after a massive sell-off a day earlier. Japanese markets that were closed on Monday however traded in negative territory.

China's Shanghai Composite Index jumped 2.5 percent to finish trading at 3,240.94. The day's trading ranged between 3,245.22 and 3,159.43. The Shenzhen Component Index closed 3.8 percent higher at 10,165.17. The gain is attributed to reports of a gradual hike in tariffs by the incoming U.S. administration.

The Japanese benchmark Nikkei 225 slipped 716 points or 1.83 percent to close at 38,474.30. The day's trading range was between 39,054.35 and 38,305.91. M3 gained 3.2 percent. Pacific Metals Co, Konica Minolta, Aeon Co and Idemitsu Kosan Co, all gained more than 2 percent.

Semiconductor business Advantest Corp slipped 9.2 percent. Fujitsu and Furukawa Electric Co both declined close to 5 percent. Lasertec Corp and Sapporo Holdings, both erased more than 5 percent.

The Hang Seng Index of the Hong Kong Stock Exchange rallied 346 points or 1.8 percent from the previous close to finish trading at 19,219.78. The day's trading range was between a high of 19,318.36 and a low of 18,901.56.

Korean Stock Exchange's Kospi Index gained 8 points or 0.31 percent to close trading at 2,497.40. The day's trading range was between 2,482.74 and 2,504.89.

Australia's S&P/ASX200 closed trading at 8,231.00, adding 39 points or 0.48 percent from the previous close of 8,191.90. The day's trading range was between 8,191.90 and 8,253.80.

Ingenia Communities Group topped gains with a surge of more than 15 percent following an upward revision to earnings guidance. Casino operator The Star Entertainment Group extended gains with a rally of 12 percent. Whitehaven Coal and Tabcorp holdings added more than 6 percent followed by Johns Lyng Group that rallied a tad below 6 percent.

Software business Life360 extended losses with a decline of close to 4 percent. West African Resources and Qantas Airways, both declined more than 2 percent. Pinnacle Investment Management Group and Eagers Automotive lost more than 1 percent.

The NZX 50 of the New Zealand Stock Exchange rallied 57 points or 0.44 percent to close trading at 12,884.38, versus the previous close of 12,827.33. Trading ranged between 12,795.82 and 12,895.47.

EROAD, KMD Brands and Mercury NZ rallied more than 2 percent. Fisher & Paykel Healthcare as well as Sanford followed with gains of more than 1.8 percent. Serko and Sky Network Television, both declined more than 25 percent. Meridian Energy, Vista Group International as well as Restaurant Brands New Zealand declined more than a percent.

Wall Street had closed on a mixed note on Monday amidst interest rate worries, rising bond yields and anxiety ahead of Wednesday's CPI update. The Dow Jones Industrial Average rallied 0.86 percent to finish trading at 42,297.12. The Nasdaq Composite however slipped 0.38 percent to close trading at 19,088.10.

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