Asian Stocks Extend Gains

(RTTNews) - Asian markets gained further on Friday as risk-on sentiment was boosted following better-than-expected GDP data from the U.S. on Thursday. Recession worries waned as the economic growth data from the world's largest economy did not imply an imminent and immediate recession. Markets in China remain closed for a holiday.

The Japanese benchmark Nikkei 225 added 20 points or 0.07 percent to end trading at 27,382.56. The day's trading range was between 27,326.91 and 27,452.67.

Shin-Etsu Chemical Co surged 4.1 percent and was the top gainer. Yaskawa Electric Corp rallied more than 3 percent. Chiba Bank, Rakuten Inc, and Mizuho Financial Group, all rallied more than 2 percent.

Nippon Yusen K.K., Mitsui O.S.K. Lines and Kawasaki Kisen Kaisha, all rallied more than 3 percent. Fuji Electric and Olympus Corp recorded gains of more than 2 percent. The Hang Seng Index of the Hong Kong Stock Exchange added 122 points or 0.54 percent from the previous close to finish trading at 22,688.90. The day's trading range was between a high of 22,700.85 and a low of 22,483.78.

Korean Stock Exchange's Kospi Index gained 15 points or 0.62 percent to close trading at 2,484.02. The day's trading range was between 2,464.53 and 2,497.40.

Australia's S&P/ASX200 closed trading at 7,493.80 after adding 26 points or 0.34 percent amidst data that showed a surge in inflation. The day's trading was between 7,468.30 and 7,508.50.

Software business Megaport is the biggest gainer with a surge of more than 7 percent. Mining business Liontown Resources rallied 5.2 percent whereas Karoon Energy added 4.3 percent. Bluescope Steel and software business Wisetech Global gained more than 2 percent.

Energy business New Hope Corporation declined more than 9 percent. Whitehaven Coal dropped 6.6 percent. Regis Resources, Chalice Mining, and Pilbara Minerals, all dropped more than 4 percent.

The NZX 50 of the New Zealand Stock Exchange added 13 points or 0.10 percent to close at 12,036.05. Trading ranged between 12,009.55 and 12,071.24.

Restaurant Brands NZ and Ryman Healthcare, both added 3 percent. Aquaculture farming business Sanford and Oceania Healthcare that owns and operates retirement villages and care facilities for the elderly, rallied more than 2 percent.

Healthcare business Pacific Edge declined 3.1 percent. Kiwi Property and utilities business Vector, both declined more than 2 percent. Software business Serko and Meridian Energy declined more than one percent.

Bullish sentiment prevailed in Wall Street on Thursday as the higher-than-expected GDP numbers from the U.S. had raised hopes of a soft landing for the economy, despite an aggressive monetary tightening path pursued by the Fed. Better-than-expected earnings releases also supported the rally. The Nasdaq Composite surged 1.76 percent to close at 11,512.41 and the Dow Jones Industrial Average rallied 0.61 percent to finish trading at 33,949.41.