Asian Stocks Rally Amidst Global Momentum

(RTTNews) - Asian markets gained on Thursday amidst a global bullish sentiment on stocks and other risk assets. Sentiment was boosted by promise of more stimulus measures from China. Chinese benchmarks however pared gains.

China's Shanghai Composite Index dropped 0.96 percent to 3,249.03. The day's trading ranged between 3,231.34 and 3,308.83. The Shenzhen Component Index lost 157 points or 1.3 percent to close at 11,907.40.

The Japanese benchmark Nikkei 225 gained 195 points or 0.71 percent to end trading at 27,696.44. The day's trading range was between 27,597.12 and 27,727.66.

Mitsubishi Motors Corp and Nissan Motor Co rallied more than 4 percent. Mazda Motor Corp added 3.7 percent. Kansai Electric Power Co and NTN Corp also rallied more than 3 percent.

Sapporo Holdings shed 3.6 percent. Aozora Bank, Pacific Metals Co, Chiba Bank and Shinsei Bank, all lost more than 1 percent.

The Hang Seng Index of the Hong Kong Stock Exchange advanced 176 points or 0.84 percent from the previous close to finish trading at 20,987.67. The day's trading range was between a high of 21,306.54 and a low of 20,887.70.

Korean Stock Exchange's Kospi Index added 48 points or 1.96 percent to close trading at 2,444.06. The day's trading range was between 2,442.07 and 2,475.99.

Australia's S&P/ASX200 closed trading at 7,410.30 after gaining 58 points or 0.79 percent amidst jobs data that showed unemployment unexpectedly spiked to 3.7 percent, prompting bets of lower-than-expected rate hikes by the RBA. The day's trading was between 7,351.40 and 7,422.00.

Packaging products business Orora surged 14.8 percent, closely followed by Sonic Healthcare that added 14.2 percent. Corporate Travel Management rebounded close to 10 percent. Fintech firm Block gained 9.3 percent whereas semiconductor business Brainchip Holdings rebounded 8.8 percent.

AMP shed 13 percent. Energy business New Hope Corporation, Pro Medicus, Origin Energy, all declined more than 3 percent. Northern Star Resources also dropped almost 3 percent.

The NZX 50 of the New Zealand Stock Exchange added 75 points or 0.62 percent to close at 12,157.75. Trading ranged between 12,045.92 and 12,165.07.

Summerset Group Holdings topped the gainers list with a 3.8 percent uptick. Software business EROAD and logistics business Freightways too gained more than 3 percent. Fisher & Paykel Healthcare as well as software business Vista Group International added more than 2 percent.

Polymer business Skellerup Holdings declined 4.4 percent whereas Westpac Banking Corp dropped 3.4 percent. Amidst damages caused by Cyclone Gabrielle, agribusiness Scales Corporation extended losses with a 2.4 percent decline. Synlait Milk dropped 2 percent whereas Fonterra Shareholders Fund lost 1.6 percent.

Wall Street had closed on a strong note on Wednesday as a fresh set of data indicated a strong economy. Retail sales jumped 3 percent, more than the expected level of 1.8 percent. The Nasdaq Composite added 0.92 percent to close at 12,070.59 whereas the Dow Jones Industrial Average gained 0.11 percent to finish trading at 34,128.05.