Major Asian stock markets tread a mixed path with the Australian AX 200 recording an all-time high, Nikkei gaining close to half percent, Kospi remaining close to the flatline and declines being recorded in Shanghai Composite, Hang Seng and NZX50.
The Shanghai Composite Index shed 0.76 percent to close trade at 3597.14, after losing around 28 points. Coronavirus flare-up in certain parts of the country and likely PBoC measures to halt speculative trading in yuan offset the positive sentiment surrounding five-month high factory growth.
The NIKKEI 225 added 132 points or 0.46 percent in today’s trading as investors weighed in economic rebound hopes and pandemic pains.Japan Steel works led the rally with a 5.75 percent move. Kyowa Hakko Kirin, which today announced a deal with Amgen for the development of treatment for atopic dermatitis,rose 3.64 percent. JTEKT Corporation too added more than 3 percent. Oji Paper declined by 3.23 percent.
Weak sentiment prevailed on the Hong Kong bourse too with the Hang Seng Index trailing yesterday’s level by 0.74 percent to close at 29274.75. Geely Automobile rose more than 5 percent despite the weak sentiment.
The KOSPI added 2.36 points or 0.07 percent to close at 3224.23 today in the backdrop of consumer price index rising to 2.6 percent, surge in exports, and drop in new coronavirus cases. The day’s trading range was tight between 3216 and 3241.
The Australian benchmark S&P ASX 200 closed at an all-time high of 7218 today as the first-quarter growth figure of 1.8 percent surpassed expectations of 1.5 percent. The positive sentiment surrounding status quo on the record low cash rate of 0.1 percent coupled with the assurance of low rates till 2024 supported the rally. Mining stock New Hope Corporation Ltd. rallied by 7.38 percent, closely followed by Syrah Resources advancing 7.35. However,Megaport Ltd. declined by 4.72 percent, whereas both Nanosonics Ltd. and Regis Resources declined more than 3 percent, missing the advance.
Today, the NZX 50 of the New Zealand Stock Exchange fell 22.42 points or 0.18% to end trade at 12440.05. Kathmandu Holdings Ltd., New Zealand Exchange, Air New Zealand Ltd.,and Auckland International Airport bucked the weakness and gained more than 2 percent. Healthcare devices maker Fisher Paykel Healthcare Ltd.dropped by 3.26 percent. Rest home operator Ryman Healthcare Ltd. trailed yesterday’s levels by 2.18 percent. Metro Performance Glass and Port of Tauranga too declined more than 2 percent.
Yesterday, Wall Street had witnessed waning momentum with the Nasdaq shedding 0.23 percent and the Dow Jones Industrial Average gaining just 0.13 percent,exposing the cautious undertone that emerged as more and more central bankers traversed the taper- talk trajectory.
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