Business News Asia
The S&P/ASX 200 index of Australian shares closed higher today in line with global equity markets. This was due to the strong performance of US tech companies helping to mitigate the impact of the US economic slowdown.
- The S&P/ASX 200 index closed at 7,435.00, up 78.10, or +1.06%, and the All Ordinaries closed at 7,724.80, up 82.40, or +1.08%.
South Korea’s composite index ended with gains for the second day in a row after tech giants reported strong quarterly results, boosting investor confidence. Meanwhile, the won currency strengthened significantly against the U.S. dollar.
- The South Korean Stock Exchange Composite Index (KOSPI) closed today at 2,695.05, up 27.56, or +1.03%.
The Shanghai Composite Index closed higher today after the Chinese government pledged to strengthen its stimulus measures as the economy is hit hard by the COVID-19 epidemic.
- The Shanghai Composite Index closed at 3,047.06, up 71.58, or +2.41%.
The Hang Seng Index, Hong Kong’s main index, closed higher today. It was supported by a strong rally in U.S. stock markets on Thursday (April 28), driven by strong earnings from U.S.-listed companies. Investors also reacted to the Chinese government’s pledge to strengthen stimulus measures as the economy is hit hard by the COVID-19 epidemic.
- The Hang Seng Index closed at 21,089.39 points, up 813.22 points or +4.01%.
Japanese stock markets are closed today (29 April) for Showa Day.
The Thai stock market moved in a narrow range throughout the day today. Investors were waiting for the U.S. Federal Reserve (Fed) meeting on May 4-5 to decide whether or not to raise interest rates by 0.50% as expected by the market. The U.S. Commerce Department reported that gross domestic product (GDP) contracted by 1.4% this quarter, while analysts had expected growth of 1.1%.
- The SET closed today at 1,667.44 points, down 0.30 points or -0.02%.