Business News Asia
—– Nikkei Index in Tokyo closed higher after falling almost 2% on Thursday, stocks rose today, led by Seiko Epson Cor+9.02%, Pacific Metals+7.35%, Japan Steel Works+7.34%. On the other hand, losers included Odakyu Electric Railway-2.76%, and Tokyo Electric Power Co, Inc-2.57%.
The Nikkei closed at 26,739.03, up 336.19, or +1.27%.
—– S&P/ASX 200 Australian stock markets closed higher which was also due to strong mining stocks. Gainers were led by Zip+6.90%, Evolution Mining+6.29%, and Altium+6.19%. Stocks down were led by Unibail Rodamco Westfield. -8.89%, Nufarm-4.12%, Woodside Petroleum-3.75%.
The S&P/ASX 200 index closed at 7,145.60, up 81.10, or +1.15%.
The All Ordinaries Index closed at 7,391.00, up 87.70, or +1.20%.
—– The South Korean stock market composite index closed in positive territory with traders buying the previous day’s small dip. The market also reacted to hopes of expanding economic cooperation between South Korea and the United States. Meanwhile, the won gained significantly against the US dollar. The best performers yesterday were Korea Ind+24.79%, Han Shin Mach+15.14%, and Kumho Electic+13.90%. Losing the most were Aprogen Pharmaceuticals-17.05%, Dar Wire-5.14%, and Pusan Cast Met-4.11%.
The South Korean Stock Exchange Composite Index (KOSPI) closed today at 2639.29, up 46.95, or +1.81%.
—– The Shanghai Composite Index closed in positive territory. Investors welcomed the People’s Bank of China (PBOC) cut the five-year lending rate (LPR) to the lowest level since 2019 to help the property sector. The biggest gainers yesterday were Beijing Toread Outdoor Product+20.00%, Xiamen 35Com Tech+19.92%, and Huabao Flavors A+16.78%. The big losers were Tianjin Ruixin-34.52%, SMO Clinpius-11.41%, and Jiangxi Synergy Pharma-11.38%.
The Shanghai Composite Index closed at 3,146.57, up 49.60, or +1.6%.
—– The Hang Seng Index in Hong Kong closed higher in response as the People’s Bank of China (BOT) announced a 0.15% cut in its five-year policy rate (LPR) from 4.6% to 4.45%. Traders went into the market yesterday buying the previous day’s dip. Alibaba surged 5.64% after the previous day’s deep drop. Other Chinese internet giants JD Com +5.91% and Tencent +3.53% also gained. Xiaomi which had to give up strongly the previous day rose yesterday by 5.96%.
The Hang Seng Index closed at 20,717.24, up 596.56, or +2.96%.
—– The Thai stock market has improved in line with other Asian stock markets as the markets in Asia had a positive sentiment yesterday. The strongest performers yesterday were Ithara Insurance +29.77%, Castle Peak Holdings +29.57%, and Waropakorn +29.03%. On the other hand, Navakij Insurance lost -6.12%, Thai-German Products -5.88%, and Mono Technology -5.36%.
The SET closed at 1622.95 points, an increase of 16.97 points or +1.06%.