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Asian Markets End Positive – Strong Gains from China’s Baidu and Alibaba

—– The Nikkei in Tokyo ended trading up after three days of gains, with tourism-related stocks gaining. Japan will resume accepting foreign tourists starting June 10 after a two-year suspension. Stocks that rose were led by Nikon Corp.+7.25%, Nippon Yusen K.K+6.40%, and Toyota Tsusho Corp.+5.31%. Shares that fell were led by Osaka Gas -3.02%, Marubeni Corp.-2.56%, and Tokyo Gas -2.20%.

The Nikkei closed at 26,781.68, up 176.84, or +0.66%.

—– Australia’s S&P/ASX 200 closed more than 1% higher as investors bought stocks after the Federal Reserve (Fed) meeting minutes met market expectations. Gainers included Pointsbet Holdings+16.40%, Tabcorp Holdings+4.66%, and Credit Corp Group+4.19%. Among the losers were Appen Ltd-20.92%, Resolute Mining -5.17%, and CSR-4.69%.

The S&P/ASX 200 index closed at 7,182.70, up 76.80, or +1.08%.
The All Ordinaries Index closed at 7,413.10, up 73.80, or +1.01%.

—– The KOSPI closed in positive territory. Investors responded to strong profit forecasts from major US retailers and China’s pledge to boost the economy through policy measures. Yesterday’s gainers included LG Chem +3%, SK hynix+ 2.91%, and Samsung Electronics +0.91%. Losers included Daeho Al-11.16%, Foosung-9.38%, and HLB Global -5.91%.

The KOSPI closed at 2638.05, up 25.60, or +0.98%.

—– The SHANGHAI in China closed positive in response to the strong performance of Chinese companies including Baidu rising 14.26% and Alibaba gaining 12.21%. The big gainers were led by Beijing Lanxum Tech Co+20.14%, CATARC Automotive Proving Ground+19.97%, and Cansino Biologics+18.48%. On the other hand, losers were led by Chongqing Yuxin Pingrui Electronic-13.53%, Shenzhen Phoenix Telecom Technology-12.56%, Misho Ecology Landscape-12.46%.

The Shanghai Composite closed at 3,130.24, up 7.13, or +0.23%.

—– The Hang Seng in Hong Kong closed higher. The key factor was a rally in technology stocks after Alibaba and Baidu reported better than expected earnings. Among the biggest gainers were 51 Credit Card+61.70%, Wai Chum+52.38%, and Gudou+50.00%. On the negative side were Culturecom-63.88%, Farnova Holdinds-54.84%, and Jiayuan Intl-39.66%.

The Hang Seng closed at 20,697.36, up 581.16, or +2.89%.

—– The stock market in Thailand fluctuates sideways. The positive side was led by Castle Peak Holdings +29.36%, Waropakorn +19.86%, and Bangkok Dec-Con+15.60%. The biggest losers were AQ Estate-38.33%, Rockworth Thana-13.64%, and Juthanavi -6.90%.

The SET closed at 1638.75 points, up 5.02 points or +0.31%.

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