Most Asian Equity Markets Closed Higher in Response to Beijing’s Easing of COVID-19 Control Measures

—– The Nikkei index in Tokyo closed at its highest level in more than two months as investors hoped that the Japanese government would launch another campaign to promote domestic tourism. In addition, the index was supported by the weaker yen against the dollar. Among the biggest gainers were Kawasaki Heavy Industries (+6.39%), Hitachi Zosen Corp +5.70%, and Idemitsu Kosan Co Ltd +5.41%. The biggest losers were Dentsu Inc -3.17%, Tokyo Electric Power Co Inc -2.96%. and Kawasaki Kisen Kaisha – 2.55%.

The Nikkei Index closed at 27,915.89, up 154.32, or +0.56%.

—– Australia’s S&P/ASX 200 closed lower amid speculation that the Reserve Bank of Australia (RBA) may raise interest rates again at its meeting tomorrow. The biggest losers were Magellan Financial Group-13.93%, Mesoblast-5.56%, Pointsbet Holdings-4.76%. Top gainers were Tabcorp Holdings+5.32%, Clinuvel Pharmaceutcals+4.52%, and Graincorp+4.46%.

The S&P/ASX 200 index closed at 7,206.30, down 32.50, or -0.45%.
The All Ordinaries index closed at 7,433.10, down 39.30, or -0.53%.

—– China’s Shanghai Composite closed positive, responding to Beijing’s announcement of easing Covid-19 control measures. The biggest gainers were Cecep Environmental Protection Equipment+20.03%, WinsSun Science Technology Co+20.01%, and Vanjee Technology+20.01. The biggest losers were Lvijing Holding A-86.32%, Yq Sea Cucumber A-80.91%, and Guangdong Dynavolt Power Tech A-73.01%.

The Shanghai Composite Index closed at 3,236.37, up 40.91, or +1.28%.

—– Hong Kong’s Hang Seng closed higher, reacting to news that Beijing is easing measures to contain the spread of COVID-19. People in most areas of Beijing were able to return to their normal lives today (June 6). The biggest gainers were Dadi Intl +110.00%, Xiamen International Port +46.90%, Energy Intl Investments +30.00%. Losers were led by Glory Flame-34.55%, Imperium Financial-31.46%, and PacRay International Holdings-30.43%.

The Hang Seng Index closed at 21,653.90 points, up 571.77 points, or +2.71%.

—– South Korean stock markets are closed today (June 6) for Memorial Day.

—– The Thai stock market fell sharply in the morning after the Thai inflation rate reached 7.1% in May, causing investors to worry about the country’s monetary policy. The biggest losers were Sin Munkong Insurance -9.36%, Laguna Resorts & Hotels -8.03%, and Thonburi Healthcare Group -7.06%. The biggest gainers were Castle Peak Holdings +30.00%, C.P.L. Group +29.91%, and Thai Rung Union Car +29.13%.

The SET closed at 1646.08 points, down 1.59 points or -0.10%.

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