Asian stock markets closed mostly higher after strong U.S. labor market data last week

Tokyo’s Nikkei rose to a four-month high of 28,249.24, up 73.37 or +0.26%, as the yen’s depreciation boosted export buying. Nippon Sheet Glass (+17.72%), Fujikura (+16.07%), and Suzuki Motor Corp (+10.44%) were the big gainers. The losers were Nippon Paper Industries-7.17%, MS&AD Insurance Group Holdings-6.42%, and Tokio Marine Holdings, Inc.-4.86%.

In Australia, the S&P/ASX 200 closed slightly higher at 7,020.60, up 5.00 or +0.071%, and the All Ordinaries closed at 7,259.50, up 9.20 or +0.13%, in volatile trading as investors worried about news from China’s lockdown, Australia’s main trading partner. The best performers were OZ Minerals+35.25%, Appen Ltd+13.18%, and Beach Energy+6.65. Suncorp-4.64%, Magellan Financial Group-3.58%.

The South Korean Composite (KOSPI) closed at 2,493.10, up 2.3 points or +0.09%, as better-than-expected U.S. jobs data helped ease recession concerns. Leading stocks at the close were Daesung Energy+19.03%, Hanchang+14.09%, and Seong An+12.32%. The negative performers were IIjin Electric Co-8.85%, ZInus-5.72%, and AJ Networks Co Ltd-4.24%.

The Shanghai Composite closed at 3,236.93 points, up 9.91 points or 0.31% on strong trade data from China. Even concerns about lockdown measures in China slowed the market’s positive momentum. The best performers were Jiujiang Shanshui Technology(+20%), Jiangyin Pivot Automotive Products(+20%), and Shenzhen Sking InterIIigent Equipment Co(+20%).

Hong Kong’s Hang Seng stock market closed lower at 20,045.77, down 156.17 or -0.77%, as investors feared the Federal Reserve (Fed) would accelerate rate hikes after the U.S. jobs number rose more than expected in July. The losers were Keen Ocean Intl(-20.27%), China Smartpay(-19.74%) and Hope Life International Holdings(-18.75%). The winners were Xin Yuan Enterprises+58.28%, Lifestyle Int+50.32%, and Sheng Yuan+40%.

The SET in Thailand closed at 1,608.87 points, up 7.78 points or +0.49%. The best performers were Castle Peak Holdings+24.14%, Asia Metal+20.57%, and Plus Tech Innovation+11.35%. The worst performers were AQ Estate-33.33%, Wave Entertainment-13.35%, and Delta Electronics-6.30%.

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