Asian stocks closed higher today, in line with the trend of most global equity markets, after the U.S. released lower-than-expected inflation figures in July. This gives investors hope that the Federal Reserve will not accelerate interest rate hikes.
—– In Australia, the S&P/ASX 200 closed at 7,071.00, up 78.30 or +1.12%, and the All Ordinaries closed at 7,325.40, up 86.70 or +1.20%. Pointsbet Holdings+6.44%, Seek+5.43%, and Netwealth Group+5.10% were the best performers. The worst performers were Computershare-5.12%, Rio Tinto Ltd-3.93%, and APA Group-2.22%.
—– The South Korean Composite (KOSPI) closed at 2,523.78 points, up 42.90 points or +1.73%. The top gainers were Doosan Fuel+14.79%, Development Advance Solution+11.31%, and Nk+10.08%. The losers were Daiyang Metal-3.53. %, Jw Pharmac-3.16%, and LIG Next Co Ltd-2.91%.
—– China’s Shanghai Composite closed at 3,281.67 points, up 51.65 points or +1.60%. Winners were Wanma Tech (+20.02%), Westown Electric (+20%) and Zhuhai CosMX Battery (+20%). The losers were Sherzhen Changfang Light Emitting-12.88%, Jinan Shengquan Share Holding-10.01% and Ningbo ZhongDa Leader-9.99%.
—– The Hang Seng in Hong Kong closed at 20,082.43 points, up 471.59 points or +2.40%. The best performers were GME Group (+37%), Sunday Service (+30%), and New Silkroad Cultura (+24.32%). The worst performers were Shanghai Intl Shanghai Growth-35%, FB Enterprises-26.44%, and MIE Holdings Corp-22.37%.
—– Japanese stock markets are closed today (August 11) for Mountain Day.
—– The SET in Thailand closed at 1,622.26 points, up 5.05 points or +0.31%. The best performers were AQ Estate (+50%), Indra Insurance (+29.85%), and Tropical Canning (+17.48%). The worst performers were Asia Metal-22.03%, S. Pack End Print-16.23%, and Wave Entertainment-12%.