Business News Asia
Tokyo’s Nikkei closed higher at 28,214.75, up 149.47 or +0.53%, as the yen fell to 142 per dollar. The government and the Bank of Japan are expected to take measures to slow the depreciation of the yen. The gainers were Nippon Yusen K.K+3.70%, SKY Perfect JSAT Holdings Inc.+2.97%, and Shinogi+2.97%. The losers were East Japan Railway Co -1.18%, JTEKT Corp -1.04%, and ANA Holdings-0.98%.
In Australia, the S&P/ASX 200 closed at 6,894.20, up 45.50 or +0.66%, and the All Ordinaries closed at 7,139.00, up 53.70 or +0.76%, driven by expectations that the Reserve Bank of Australia (RBA) will slow rate hikes. The gainers were Nuix+24.64%, Mineral Resources+13.58%, and Monadelphous+6.21%. The losers were Nine Entertainment-3.60%, Zip-3.30%, and News Corp B DRC-2.21%.
China’s Shanghai Composite closed at 3,262.05, up 26.47 or +0.82%, after Chinese authorities reported a decline in inflation. The best performers were China Railway Prefabricated Construction (+19.98%), Medprin Regenerative Medical Technology (+16.82), and Guangzheng Steel A (+10.08%). The worst performers were 3Peak-12.96%, Guizhou Wire Rope-10%, and Vanward New Elec A-10%.
The Hang Seng in Hong Kong closed at 19,362.25, up 507.63 or -2.69%, as investors bought speculative stocks after the Hang Seng closed in negative territory for six consecutive days. Lepu Biopharma (+283.79%), Future Word Fin (+40.37%), and PF Holdings (+38.46%) were the best performers. The worst performers were Sunkwan (-47.40%), China First Capital (-38.81%), and CLSA Premium (-37.50%).
— South Korean stock markets are closed today (September 9) for the Thanksgiving holiday.
The Thai stock market made relatively good gains. The SET closed at 1,654.62, up 14.62 points or 0.89%, driven by DELTA, a rally in energy stocks, and buying in the commercial banking group after investors eased inflation concerns. The gainers were Tropical Canning+13.45%, PRG Corporation+12.82%, and Delta Electronics+10.60%. The losers were PP Prime-7.69%, Union Pioneer-6.55%, and Chukai-5.26%.