Business News Asia
The Tokyo Nikkei closed up almost 3% at 26,992.21 points, up 776.42 points, or 2.96%, boosted by the announcement of the UK government to cancel the massive tax cuts that had caused turmoil in the financial markets last week. Itochu Corp (+8.34%), Nippon Sheet Glass (+7.79%), and Marubeni Corp (+7.05%) were the best performers. The worst performers were Eisai+0.04%, Shizuoka Financial Group+0.34%, and Nippon Yusen+0.38%.
Australia closed up nearly 4% with the S&P/ASX 200 at 6,699.30 up 242.40 or +3.75% and the All Ordinaries at 6,905.30 up 248.90 or +3.74%, hitting a record high since mid-June 2020 after the Reserve Bank of Australia (RBA) surprised the market with a 0.25% interest rate hike, which was lower than the market expected. The gainers were Pilbara Minerals Ltd+12.31%, Silver Lake Resources+10.78%, and St Barbara+9.09%. The losers were Telstra Corporation+0.26%, Ampol+0.38%, and ASX+0.50%.
South Korea’s Composite Index (KOSPI) rebounded sharply from its lowest level in more than two years, rising 53.89, or +2.5%, to 2,209.38 points as investors bought falling tech stocks. The gainers were Dic+30%, Xpx Green Chen+24.71%, and Hancom Lifecare+22.02%. The losers were Naver Corp-8.79%, Sewon E&C-6.16%, and Tway Air-5.25%.
— Chinese stock markets will be closed from October 3 to 7 for the National Day holiday.
— Hong Kong stock markets closed today for the National Day holiday
In Thailand, the SET closed at 1,578 points, up 19.95% or 1.28%. The best performers were Nova Organic (+15.79%), Sukai (+14.29%), and Cusco (+13.82%). The worst performers were Wave Entertainment +10.53%, Indra Insurance-8.75%, and Stark Corporation-5.50%.