Business News Asia
Tokyo’s Nikkei closed up 482.26 points, or 1.78%, at 27,587.46 as U.S. technology stocks surged and Japanese exports also benefited from a weaker yen. The top gainers were Alps Electric+15.52%, JTEKT Corp.+10.88%, and Toyota Tsusho Corp.+8.11%. The losers were Pacific Metals-8.53%, NGK Insuluators-6.71%, and TOTO-5.03%.
In Australia, the S&P/ASX 200 closed at 6,863.50, up 77.80, or +1.15%, and the All Ordinaries closed at 7,054.80, up 81.30, or +1.17%, as investors eyed tomorrow’s Reserve Bank of Australia monetary policy meeting. Graincorp+7.86%, ARB Corporation+7.52%, and Nanosonics+7.03% were the top gainers. The losers were EML Payments-35.71%, Nextdc-5.13%, and Whitehaven Coal-4.14%.
China’s Shanghai Composite closed down 22.44, or -0.77%, at 2,893.48 points after China’s manufacturing and services purchasing managers’ index contracted in October. This worries investors about China’s economic outlook. The worst performers were Jafron Biomedical(-20%), Polyrocks Chemical Co(-16.61%), and Shandong Weigao Orthopedic Device(-14.12%). The best performers were Beijing E Hualu Info Tech+20.03%, Hangzhou Sunrise Tech+20.02%, and Jiangsu Tongxingbao Interlligent+20.01%.
South Korea’s Composite Index (KOSPI) closed at 2,293.61 points, up 25.21 points or 1.11%, supported by a surge in technology stocks on hopes that the U.S. Federal Reserve (Fed) may slow the pace of interest rate hikes. Top performers were Isu Chemical Co+29.90%, Hwacheon Machi+24.63%, and Hyosung Heavy Industries+17.02%. The losers were GenOne Life Science-9.88%, Hotel Shilla-8.84%, and Asiana Airline-8.41%.
The Hang Seng in Hong Kong closed down 176.04 points, or -1.18%, at 14,687.02 points as investors worried about China’s economic outlook after manufacturing and service sector indices contracted in October. At the same time, data suggested that the number of people infected with COVID-19 in China continued to rise. The losers were Telecom Service One(-59.71%), Yue Da Mining(-37.06%), and Diwang Industrial Holdings9-33.10%). The winners were Kong Sun Holdings Ltd+48%, Pacific Legend+46.15%, and AIM Vaccine+39.30%.
In Thailand, the SET closed at 1,608.76 points, up 2.69 points or +0.17%. The winners were Pranda Jewelry +22.07%, Sabai Trenology +7.63%, and Buriram Sugar +7.14. %. The losers were Matichon-15.70%, Thachang Green Energy-7.92%, and Wave Entertainment-7.14%.