Business News Asia
The Nikkei index in Tokyo closed at 28,027.84 points, down 134.99 points or -0.48%. There were violent protests against China’s strict zero COVID policy, leading investors to worry that the supply chain will be disrupted and affect the global economic outlook. The losers were Eisai-6.22%, Alps Electric-3.27%, and Taiyo Yuden-2.68%. The winners were Pacific Metals+4.83%, Takashimaya+3.66%, and Isetan Mitsukoshi Holdings+3.32%.
In Australia, the S&P/ASX 200 closed at 7,253.30 points, up 24.20 points or +0.33%, and the All Ordinaries closed at 7,442.00 points, up 23.40 points or +0.32%, with mining stocks leading the market. The winners were Fisher&Paykel Healthcare+9.84%, EML Payments+7.94%, and Poinsbet Holdings+5.79%. The losers were Colins Foods-19.82%, Omni Bridgeway Ltd-5.95%, and Graincorp-4.89%.
China’s Shanghai Composite closed up 71.20 points, or +2.31%, at 3,149.75 points, supported by China’s announcement of measures to support the real estate sector. This mitigated negative factors stemming from concerns over protests against China’s COVID-19 containment measures. Shanghai Universal Biotech (+20.01%), Sdg Service (+20%), and Zhejiang Tailin (+20%) were the best performers. The worst performers were Yongxing Special Stainless Steel -10%, Yorhe Fluid Intelligent -8.36%, and Ningbo Deye Technology Co-8.01%.
Hong Kong’s Hang Seng closed up 906.74 points, or 5.24%, at 18,204.68 after China announced it would encourage the elderly to be vaccinated against COVID-19. The move is seen by health experts as a key factor in opening up the country. DaFa Properties Group (+64.08%), BCI Holdings (+60%), and UKF (+51.43%) were the best performers. The worst performers were Great World Company Holdings-36.84%, Xinda Investment Holdings-24.75%, and China e-Wallet Payment-21.55%.
South Korea’s composite index (KOSPI) rose to 2,433.39 points, up 25.12 points, or 1.04%, after falling for two consecutive days. The won appreciated sharply against the US dollar. The best performers were Asiana IDT+29.71%, Jeju Bank+22.04%, and Hankook Cosmet+21.52%. The worst performers were Dynamic Design-9.07%, Kyochon-5.38%, and Maniker-4.49%.
In Thailand, the SET closed at 1,624.39 points, up 7.48 points or 0.46%. The winners were Wave Entertainment +16.67%, General Engineering +5%, and Waropakorn +6.51%. The losers were Matichon-7.47%, Polynet-5.18%, NEP Real Estate, and Industry-3.85%.