Asian stock markets closed higher on Friday, with Japan’s Nikkei rebounding to close at 26,553.53, up 148.30 points, or +0.56%. The yen’s depreciation against the US dollar helped support the market, as tourism is expected to recover with the increasing number of foreign tourists visiting Japan. The top performers were Taisei Corp. +4.63%, Isetan Mitsukoshi Holdings +4.15%, and Pacific Metals +4.13%. The worst performers were Kikkoman Corp. -1.33%, Casio Computer -1.20%, and Fujitsu -0.87%.
In Australia, the S&P/ASX 200 closed at 7,452.20 points, an increase of 16.90 points, or +0.23%, and the All Ordinaries closed at 7,666.30, an increase of 17.90 points, or +0.23%. Both indices recorded a weekly plus for the third consecutive week. Positive factors came from buying gold and energy stocks, although investors are still worried about the global economic recession. The top performers were Pilbara Minerals Ltd +13.18%, Resolute Mining +1.76%, and Whitehaven Coal +6.16%. The worst performers were Pointsbet Holdings -7.69%, Nanosonics -6.64%, and Codan -3.70%.
The South Korean Composite Index (KOSPI) closed for a second straight day at 2,395.26, up 14.92 points, or +0.63%, supported by technology and steel stocks. This was amid expectations that demand from China will recover. As for the currency, the won depreciated against the US dollar. The top performers were Galaxia SM +29.85%, IIjeong Ind +17.73%, and Aprogen KIC +13.68%. The worst performers were Woojin I&S -5.24%, Hankook Cosmetics Manufacturing -4.52%, and Papercores -4.25%.
China’s Shanghai Composite ended up at 3,264.81 points, up 24.53 points, or +0.76%, as investors actively bought stocks after Chinese officials revealed that the worst situation in the fight against COVID-19 has ended. The top performers were United Faith Auto Engineering +20%, Great Wall Of Culture +18.12%, and Nanjing Aolian Ae&Ea +14.74%. The worst performers were GI Technologies Beijing -12.12%, Xinlei Compressor -11.37%, and Guosheng Financial Holding -10.03%.
Hong Kong’s Hang Seng closed up at 22,044.65 points, up 393.67 points, or +1.82%, after Chinese officials revealed that the worst situation in the fight against COVID-19 has ended. Investors continue to keep an eye on the trend of the Chinese economy after the end of the zero-covid policy. The top performers were NOVA Holdings +48.48%, China Finance +46.34%, and IDT Intl +38.89%. The worst performers were CLSA Premium -37.89%, Wealth Glory -22.96%, and Stream Ideas Gr -21.82%.
In Thailand, The SET was down at 1,677.26 points, down -11.22 points or -0.66%. The worst performers were Nation Group -9.09%, PP Prime -6.67%, and Kasikorn Bank -5.54%.