Asian Stocks Trade Mixed As Earnings And Inflation Swing Sentiment

Business

Asian stocks finished mixed on Wednesday, with the benchmarks in Japan, Australia and New Zealand tracking Tuesday’s positive sentiment on Wall Street, while stocks in China, Hong Kong and South Korea moved lower amid concerns over inflation and economic growth.

China’s Shanghai Composite Index dropped 36.58 points or 1.2 percent to finish at 3,044.38. The day’s trading ranged between 3,044.38 and 3,081.39. The Shenzhen Component Index also lost 1.4 percent to close at 11,027.24.

The Japanese benchmark Nikkei 225 Index rose 101.24 points or 0.4 percent to end trading at 27,257.38. The day’s trading range was between 27,192.79 and 27,371.38.

Softbank Group was the biggest gainer with a 3.7 percent surge. Tokyo Electric Power, Tokyo Gas, Kansai Electric Power and Osaka Gas also jumped more than 2 percent.

Credit Saison was the biggest loser with a decline of more than 7 percent. Konami Corp. lost 3.3 percent. TDK Corp., J. Front Retailing and Chugai Pharmaceutical all declined more than 1 percent.

The Hang Seng Index of the Hong Kong Stock Exchange shed 403.30 points or 2.4 percent from the previous close to finish trading at 16,511.28. The day’s trading range was between a high of 16,923.12 and a low of 16,508.37.

The Korean Stock Exchange’s Kospi Index fell 12.51 points or 0.6 percent to close trading at 2,237.44. The day’s trading range was between 2,234.59 and 2,266.80.

Australia’s S&P/ASX200 Index closed trading at 6,800.10 after adding 20.90 points or 0.3 percent. The day’s trading was between 6,777.50 and 6,822.20.

Core Lithium spike 8.2 percent. Pilbara Minerals, financial services business Pendal Group, integrated resorts business Star Entertainment Group and mining stock IGO all rallied more than 5 percent.

Technology business Megaport plunged more than 22 percent following its first quarter update. Software business Nuix declined more than 6 percent, while Zip dropped 5.9 percent. Gold miner St Barbara as well as Resolute Mining have declined more than 4 percent in the day’s trading,

The NZX 50 Index of the New Zealand Stock Exchange added 69.31 points or 0.6 percent to close at 10,916.65. Trading ranged between 10,841.94 and 10,930.68.

Logistics business Freightways was the top gainer with a 5.9 percent rally. Utilities business Genesis Energy, building materials business Fletcher Building and healthcare business EBOS Group also rallied more than 2 percent. Contact Energy, another utilities business, follows with gains of a little less than 2 percent.

Healthcare business Pacific Edge declined 5.3 percent in the day’s trading. Arvida Group, which owns and operates retirement villages and care facilities for the elderly, followed with a loss of more than 3 percent.

Goodman Property Trust declined 2 percent. Aquaculture farming business Sanford as well as Oceania Healthcare, which owns and operates retirement villages and care facilities for the elderly, shed more than 1 percent in the day’s trading.

Wall Street also closed with gains on Tuesday amidst strong earnings updates. The Nasdaq Composite added 0.9 percent to close at 10,772.40, while the Dow Jones Industrial Average rallied 1.1 percent to finish trading at 30,523.80.

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