Asia’s main stock indices show growth of up to 1.2%. The Shanghai Composite and Australia’s S&P/ASX 200 gained 0.24% and 0.28% respectively. Meanwhile, the Shenzhen Composite and the Hang Seng Index added 0.34% and 0.53% respectively. Japan’s Nikkei 225 rose by 1.14%, becoming the best performer. The KOSPI was the only index that fell. It lost 0.11%.
Investor sentiment has improved amid expectations that consumer prices will slow down. Market participants hope that the US central bank will turn less hawkish, as inflation started to decrease. Consumers are now more prone to make big purchases, which instills optimism in investors.
Yesterday, Asia’s stock indices closed lower. The drop came after it became known that Xi Jinping would remain at the helm of China.
Today, the Chinese authorities ordered the creation of favorable conditions for transnational corporations as well as professionals and their families. They are aiming to attract foreign investments, which also signals that tough anti-COVID restrictions might be eased.
The best performers among the constituents of the Hang Seng Index are Haidilao International Holding, Ltd. (+6%), JD.com, Inc. (+4.7%), and Xiaomi Corp. (4.6%).
Likewise, other companies saw an increase in their share value: Lenovo Group, Ltd. gained 4.5%, Alibaba Group Holding, Ltd. added 4.4%, Anta Sports Products, Ltd. grew by 3%, and Netease, Inc. rose by 3.2%.
As for companies traded on the Tokyo exchange, Kawasaki Kisen Kaisha, Ltd. and SoftBank Group scored the biggest gains – 4.1% and 3.6% respectively.
The share price of Nidec, Corp. advanced by 4.4%, following a 37% rise in the company’s net profit. The company owes the increase in its net profit to the parts and equipment department’s good performance.
South Korea’s largest companies Samsung Electronics Co. and Kia, Corp. saw a rise in their share value by 1% and 0.5% respectively.
As for Australia’s S&P/ASX 200 index, the main contributors to its gains were the country’s largest firms. Thus, Credit Corp. Group, Ltd. soared by 7.9%, St. Barbara, Ltd. grew by 5.3%, and Nine Entertainment Co. Holdings, Ltd. added 5%.
At the same time, BHP’s shares fell by 1.3%, and Rio Tinto’s dropped by 1.4%.
The material has been provided by InstaForex Company – www.instaforex.com