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16.01.2023 01:24 PM
Asian stock indices rise higher

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Almost all stock indices of the Asia-Pacific region increased by 2%. Only the Nikkei 225 fell by 1.24%. The Shanghai Composite and the Shenzhen Composite indices were the biggest gainers. They grew by 1.44% and 1.77%, respectively. The Hang Seng Index rose by 0.69%, while the S&P /ASX 200 and the KOSPI added 0.75% and 0.79%, respectively.

A decline in the Japanese stock index occurred due to the growing yen. The latter gained ground amid an increase in government bond yields and expectations of a smaller rate hike by the Fed. A stronger national currency leads to a decrease in the revenues of exporting companies.

The BoJ will hold its meeting this week. It is expected to unveil its economic projections.

As for the shares included in the Nikkei 225, the main losers were Mitsubishi UFJ Financial Group (-2.5%), Fast Retailing (-2.4%), Nissan Motor, and Mitsubishi Motors (-1.5%), Tokyo Electron (-2.2%), and Advantest (-0.3%). Denka shares incurred the biggest losses, dropping by -15.5%.

On the Hong Kong stock exchange, Techtronic Industries stock rose by 5.2%, Sunny Optical Technology Group shares gained 4.1%, Haier Smart Home notched an increase of 3.6%, and New World Development stock grew by 3.4%.

CNOOC (+1.9%), PetroChina (+1.6%), Alibaba, and Xiaomi (+0.2%) showed a modest increase.

At the same time, shares of other Chinese companies such as Lenovo Group (-4.4%), Meituan (-3.6%), Geely (-3.4%), and Netease (- 2.1%) slipped.

Stocks included in the KOSPI index demonstrated a mixed dynamic. Posco and Samsung Electronics shares rose by 2% and 0.8%, respectively, while Hyundai Motor shares fell by 1.5%.

The Australian S&P/ASX 200 index edged higher following an increase in the shares of Zip. Co. (+9%) and Treasury Wine Estates, Ltd. (+2.3%). BHP stock climbed by 0.1%, while Rio Tinto shares declined by 0.1%.

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