Euphoria surrounding lower-than-expected inflation readings in the U.S. helped most of the Asian benchmarks to finish Wednesday’s trading on a positive note. However, caution ahead of key central bank decisions on interest rates and China’s covid caseloads kept the gains in check.
China’s Shanghai Composite Index edged up 0.20 points or less than a tenth of a percent to 3,176.53. The day’s trading ranged between 3,189.83 and 3,168.59. Sentiment was impacted by the surge in Covid cases in the country.
The Japanese benchmark Nikkei 225 Index gained 201.36 points or 0.7 percent to end trading at 28,156.21. The day’s trading range was between 27,993.78 and 28,195.69.
Toray Industries was the biggest gainer with a 7.0 percent surge. Shin- Etsu Chemical Co. gained 3 percent. Mitsui Chemicals, Dentsu and Daiwa House Industry Co. all gained more than 2 percent.
Mitsubishi Motors declined more than 3 percent, while J. Front Retailing shed 2 percent. Hino Motors, Resona Holdings and internet media company CyberAgent, all dropped more than one percent.
The Hang Seng Index of the Hong Kong Stock Exchange added 77.25 points or 0.4 percent from the previous close to finish trading at 19,673.45. The day’s trading range was between a high of 19,859.75 and a low of 19,528.71.
The Korean Stock Exchange’s Kospi Index gained 26.85 points or 1.1 percent to close trading at 2,399.25. The day’s trading range was between 2,379.44 and 2,400.18.
Australia’s S&P/ASX 200 Index closed trading at 7,251.30 after adding 48.00 points or 0.77 percent. The day’s trading was between 7,203.30 and 7,253.50.
Gold miner St Barbara was the biggest gainer with a surge of more than 13 percent. Global fintech company Block added 8 percent. Chalice Mining and battery materials company Novonix rallied more than 6 percent. Asset management business Pinnacle Investment Management Group also gained more than 5 percent.
Biotechnology business Imugene topped the laggards list with a 5.1 percent decline. Beverage business Endeavour Group followed with a 4.3 percent drop. Bendigo and Adelaide Bank shed 3.3 percent. TPG Telecom and farm products business Graincorp both lost more than 2 percent.
