Asian Stocks Gain As Sentiment Improves

Asian markets finished trading on a positive note on Tuesday following a mixed performance in the previous session. Benchmarks in China and Hong Kong finished with decent gains, helped by strength in the tech sector.

China’s Shanghai Composite Index gained 27.36 points or 0.9 percent to finish trading at 3,120.33. The day’s trading ranged between 3,074.53 and 3,126.78. The Shenzhen Component Index added 54.33 points or 0.5 percent to close at 10,374.73.

The Japanese benchmark Nikkei 225 Index jumped 291.07 points or 0.9 percent to end trading at 31,856.71. The day’s trading range was between 31,692.50 and 31,922.50.

Advantest Corp. topped gains with a rally of 4.6 percent. Resona Holdings, Toyota Tsusho Corp., Kuraray Co. and Mitsubishi UFJ Financial Group all added more than 3 percent.

Meanwhile, Eisai, Keisei Electric Railway, Kawasaki Kisen Kaisha and Kao Corp. all declined more than 1 percent.

The Hang Seng Index of the Hong Kong Stock Exchange added 167.72 points or 1.0 percent from the previous close to finish trading at 17,791.01. The day’s trading range was between a high of 17,965.26 and a low of 17,573.70.

The Korean Stock Exchange’s Kospi Index gained 6.94 points or 0.3 percent to close trading at 2,515.74. The day’s trading range was between 2,509.53 and 2,533.43.

Australia’s S&P/ASX 200 Index closed trading at 7,121.60, adding 6.10 points or 0.1 percent. The day’s trading range was between 7,090 and 7,125.

Software business Altium surged close to 26 percent following an upgrade to analyst estimates. Megaport, another software business, rallied close to 17 percent after it updated its fiscal 2024 guidance.

Financial services business Hub24 spike 11 percent following an earnings release and buyback announcement. Paladin Energy gained more than 8 percent. Sandfire Resources, which secured an extension for the Motheo Copper Mine’s license, gained close to 6 percent.

Biotechnology business Imugene and mining company Alumina shed close to 8 percent. NIB Holdings and Coles Group both declined more than 7 percent. Healthcare business Healius shed a little over 5 percent.

The NZX 50 of the New Zealand Stock Exchange added 26.57 points or 0.2 percent to close at 11,485.26. Trading ranged between 11,423.94 and 11,489.18.

Oceania Healthcare topped gains with a surge of 4 percent. A2 Milk Company and Freightways both added more than 3 percent. Argosy Property and Vista Group International both followed with gains of more than 2 percent.

Restaurant Brands NZ extended losses with a decline of more than 3 percent. Chorus, Vital Healthcare Property Trust, Fonterra Shareholders Fund and Sky Network television all declined more than 2 percent.

Wall Street closed on a mixed note on Monday, as a rally by Nvidia ahead of its earnings update on Wednesday lifted the Nasdaq Composite about 1.6 percent to 13,497.59. Tesla also added more than 7 percent in the day’s trading. Rate hike worries lingered, however, and the Dow Jones Industrial Average shed 0.1 percent to finish trading at 34,463.69.

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