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Asian Markets Gain As Tech Stocks Lift Wall Street

asian up 29apr22 lt

Asian stocks saw further upside on Friday, tracking Wall Street's tech-led gains that came as traders shrugged off the surprise contraction in the U.S. economy in the first quarter of 2022.

The good showing was also attributed to optimism over likely policy support from Beijing amidst the severe Covid curbs. Hong Kong's Hang Seng led the gains with a 4 percent surge. Japanese markets were closed for a holiday.

China's Shanghai Composite Index spiked 71.58 points or 2.4 percent to finish at 3,047.06. The day's trading ranged between 2,968.33 and 3,048.49. The Shenzhen Component Index surged 3.6 percent to close at 11,005.88.

The Hang Seng Index of the Hong Kong Stock Exchange jumped 813.22 points or 4 percent from the previous close to finish trading at 21,089.39.

The Korean Stock Exchange's Kospi Index added 27.56 points or 1 percent to close at 2,695.05. The day's trading range was between 2,664.06 and 2696.10.

Australia's S&P/ASX200 Index closed trading at 7,435.00 after gaining 78.10 points or 1.1 percent. Gambling business PointsBet Holdings, which surged closed to 11 percent after declaring quarterly results, was the best performing stock in the index.

Nickel Mines added 7.4 percent. Uranium miner Paladin Energy, which lost heavily on Thursday, diversified financial business Zip Co. and software business Tyro Payments, all gained more than 6 percent.

Real estate business Unibail-Rodamco-Westfield dropped 4.4 percent. Domino's Pizza Enterprises as well as healthcare equipment maker Resmed also lost more than 4 percent. Healthcare company Pro Medicus declined 2.8 percent, while mining stock Sandfire Resources shed 1.9 percent.

The NZX50 Index of the New Zealand Stock Exchange added 8.34 points or 0.1 percent to close at 11,884.30. Trading ranged between 11,852.82 and 11,928.70.

Software business Pushpay Holdings was the top gainer with a 5.6 percent rally. Synlait Milk, A2 Milk and software company Serko, all gained more than 2 percent. Healthcare provider Arvida added 1.86 percent.

Fonterra Shareholders Fund shed 3.72 percent. Precinct Properties NZ and Kiwi Property, both lost more than 2 percent. Restaurant Brands NZ and Oceania Healthcare both declined around 1.9 percent.

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