Asian Stocks Rally, Hang Seng Surges More Than 2 Percent

stockmarkets jan11 26jan23 lt

Asian markets gained amidst optimism over a demand boost from China's reopening and expectations that the Federal Reserve would pursue a softer monetary policy regime. Markets in China and Australia were closed for holidays.

The Hang Seng Index of the Hong Kong Stock Exchange surged 522.13 points or 2.4 percent from the previous close to finish trading at 22,566.78. The day's trading range was between a high of 22,566.78 and a low of 22,329.07.

Meanwhile, the Japanese benchmark Nikkei 225 Index shed 32.26 points or 0.1 percent to end trading at 27,362.75 amidst sentiment concerning global economic growth. The day's trading range was between 27,284.08 and 27,502.15.

The Summary of Opinions from the Bank of Japan's January meeting revealed participants debating about the inflation outlook as well as the need to keep monetary policy accommodative.

Dai Nippon Printing Co. surged 4.3 percent and was the top gainer. Taiheiyo Cement Corp. and Sumitomo Osaka Cement Co. both rallied more than 3 percent. Tokyu Fudosan and Nippon Sheet Glass Co. both added more than 2 percent.

Kawasaki Kisen Kaisha Tokyo Electron was the biggest loser with a decline of 4.11 percent. Mitsui O.S.K. Lines shed more than 3 percent. Nippon Yusen K.K., Advantest Corp. and Taiyo Yuden also lost more than 2 percent.

The Korean Stock Exchange's Kospi Index gained 40.08 points or 1.6 percent to close trading at 2,468.65. The day's trading range was between 2,426.40 and 2,468.65.

The NZX 50 Index of the New Zealand Stock Exchange added 28.95 points or 0.2 percent to close at 12,023.46. Trading ranged between 11,968.82 and 12,039.58.

Software business Serko, which rallied 6.6 percent, was the best performer in the index. Arvida Group, which owns and operates retirement villages and care facilities for the elderly, gained 3.5 percent. Healthcare business Pacific Edge also rallied more than 3 percent.

Aquaculture farming business Sanford was the biggest laggard with a 3.3 percent decline. Real estate businesses Goodman Property Trust, Property for Industry and Precinct Properties as well as healthcare business EBOS Group declined more than 1 percent.

Mixed sentiment had prevailed on Wall Street on Wednesday ahead of key U.S. data releases. The Nasdaq Composite shed 0.2 percent to close at 11,313.36, while the Dow Jones Industrial Average edged up 0.03 percent to finish trading at 33,743.84.

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