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Home Asia

Asia report: Most markets rebound from Monday losses

MtR by MtR
June 22, 2021
in Asia
0


Most stock markets in Asia bounced back from their Monday blues on Tuesday, with Japan’s main board leaping more than 3% after a stellar session on Wall Street overnight.

In Japan, the Nikkei 225 was up 3.12% at 28,884.13, as the yen weakened 0.17% against the dollar to last trade at JPY 110.46.

Of the major components on the benchmark index, robotics specialist Fanuc was up 2.75%, Uniqlo owner Fast Retailing jumped 3.13%, and technology giant SoftBank Group was ahead 1.89%.

The broader Topix index was 3.16% firmer by the end of trading in Tokyo, closing at 1,959.53.

On the mainland, the Shanghai Composite added 0.8% to 3,557.41, and the smaller, technology-centric Shenzhen Composite was 0.51% higher at 2,408.41.

South Korea’s Kospi advanced 0.71% to 3,263.88, while the Hang Seng Index in Hong Kong was the region’s odd one out, slipping 0.63% to 28,309.76.

The blue-chip technology stocks were mixed in Seoul, with Samsung Electronics up 0.13%, while SK Hynix remained flat.

Sentiment in the region was given a boost early in the day, after equities stateside put in a solid performance in their Monday session.

The Dow Jones Industrial Average surged almost 600 points, while the S&P 500 and the Nasdaq Composite also turned in positive performances.

“Recent fears around Fed tightening remain prevalent despite yesterday’s surge, with Jerome Powell due to broach the topic once again when he provides testimony this evening,” said IG senior market analyst Joshua Mahony.

“Clearly the widely-anticipated rise in inflation has been over and above the levels anticipated by the Fed, and with the economy on the rise markets will be fixated on just how that dynamic will change the outlook for monetary policy.

“Nonetheless, despite the recent dot plot shift at the Fed, they are expected to remain accommodative for some time yet.”

Oil prices were lower as the region went to bed, with Brent crude last down 0.61% at $74.44 per barrel, and West Texas Intermediate losing 0.73% to $72.59.

In Australia, the S&P/ASX 200 added 1.48% to 7,342.20, as the hefty financials subindex rose 2.01% by the end of trading in Sydney.

The big four banks were all in the green, with Australia and New Zealand Banking Group up 2.14%, Commonwealth Bank of Australia ahead 2.21%, National Australia Bank rising 1.17%, and Westpac Banking Corporation 1.76% higher.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 managed gains of 0.28% to 12,534.80, led higher by retirement property operator Arvida Group, which jumped 4.1%.

The down under dollars were on the back foot against the greenback, with the Aussie last off 0.52% at AUD 1.3333, and the Kiwi retreating 0.17% to NZD 1.4355.





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