Most Asian Stocks Rise Tracking Friday's Wall Street Rally

Asian markets moved mostly higher on Monday, tracking the positive sentiment that lifted Wall Street benchmarks higher on Friday. Upbeat corporate results as well as robust jobs data had quelled fears of a recession in the U.S., lifting stocks higher. The Nikkei 225 Index, however, finished lower.

China’s Shanghai Composite Index added 60.50 points or 1.1 percent to end trading at 3,395.00. The day’s trading ranged between 3,340.99 and 3,400.18. The Shenzhen Component Index also added 44.90 points or 0.4 percent to close at 11,225.77.

The Japanese benchmark Nikkei 225 Index shed 208.07 points or 0.7 percent to end trading at 28,949.88. The day’s trading range was between 28,929.50 and 29,141.50.

Eisai Co., SKY Perfect JSAT Holdings, Toyobo Co., Kajima Corp. and Konica Minolta were among the big gainers, adding more than 2 percent.

Shiseido Co. was the biggest laggard, losing close to 5 percent. Fast Retailing Co. erased more than 3 percent. Daiichi Sankyo Co., Nissan Chemical Industries and Fujitsu all declined more than 2 percent.

The Hang Seng Index of the Hong Kong Stock Exchange gained 247.72 points or 1.2 percent from the previous close to finish trading at 20,297.03. The day’s trading range was between a high of 20,321.74 and a low of 20,081.70.

The Korean Stock Exchange’s Kospi Index gained 12.27 points or 0.5 percent to close trading at 2,513.21. The day’s trading range was between 2,511.13 and 2,525.84.
Australia’s S&P/ASX200 Index closed trading at 7,276.50 after adding 56.50 points or 0.8 percent.

Lynas Rare Earth topped with a more than 12 percent surge after it got an extension for its Malaysian license. Software business Life 360 gained 7.7 percent, followed by Core Lithium that gained 6.7 percent. Iluka Resources added 5.1 percent followed by Pilbara Minerals that strengthened 4.5 percent.

Syrah Resources and fintech company Block both dropped more than 5 percent. Biotech company Imugene declined 4.2 percent. Bellevue Gold and Polynovo both lost more than 2 percent.

The NZX 50 Index of the New Zealand Stock Exchange gained 53.48 points or 0.5 percent to close at 11,942.49. Trading ranged between 11,873.09 and 11,942.49.

Westpac Banking Corp., Fletcher Building and Meridian Energy all gained more than 2 percent. Skellerup Holdings and Skycity Entertainment Group both added more than 1 percent.

NZX declined 2.6 percent. Oceania Healthcare, Mainfreight, Synlait Milk and Manawa Energy all lost more than 1 percent.

Wall Street had closed with strong gains on Friday amidst a sharp rebound in regional banks and solid jobs data that offset fears of a recession. The Nasdaq Composite surged 2.3 percent to close at 12,235.41. The Dow Jones Industrial Average added 1.7 percent to finish trading at 33,674.38.

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