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Solid US Retailer Earnings Support Asian Equities

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Last updated: 11/23/2022 10:20:48

10:20 AM EST, 11/23/2022 (MT Newswires) -- Bullish retailer earnings the day before in the US backed Asian equities, which moved higher in Wednesday trading.

Hong Kong and Shanghai posted gains, along with most regional exchanges, while Japanese markets were closed for the day due to a public holiday.

American depositary receipts of Asian stocks were up 0.7% at 1,449.6 on the S&P Asia 50 ADR Index on Wednesday.

In North Asia, the gainers were led by brokerage and wealth management platform Futu (FUTU) and computer hardware maker Canaan (CAN), which rose 7.9% and 6.4% respectively. They were followed by online retailer Vipshop (VIPS) and music streaming service Tencent Music (TME), which were up 3.6% each.

The decliners in North Asia were led by wireless telecom service provider uCloudlink (UCL) and data center operator GDS Holdings (GDS), which lost 7% and 1% respectively. They were followed by education technology firm GSX Techedu (GOTU), which fell 0.9%.

In South Asia, the gainers were led by telecom PLDT (PHI) and SIFY Technologies (SIFY), which rose 2.2% and 2% respectively.

The decliners in South Asia were led by telecom Telekomunikasi Indonesia (TLK) and business process management company WNS Holdings (WNS), which dropped 1% and 0.6% respectively.

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