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Asian Stock Exchanges Track Higher, Led by Taiwan

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Last updated: 08/05/2022 06:46:36

06:46 AM EDT, 08/05/2022 (MT Newswires) -- Asian stock exchanges tracked higher Friday, as markets looked forward to the pending US jobs report, and as geopolitical tensions eased. Hong Kong, Shanghai and Tokyo all finished in the green, as did other regional exchanges, led by a 2.2% gain on Taiwan's TWSE Index.

In Japan, the Nikkei 225 opened evenly and rose to the close, finishing up 0.9% as traders weighed the unfolding earnings season and bought into tech issues.

The benchmark Nikkei 225 rose 243.67 to 28,175.87, as gaining issues outnumbered losers 147 to 75.

The Nikkei 225 is down 2.1% year-to-date.

In other news, household spending in Japan rose a real 3.5% in June from a year earlier, and gained a seasonally adjusted real 1.5% from May, the Ministry of Internal Affairs and Communications reported. Easing pandemic restrictions were cited for the gains.

Average spending by households with two or more people in June posted at 276,885 yen ($2,078), reported the ministry.

Hong Kong's Hang Seng Index opened higher, wobbled, but still finished up 0.1% as traders renewed their interest in tech and property issues. Sentiments were tempered by reports of new anti-pandemic lockdowns in mainland China.

The broad gauge Hang Seng rose 27.90 to 20,201.94, as gaining issues outnumbered losers 49 to 16. The Hang Seng TECH Index rose 0.8% on the day, and the Mainland Properties Index rose 1.6%.

The Hang Seng is off 13.7% year-to-date.

On the mainland, the Shanghai Composite rose 1.2% to 3,227.03.

In other news, Yiwu, a manufacturing hub in Zhejiang province, is in a partial lockdown, reported The South China Morning Post.

On the other exchanges, the S. Korean KOSPI rose 0.7%; the Australian ASX 200 inclined 0.6%; the Singapore Straits Times Index rose 0.4%, and the Thai Set inclined 0.2%. In late trading in Mumbai, the Sensex was up 0.1%.

Mumbai edged forward after The Reserve Bank of India raised its key, repo rate by 50 basis points to 5.40%, citing inflation concerns.

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