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Bank Outlooks, Wall Street Cues Lift Asian Stock Markets

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Last updated: 03/17/2023 06:33:00

06:33 AM EDT, 03/17/2023 (MT Newswires) -- Asian stock markets gained on Friday, after a group of US banks including JPMorgan Chase and Bank of America agreed to pump $30 billion into troubled First Republic Bank, and after the Swiss National Bank extended a $54 billion lifeline to Credit Suisse.

The debt-fueled property and tech sectors rose across Asian exchanges.

In Japan, the Nikkei 225 opened higher and rose to the close, finishing up 1.2% as traders took cues from strong overnight gains on Wall Street.

The benchmark Nikkei 225 rose 323.18 to 27,333.79, as gaining issues outnumbered losers 147 to 74. Tokyo's technology services sector rose 2.9% on the day, reported Trading View.

Leading the upside was the Tokyo metro-area commuter service Tobu Railway, up 4.4%, while builder Taisei fell 8.1%. Semiconductor-related shares rose after Japan officials lifted export controls on key chip-production materials to South Korea.

In economic news, Japan's index of tertiary, or service-sector, industry activity rose 0.9% in January from December, and lifted 2.3% from a year earlier, reported the Ministry of Economy, Trade and Industry.

The Hong Kong Hang Seng Index opened higher and held ground, finishing up 1.6% on easing bank-contagion concerns, and strength in property and tech issues.

The broad-gauge Hang Seng rose 314.68 to 19,518.59, as gaining issues outnumbered losers 66 to nine. The Hang Seng TECH Index rose 4.4% on the day, while the Mainland Properties Index rose 4.1%.

Web-services titan Baidu rose 13.7% to lead the upside after positive second-day reviews of its new chat-bot service, while garment-maker Li Ning fell 9.9% on an earnings outlook.

On the mainland, the Shanghai Composite rose 0.7% to 3,250.55.

On the other exchanges, the South Korean KOSPI rose 1.3%; the Taiwan TWSE inclined 1.5%; the Australian ASX 200 inclined 0.4%; the Singapore Straits Times Index rose 0.9%, and the Thai Set inclined 0.6%. In late trading in Mumbai, the Sensex was up 0.7%.

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