Global Market News

US Tech Outlook Boost Asian Stock Markets


Last updated: 02/22/2024 05:49:34

05:49 AM EST, 02/22/2024 (MT Newswires) -- Asian stock markets rallied Thursday after the strong overnight earnings report from US chipmaker Nvidia (NVDA) sent global tech issues higher.

Hong Kong, Shanghai and Tokyo rallied, as did most other regional exchanges.

In Japan, the Nikkei 225 opened higher and rose to the close, finishing up 2.2% and striking a new all-time high, eclipsing the record set 34 years ago. A softer yen aided export issues, while tech shares rallied on strength in US peers.

The benchmark Nikkei 225 rose 836.52 to 39,098.66, as gaining issues outnumbered losers 170 to 54.

Leading the upside was diversified tech outfit Screen Holdings, up 10.2%, while Chugai Pharmaceutical lost 4.1%.

In other news, Japan's flash services purchasing manager index, or PMI, for February declined to 52.5 from 53.1 in January, but still logged above the 50-marker that separates growth from contraction, reported S&P Global.

The nation's flash headline manufacturing PMI in February fell to 47.2 in February, from 48.0 in the previous month.

In Hong Kong, the Hang Seng Index opened lower but zigzagged higher, finishing up 1.5% on strength in tech and property issues. Shares in rose 7.3% after the online travel service posted strong earnings, possibly sending a signal that China's consumers are ready to become tourists again after the pandemic era.

The broad gauge Hang Seng rose 239.85 to 16,742.95, as gaining issues outnumbered losers 71 to 10. The Hang Seng TECH Index gained 1.8% on the day, while the Mainland Properties Index rose 0.9%.

Leading the upside was auto-dealer chain Zhongsheng, up 7.5%, while Macau gaming-house Galaxy Entertainment lost 1.8%.

On the mainland, the Shanghai Composite rose 1.3% to 2,988.36.

On the other regional exchanges, the S. Korean KOSPI rose 0.4%; the Taiwan TWSE inclined 0.9%; the Australian ASX 200 gained fractionally; the Singapore Straits Times Index rose 0.2%, and the Thai Set inclined 0.6%. In late trading in Mumbai, the Sensex was up 0.7%.
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