Global Market News

China Factory Outlook Lifts Asian Stock Markets


Last updated: 04/02/2024 06:48:51

06:48 AM EDT, 04/02/2024 (MT Newswires) -- Asian stock markets largely moved higher Tuesday on recent strong manufacturing reports from China and prospects of successful vehicle introduction in mainland China.

Hong Kong and Tokyo finished in the green, Shanghai was down, while most of the other regional exchanges edged up.

In Japan, the Nikkei 225 opened higher, wobbled, and finished up 0.1% as cautious traders anticipated possible Japanese government intervention in foreign exchange markets to boost the value of the yen.

The benchmark Nikkei 225 rose 35.82 to 39,838.91, although losing issues outnumbered gainers 135 to 90.

Leading the upside was silicon-wafer maker Sumco, up 4.4%, while Odakyu Electric Railway fell 6%.

In Hong Kong, the Hang Seng Index opened higher after a four-day hiatus and finished up 2.4%, after strong China factory-sector reports from Beijing and S&P Global on Sunday and Monday.

Also, smartphone-maker Xiaomi shares rose 9%, after reporting strong sales following the introduction of their new EV automobile.

The broad gauge Hang Seng rose 390.10 to 16,931.52, as gaining issues outnumbered losers 69 to 13. The Hang Seng TECH Index gained 1.9% on the day, while the Mainland Properties Index also rose 1.9%.

Bank of China HK gained 1.9%, while videogame maker NetEase brought up the rear, falling 6.9%.

On the mainland, the Shanghai Composite fell 0.1% to 3,074.96.

On the other regional exchanges, the S. Korean KOSPI added 0.2%; the Taiwan TWSE rose 1.2%; the Australian ASX 200 declined 0.1%; the Singapore Straits Times Index gained 0.4%, and the Thai Set was flat. In late trading in Mumbai, the Sensex retreated 0.2%.
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