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Asian Stock Markets Dull, China Issues Up on Beijing Outlook

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Last updated: 06/23/2022 06:35:40

06:35 AM EDT, 06/23/2022 (MT Newswires) -- Asian stock markets turned in a dull Thursday, although Hong Kong and Shanghai moved higher after China President Xi Jinping on Wednesday vowed his nation would hit 2022 economic growth targets, setting up hopes for more government stimulus. Tokyo gained marginally, while other regional exchanges were mixed.

In Japan, the Nikkei 225 opened evenly, see-sawed, but finished up 0.1% as traders bought into retail and transportation issues on prospects for recovery from COVID-19-related restrictions.

The benchmark Nikkei 225 rose 21.70 to 26,171.25, although losing issues outnumbered gainers 116 to 106.

In other news, the seasonally adjusted headline au Jibun Bank Flash Japan Manufacturing PMI eased slightly to 52.7 in June from from 53.3 in May.

The Flash Composite Output Index for Japan posted in June at 53.2, up from 52.3 in May. The Flash Services Business Activity Index for June posted at 54.2, up from 52.6 in May, and the Flash Manufacturing Output Index slipped a bit in June to 51.0 from 51.5 in May, reported S&P Global.

Hong Kong's Hang Seng Index rose 1.3% on the outlook that Beijing may ease regulatory pressures on tech enterprises, and on Xi's vow to promote economic growth.

The broad gauge Hang Seng rose 265.53 to 21,273.87, as gaining issues outnumbered losers 52 to 13. The Hang Seng TECH Index rose 2.3% on the day, while the Mainland Properties Index rose 1.5%.

On the mainland, the Shanghai Composite rose 1.6% to 3,320.15.

On the other exchanges, the S. Korean KOSPI fell 1.2%; the Taiwan TWSE declined 1.1%; the Australian ASX 200 edged up 0.3%; the Singapore Straits Times Index was flat, and the Thai Set declined 0.1%. In late trading in Mumbai, the Sensex was up 0.9%.

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