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Asia’s Markets Experience Mixed Performance as China’s Positive Momentum Fades and Concerns Arise Over BoJ’s Potential Pivot

Asian Markets Mixed Amidst China Euphoria, BoJ Pivot Fears

Asian equity markets concluded Friday’s session with a mixed performance, as the initial excitement triggered by China’s unexpected announcement of a 50-basis points reduction in the reserve requirement for banks gradually waned. The Nikkei experienced a decline in sentiment due to concerns about a potential shift in the Bank of Japan’s monetary policy.

China’s Shanghai Composite Index managed to secure a modest gain of 0.14 percent, settling at 2,910.22. The day’s trading spanned between 2,924.31 and 2,890.48. Conversely, the Shenzhen Component Index faced a 0.96 percent dip, concluding at 8,771.44.

In Japan, the benchmark Nikkei 225 witnessed a substantial drop of 485 points or 1.34 percent, reaching a closing value of 35,751.07. The trading range for the day extended from 36,060.40 to 35,687.58.

Asian Markets Mixed Amidst China Euphoria, BoJ Pivot Fears

Asian Markets Mixed Amidst China Euphoria, BoJ Pivot Fears (Credits: Bloomberg)

Pacific Metals, engaged in the ferro-nickel business, emerged as the top gainer, experiencing a notable surge of 14.4 percent. Rakuten also saw a positive uptick of 3.5 percent. Nippon Sheet Glass and JGC Corp both added over 2 percent, while Panasonic Corp recorded a gain of 1.6 percent.

On the downside, Advantest Corp faced a 5.5 percent decline, trailed by SUMCO Corp with a 4.5 percent slip. Tokyo Electric Power Co, Dainippon Screen Manufacturing, and Kawasaki Kisen Kaisha all registered declines exceeding 3 percent.

The Hang Seng Index of the Hong Kong Stock Exchange exhibited a loss of 260 points or 1.6 percent from the previous close, concluding the session at 15,952.23. The trading range for the day spanned from a high of 16,240.96 to a low of 15,888.04.

The Korean Stock Exchange’s Kospi Index, on the other hand, rallied by 0.33 percent, closing trading at 2,478.56. The trading range for the day fluctuated between 2,453.45 and 2,502.61.

Meanwhile, the NZX 50 of the New Zealand Stock Exchange experienced a minor dip of 15 points or 0.12 percent, settling at 11,875.03, compared to the previous close of 11,889.63. The day’s trading range extended from 11,816.91 to 11,889.63.

EROAD led the gainers with a notable surge of 2.2 percent, while Pacific Edge, Investore Property, Vital Healthcare Property Trust, and Ryman Healthcare all secured gains exceeding 1 percent. Conversely, NZX faced a 2.8 percent decline, with Meridian Energy, EBOS, and Manawa Energy all recording declines surpassing 2 percent. Chorus also registered a 1.9 percent slip.

On Thursday, Wall Street closed positively, buoyed by a fresh set of earnings reports and updates on GDP, durable goods orders, and jobless claims. The Nasdaq Composite added 0.18 percent to close at 15,510.50, while the Dow Jones Industrial Average rallied 0.64 percent, concluding the trading session at 38,049.13.

It is important to note that the views and opinions expressed in this article are those of the author and may not necessarily reflect the views of Nasdaq, Inc.

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