Asia report: Chinese shares gain on return from New Year break

by | Feb 7, 2022

Markets were in a mixed state at the end of Monday in Asia, with stock in mainland China putting in solid gains on their return from the Lunar New Year holiday.
In Japan, the Nikkei 225 was down 0.7% at 27,248.87, as the yen strengthened 0.19% against the dollar to last trade at JPY 115.04.

Technology conglomerate SoftBank Group was up 2.61%, while among the benchmark’s other major components, automation specialist Fanuc was down 1.35% and fashion firm Fast Retailing losing 1.6%.

The broader Topix index was 0.24% weaker by the end of trading in Tokyo, closing at 1,925.99.

On the mainland, the Shanghai Composite was up 2.03% on its return from the week-long Lunar New Year holiday, and the smaller, technology-heavy Shenzhen Composite gained 1.04% to 2,285.99.

South Korea’s Kospi slipped 0.19% to 2,745.06, while the Hang Seng Index in Hong Kong eked out gains of 0.03% to 24,579.55.

The blue-chip technology stocks were on the back foot in Seoul, with Samsung Electronics down 1.35%, and SK Hynix losing 1.2%.

“Chinese stocks rallied as Chinese investors returned from a week-long Lunar New Year break, and they had some gains to catch up with,” said Swissquote senior analyst Ipek Ozkardeskaya.

“Plus, the better-than-expected Caixin services PMI offered a roaring start to the Tiger year, but the rest of Asia looks much less promising with stock in Japan, Hong Kong and Australia trading in the red due to the stronger hawkish Fed expectations.”

Oil prices were lower at the end of the Asian day, with Brent crude last down 0.61% at $92.70 per barrel, and West Texas Intermediate losing 1.07% to $91.32.

In Australia, the S&P/ASX 200 was down 0.13% at 7,110.80, although flag carrier Qantas Airways leapt 4.62%.

That came after the federal government announced Australia’s borders would reopen to fully vaccinated travellers from later in February, removing the last remaining travel restrictions in the sunburnt country after almost two years of the Covid-19 pandemic.

Across the Tasman Sea, traders in New Zealand were off for the Waitangi Day national holiday.

The down under dollars were mixed against the greenback, with the Aussie last 0.24% stronger at AUD 1.4105, while the Kiwi retreated 0.09% to NZD 1.5131.

Related articles

Asia report: Markets in the red as Apple suppliers tumble

Asia report: Markets in the red as Apple suppliers tumble

(Sharecast News) - Asia-Pacific markets experienced a mixed performance on Wednesday, marked by declines among technology stocks in particular. South Korea and Taiwan saw significant drops, as pressure was piled on major tech firms, particularly chipmakers, after...

Asia report: Markets mixed on final trading day of the year

Asia report: Markets mixed on final trading day of the year

(Sharecast News) - Asia-Pacific markets displayed a mixed performance on the final trading day of 2023, as investors assessed various factors impacting regional economies. Markets in mainland China were in the green, as the country's tech sector displayed particular...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x