Asian Daily Market Review

Asian markets were modestly higher on Friday for the most part following a strong overnight rally on Wall Street that was sparked by the market beating earnings report from Nvidia. Investor sentiment is remaining somewhat subdued in Asia though as investors continue to worry over the health of the Chinese economy and the ongoing geopolitical disruptions in Israel and the Ukraine.

In Japan the Nikkei was unchanged as investors took a break for the Emperor’s Birthday holiday, just one day after Japan’s benchmark index roared to a new all-time high.

In Australia the S&P/ASX 200 climbed 0.4% higher to lead gains for the region, helped by solid gains from the big four banks. Shares of ANZ added 1%, NAB advanced by 1.1%, Commonwealth Bank was 0.3% higher, and Westpac also posted a 0.3% gain. The major miners saw more modest gains, with BHP rising by 0.6% and Rio Tinto ending flat with a slight gain of less than 0.1%.

Mainland Chinese markets extended their rally into a ninth consecutive session, despite the ongoing concerns over the health of the Chinese property market. The benchmark Shanghai Composite finished 0.6% higher, while the smaller cap Shenzhen Composite added 0.3%. Over in Hong Kong the Hang Seng underperformed, slipping lower by 0.1% on the day.

In South Korea the Kospi edged up by 0.1%, and in Taiwan the Taiex advanced by 0.2%.

Southeast Asian markets were mixed as Malaysia’s KLCI rose by 0.2%, but Singapore’s Straits Times Index retreated by 1.2% to lead losses for the region.