Asia markets trade mixed; ASX hits two-week high as banking fears ease
Asia-Pacific markets were trading mixed on Thursday, with Australia’s benchmark index hitting a two week high as concerns on the recent banking turmoil in the U.S. and Europe ease.
In Australia, the S&P/ASX 200 rose 0.85%, led by miners and bank stocks. Top gainers, BHP and Rio Tinto, were up 2.37% and 1.61% respectively, as well as the “Big Four” banks, which posted gains of 0.8% to 1.7%.
The “Big Four” banks refer to the Commonwealth Bank of Australia, National Australia Bank, ANZ Group, and Westpac Banking Corp.
Japanese markets are trading lower, the Nikkei 225 fell 0.73%, while the Topix saw a larger loss of 0.87%.
The Hang Seng index dropped 0.68%, while the Hang Seng Tech index also slid 0.69%, reversing some of the gains made on Wednesday.
In mainland China, the Shanghai Composite was 0.47% lower, with the Shenzhen Component also 0.44% down.
South Korea’s Kospi was up 0.21%, while the Kosdaq index gained 0.83%.
| TICKER | COMPANY | NAME | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|---|
| Nikkei 225 Index | *NIKKEI | 27727.62 | -156.16 | -0.56 | |
| Hang Seng Index | *HSI | 20207.64 | 15.24 | 0.08 | |
| S&P/ASX 200 | *ASX 200 | 7122.3 | 72 | 1.02 | |
| Shanghai | *SHANGHAI | 3245.37 | 5.32 | 0.16 | |
| KOSPI Index | *KOSPI | 2460.73 | 16.81 | 0.69 | |
| CNBC 100 ASIA IDX | *CNBC 100 | 8199.38 | 12.15 | 0.15 |
Overnight in the U.S., stocks rose broadly as strong gains in tech helped the Nasdaq rebound after a losing session. Sentiment was also lifted by easing concerns around the state of the banking sector.
All three major indexes were up, with the Nasdaq Composite leading gains and climbing 1.8%. The Dow Jones Industrial Average rose 1% and the S&P 500 gained 1.4%.
ASX hits two week high, led by miners and bank stocks
Australian miners, banks and tech firms led the S&P/ASX 200 to its highest level in two weeks on Thursday.
The index currently trades at 7,120 points, the highest since March 10.
Top gainers on Thursday include miners BHP and Rio Tinto, which gained 2.37% and 1.61% respectively, as well as the “Big Four” banks, which recorded gains of 0.8% to 1.7%.
The “Big Four” banks refer to the Commonwealth Bank of Australia, National Australia Bank, ANZ Group, and Westpac Banking Corp.
Tech firms such as buy now, pay later firm Zip gained as much as 12% to hit a five-week high, before paring gains to 7.41% , while mobile payments firm Block Inc rose 4.28%.