Mostly Positive Mood At Asian Bourses

Sentiment remained broadly positive in Asian stock markets despite fresh uncertainty attributed to the trade tariff environment triggered by the U.S. Supreme Court’s recent ruling on tariffs. Markets also digested the move by President Donald Trump to impose temporary across-the-board tariffs of 15 percent. Sentiment also improved as traders anticipated lower levies for China following the Supreme Court ruling. Equity markets in China and Japan remain closed for a holiday.

The Hang Seng Index of the Hong Kong Stock Exchange jumped 669 points or 2.5 percent from the previous close to finish trading at 27,081.91. The day’s trading range was between a high of 27,156.28 and a low of 26,798.97.

Korean Stock Exchange’s Kospi Index gained 38 points or 0.65 percent from the previous close of 5,808.53 to close trading at 5,846.09. The day’s trading range was between 5,792.57 and 5,931.86.

Australia’s S&P/ASX200 closed trading at 9,026.00, dropping 55 points or 0.61 percent from the previous close of 9,081.40. The day’s trading ranged between 9,010.60 and 9,112.90. Falling stocks outnumbered advancing ones by 126 to 58.

Reece surged 13.9 percent following release of half yearly results. Guzman Y Gomez, Pantoro Gold, Ramelius Resources, all rallied more than 8 percent. Greatland Resources also added more than 6.3 percent.

Software businesses topped losses with Megaport plunging 17.5 percent and Data#3 losing 14.4 percent. Perenti declined 13.8 percent while Austal erased almost 11 percent.

The NZX 50 of the New Zealand Stock Exchange rallied 112 points or 0.84 percent to close trading at 13,420.43. The day’s trading ranged between 13,308.52 and 13,465.55.
Tourism Holdings topped gains with a surge of 10.8 percent. Pacific Edge followed with gains of 6.7 percent.

Ryman Healthcare led losses with a decline of 2.4 percent, followed by Kiwi Property that shed more than 2 percent.

Wall Street had closed on a positive note on Friday amidst the U.S. Supreme Court ruling that struck down a large portion of President Trump’s global tariffs. The Dow Jones Industrial Average gained 0.47 percent to finish trading at 49,625.97. The tech-heavy Nasdaq Composite rallied 0.90 percent to close trading at 22,886.07.

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