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Saturday, December 10, 2022
Stocks & Shares

Asia-Pacific shares rise as investors weigh recession fears

Hang Seng

Hang Seng index jumped 1.47%, Nikkei 225 advanced nearly 1%, Shanghai Composite gained 0.44%, Kospi gained 1.85% and S&P/ASX 200 in Australia rose 0.26%

Shares in the Asia-Pacific region were higher on Friday as investors weigh recession fears.

Hong Kong’s Hang Seng index jumped 1.47%, with the Hang Seng Tech index rising around 3%. SenseTime jumped 6.57% and Xpeng rose 9.21%.

Logistics company GoGoX rose as high as 23.15 Hong Kong dollars (US$2.95) in its stock market debut in the city, and last traded at 22.40 Hong Kong dollars (US$2.85), up from the offer price of 21.50 Hong Kong dollars (US$2.74).

In Japan markets, the Nikkei 225 advanced nearly 1%, while the Topix climbed 0.56%.

SoftBank Group’s chief executive, Masayoshi Son, said on Friday that chip designer Arm was mostly likely to be listed on the Nasdaq, though the decision is not final, Reuters reported.

Most of Arm’s clients are based in Silicon Valley and stock markets in the U.S. would love to have Arm, Son said at the company’s annual general meeting, according to Reuters. Softbank shares rose 2.68%.

Mainland Chinese markets rose. The Shanghai Composite gained 0.44%, and the Shenzhen Component was 0.92% higher.

South Korea’s Kospi gained 1.85%, and the Kosdaq advanced 4.43%.

The S&P/ASX 200 in Australia rose 0.26%. The New Zealand market is closed for a holiday on Friday.

MSCI’s broadest index of Asia-Pacific shares was up 0.92%.

Markets will find greater stability when leading indicators and inflation data starts bottoming out, said Viktor Shvets, head of global and Asian strategy at Macquarie Capital.

Core consumer prices in Japan rose 2.1% for the month of May compared to a year earlier, in line with estimates, according to Reuters. That’s above the Bank of Japan’s target of 2% inflation. However, consumer prices only rose 0.8% if fresh food and energy was taken out, Reuters said.

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