Asian Markets Record Strong Gains

(RTTNews) - Sentiment in Asian markets improved and benchmarks closed higher on Thursday tracking the tech rally in Wall Street the day before. Renewed optimism about a Federal Reserve rate cut in December catalyzed the market moves.

China's Shanghai Composite Index added 0.29 percent to finish trading at 3,875.26. The day's trading ranged between 3,864.13 and 3,895.59. The Shenzhen Component Index closed 0.25 percent lower at 12,875.19.

The Japanese benchmark Nikkei 225 rallied 636 points or 1.3 percent to close trading at 50,195.00. The day's trading range was between 49,960 and 50,345.

Resonac Holdings jumped 8.85 percent. Toppan Printing followed with gains of 7.3 percent. Denka gained 6.1 percent whereas Panasonic and Advantest Corp rallied close to 5 percent.

Eisai, Shionogi, Mitsubishi Materials Corp, JGC Corp, Resona Holdings, all declined more than 2 percent.

Korean Stock Exchange's Kospi Index added 26 points or 0.66 percent to close trading at 3,986.91. The day's trading range was between 3,968.43 and 4,023.42.

The Hang Seng Index of the Hong Kong Stock Exchange jumped 18 points or 0.07 percent from the previous close to finish trading at 25,945.93. The day's trading range was between a high of 26,123.69 and a low of 25,822.66.

Australia's S&P/ASX200 closed trading at 8,617.30, gaining 11 points or 0.13 percent from the previous close. The day's trading range was between 8,602.40 and 8,649.30. HMC Capital topped gains with a surge of 10.3 percent. GQG Partners and Digico Infrastructure REIT rallied more than 8 percent. Wisetech Global also added 6.9 percent.

Aerospace business DroneShield topped losses with a decline of 7.8 percent. Harvey Norman Holdings slipped 4.4. percent. Bapcor, QBE Insurance Group, Lynas Rare Earths, all declined more than 3 percent.

The NZX 50 of the New Zealand Stock Exchange shed 130 points or 0.96 percent to close trading at 13,432.20, versus the previous close of 13,562.01. The day's trading ranged between 13,432.20 and 13,609.06.

Ryman Healthcare rallied 2.1 percent followed by KMD Brands that gained 1.8 percent. Skellerup and Heartland Group, both rallied close to a percent.

Pacific Edge topped losses with a decline of 5.9 percent. EROAD also shed more than 5 percent. Scales declined 3.3 percent whereas Summerset Group and EBOS, both saw prices decline more than 2 percent.

Wall Street had closed on a positive note on Wednesday amidst strong hopes of another rate cut from the Federal Reserve in December. The Dow Jones Industrial Average added 0.67 percent to finish trading at 47,427.12. The tech-heavy Nasdaq Composite gained 0.82 percent to close trading at 23,214.69.