Asian Stocks End Trading On A Mixed Note

(RTTNews) - Asian stocks finished trading on a mixed note with benchmarks in Hong Kong, South Korea, Australia and New Zealand closing below Monday's levels, amidst anxiety over the Fed's stance given the strong service activity readings. Rate hike by Reserve Bank of Australia also added to the negative sentiment. Shanghai Composite as well as the Shenzen Component Index gained as hopes of relaxation in Covid curbs drove sentiment. Japanese Shares benefitted from a weaker yen.

China's Shanghai Composite Index edged up 0.72 points or 0.02 percent to finish at 3,212.53. The day's trading ranged between 3,195.08 and 3,224.82. The Shenzhen Component Index added 75 points or 0.7 percent to close at 11,398.82.

The Japanese benchmark Nikkei 225 gained 65 points or 0.24 percent to end trading at 27,885.87. The day's trading range was between 27,698.31 and 27,934.07.

NTN Corp was the biggest gainer with a 4.44 percent uptick. Mitsubishi Motors Corp, Mazda Motor Corp and Sumitomo Heavy Industries added close to 3 percent.

Internet media company CyberAgent which is providing free streaming of football World Cup matches dropped more than 4 percent after Japan's world cup exit. Eisai Co dropped 3.25 percent. Softbank Group Corp, Kyowa Kirin Co as well as Hitachi Zosen Corp, all declined more than 2 percent.

The Hang Seng Index of the Hong Kong Stock Exchange lost 77 points or 0.40 percent from the previous close to finish trading at 19,441.18. The day's trading range was between a high of 19,569.67 and a low of 19,202.87.

Korean Stock Exchange's Kospi Index lost 26 points or 1.1 percent to close trading at 2,393.16. The day's trading range was between 2,390.20 and 2,416.88.

Australia's S&P/ASX200 closed trading at 7,291.30 after shedding 34 points or 0.47 percent. The day's trading was between 7,283.00 and 7,325.60.

Clinuvel Pharmaceuticals is the top gainer with a 3 percent rally. Mining business Whitehaven Coal, building materials business Fletcher Building, chemicals business Orica and agricultural inputs company Nufarm, all gained more than 2 percent.

Biotechnology company Mesoblast topped the laggards list with a 9.6 percent overnight decline. IT service Appen followed closely with a 9.2 percent drop. Gold miners lost heavily as strong economic data from the U.S. renewed Fed fears and sent gold prices crashing. St Barbara plunged 8.8 percent whereas Ramelius Resources and Resolute Mining, both shed more than 7 percent.

The NZX 50 of the New Zealand Stock Exchange shed 46 points or 0.40 percent to close at 11,631.60. Trading ranged between 11,583.92 and 11,680.97.

Dairy business Synlait Milk was the top gainer with a 3.5 percent rally. Electronic components maker EROAD also gained 2.6 percent. Port of Tauranga, The a2 Milk Company and telecommunications business Spark New Zealand, all gained more than 1 percent. Utilities business Manawa Energy and Argosy Property, a diversified REIT, both lost more than 3 percent.

Software business Serko, real estate business Stride Property as well as energy business Mercury NZ declined more than 2 percent.

Renewed Fed jitters had dragged the Wall Street lower on Monday, with the Nasdaq Composite shedding 1.9 percent to close at 11,239.94 and the Dow Jones Industrial Average dropping 1.4 percent to finish trading at 33,947.10.