Stock indexes of the largest countries in the Asia-Pacific region (APR) mostly rose in trading on Friday, with the exception of China’s Shanghai Composite, which fell after an initial rise.
Traders are awaiting a speech by US Federal Reserve Chairman Jerome Powell at the annual economic symposium in Jackson Hole.
The Japanese Nikkei 225 index rose 0.57% by the close of trading.
Among the components of the index, shares of polymer producer Unitika Ltd. rose the most. (+4.4%), chemical company Mitsui Chemicals Inc. (+3.1%) and special equipment manufacturer Komatsu (+3%).
China’s Shanghai Composite fell 0.3%, while Hong Kong’s Hang Seng rose 1%.
China has allocated 1 trillion yuan ($146 billion) to stimulate the economy, mainly focusing on infrastructure spending.
The State Council of China has unveiled a package of measures that includes an additional 300 billion yuan that state-owned banks can invest in infrastructure projects, on top of the 300 billion yuan announced at the end of June. In addition, regional authorities will receive 500 billion yuan in the form of special bonds from previously unused quotas. In turn, state-owned energy companies will be able to sell bonds worth 200 billion yuan. Meanwhile, the agricultural sector will receive 10 billion yuan in subsidies.
In Hong Kong, developer Longfor Group Holdings Ltd rose most significantly. (+5.7%), producing solar panels Xinyi Solar Holdings Ltd. (+5.4%) and biotech Wuxi Biologics (Cayman) Inc. (+5.3%).
Shares of CNOOC Ltd. fell by 1.1%, although China’s largest offshore oil and gas company more than doubled its net profit in the first half of 2022 thanks to rising oil prices.
South Korean index Kospi rose by 0.15%.
Shares of one of the world’s largest manufacturers of chips and consumer electronics Samsung Electronics Co. rose by 0.5%, automaker Hyundai Motor Co. – by 0.8%.
The Australian S&P/ASX 200 gained 0.8%.
The market value of the world’s largest mining company BHP rose by 1.5%, its competitor Rio Tinto Ltd. – by 1.4%.
