Asian Markets Rally On Local Earnings Optimism

Arjun Pandit
22 Jul, 2022
Frankfurt

Asian markets generally closed higher and the Nikkei index in Tokyo advanced for the seventh session in a row. 

Kawasaki Kisen soared 11% and Nippon Yusen increased 4.02% after the shipping companies lifted full-year earnings outlook. 

Japan's core consumer inflation, excluding energy and food prices, remained above the Bank of Japan's target rate of 2% for the third month in a row in June. 

A separate report showed Japan's manufacturing slowed to a 10-month low in July on the continued supply chain disruptions and slowing orders. 

The Nikkei index increased 0.4% to 27,914.66, the Hang Seng index rose 0.2% to 20,609.14, and the Sensex index increased 0.7% to 56,072.23. 

China imposed 8 billion yen or $1.2 billion on taxi ride hailing platform Didi Global for cyber securities and data violations.  

The Sensex index in Mumbai advanced for the sixth day in a row on the earnings optimism from banks and rising demand for vehicles and consumer goods.  

The Sensex and Nifty indexes ended at the session's high and advanced for the sixth day in a row. 

For the week, the Sensex gained 3.6% and the Nifty advanced 3.4%. 

The rupee traded near its record low and closed at 79.87 against one U.S. dollar. 

HDFC, HDFC Bank, UPL, and Grasim advanced between 2% and 3%. 

Tata Consumer Products, Infosys, Tech Mahindra, Power Grid Corp, and NTPC declined between 1% and 2%. 

UltraTech Cement soared 4.9% to 6,431.20 rupees after the company reported better than expected earnings. 

Revenues from operations increased 26.1% to 15,272 crore rupees. 

Net income declined to 1,537.11 crore rupees or 54.91 a diluted share from 1,715.58 crore rupees or 59.00 rupees a share.