Asia: Nikkei Jumps 1%, Hang Seng and Sensex Extend Losses

Arjun Pandit
29 Sep, 2022
New York City

Markets in Asia traded higher following the gains in Europe and rising commodities prices. 

China benchmark indexes ended flat ahead of the 7-day Golden Week holidays between October 1 and 7. 

The Shanghai Composite Index eased 0.1% lower to 3,041.20, erasing most of the early gains in the day. 

The  Hang Seng Index ended down 0.5% to 17,165.87, after dropping to the low last seen in October 2011.  

The Hang Seng index has lost about 26.5% in the year so far and dropped about 40% in the last five years. 

Shanghai Composite is down 16.2% in the year so far. 

In Tokyo, the Nikkei 225 index gained 1.0% to 26,422.05 and the broader Topix increased 0.7% to 1,868.80.

For the year so far, the Nikkei index is down 10.5%. 

Fast Retailing Co Ltd jumped 2.2% following a similar rise in Softbank. 

Pharmaceuticals and resource sector stocks led the gainers and Eisai Co Ltd  soared 13.5% after the company reported an unexpected positive trial results for an experimental Alzheimer's drug.   

The Japanese yen held steady at 144.52 to a dollar. 

Benchmark indexes in Mumbai turned lower for the seventh day in a row ahead of the rate decision from the Reserve Bank of India on Friday. 

The RBI is expected to lift the key lending rate by at least 40 basis points and stem the slide in the rupee. 

The Indian rupee dropped to a new low of 81.80 to a dollar.  

The Sensex index fell 188.32 points or 0.33% to 56,409.96 and the Nifty index declined 40.50 points or 0.24% to 16,818.10. 

Australian stocks closed higher after crude oil and gold prices rebounded from the 9-month lows. 

The ASX 200 Index increased 1.4% to 6,555.00 and the broader All Ordinaries Index added 1.5% to 6,760.60.

BHP Group, Fortescue Metals Group, Woodside Energy Group and Santos Ltd gained between 2% and 3%.