Market Updates
Asian Markets Extend Rally On Earnings Optimism
Arjun Pandit
18 Oct, 2022
Mumbai
Stocks in Asia closed higher as investors focused on domestic earnings and the Hang Seng index soared.
BYD, the maker of electric vehicles, reported third quarter earnings soared more than three-fold.
The People's Bank of China pumped 500 billion renminbi or $70 billion of liquidity into the financial system on Monday.
The new medium term lending facility offered loans at 2.75%, the key rate that acts as a base for the prime lending rate.
The PoB is set to announce its rate decision on October 20 and rates are expected to be left unchanged.
The Nikkei 225 average rose 1.4% or 382.35 to 27,156.14, the Hang Seng index increased 1.8% or 301.68 to 16,914.58 and the Sensex index rose 0.9% or 549.62 to 58,960.60.
The Kospi gained 1.4% to close at 2,249.95 ahead of earnings from Hyundai Motor and several other large conglomerates.
Hyundai Motor added 0.6% and SK Telecom increased 2.5%.
Stocks in Mumbai advanced after the Reserve Bank of India highlighted resilient economic activities.
L&T Tech Services said fiscal second quarter revenue increased 24% and net income jumped 23% from a year ago.
Adani Defence & Aerospace agreed to acquire the largest independent air services contractor Air Works for 400 crore rupees or $50 million.
The yield on 10-year Japanese bonds held firm at 0.25%, Chinese bonds at 2.70% and Indian bonds at 7.42%.
The yen traded near a 32-year low of 149.11 against a dollar, the Indian rupee at 82.20 and Chinese yuan at 7.22.
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