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Trade, Earnings Outlooks Roil Asian Stock Markets
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Trade, Earnings Outlooks Roil Asian Stock Markets
May 9, 2024 4:10 AM

06:46 AM EDT, 05/09/2024 (MT Newswires) -- Asian stock markets were choppy Thursday with China-exposed exchanges rising after a better-than-expected international commerce report from Beijing, while other trading floors were gloomy.

Hong Kong and Shanghai gained, while Tokyo finished in the red, as did most other regional exchanges.

In Japan, the Nikkei 225 opened evenly but finished off 0.3% as investors weighed uneven earnings-season results.

The benchmark Nikkei 225 fell 128.39 to 38,073.98 as losing issues outnumbered gainers 140 to 81.

Leading the upside was Kawasaki Heavy Industries, up 14.3% after reporting earnings, while delivery service Yamato fell 11.9%, also after reporting earnings.

In economic news, real wages in Japan in March fell for the 24th consecutive month and were down 2.5% year-over-year, reported the Ministry of Health, Labor and Welfare. Declining wages present a challenge to the nation's central bank, which has been trying to boost demand to spur consumption and economic growth in Japan.

In Hong Kong, the Hang Seng Index finished up 1.2% after a strong China international trade report.

The broad gauge Hang Seng rose 223.95 to 18,537.81, as gaining issues outnumbered losers 72 to seven. The Hang Seng TECH Index gained 1.9% on the day, while the Mainland Properties Index rose 2%.

Leading the upside was computer maker Lenovo, gaining 8.7%, while automaker Li Auto fell 2.2%.

On the mainland, the Shanghai Composite rose 0.8% to 3,154.32.

In economic news, mainland China exports in April rose 1.5% year-over-year to $292.4 billion, while imports rose 8.4% on the year to $220.1 billion, reported the Customs Administration. In March, China's exports had declined 7.5% from a year earlier, while imports slipped 1.9% on the year, triggering concerns about a business slowdown in the region.

On other exchanges, the S. Korean KOSPI fell 1.2%; the Taiwan TWSE declined 0.7%; the Australian ASX 200 declined 1.1%; the Singapore Straits Times Index was flat, and the Thai Set declined 0.3%. In late trading in Mumbai, the Sensex was down 1.4%.

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