Asian stock markets posted strong gains in early trading Thursday, following Wall Street higher after results of the U.S. midterm elections.
Japan’s Nikkei NIK, +1.90% was the regional standout, up about 2%. With the dollar’s recovery against the yen USDJPY, +0.19% , export-heavy stocks were helping lead the way for Japanese stocks. Toyota 7203, +0.72% was up more than 1%, while Sony 6758, +1.85% gained 2% and oil company Inpex 1605, +5.95% jumped 5%.
Hong Kong stocks also started strong, with the Hang Seng Index HSI, +0.96% up 1%. The index has notched five increases in the past six trading days. Helping was oil producer CNOOC 0883, +3.46% , which was up 2%. Tencent 0700, +1.91% was some 2% higher while recently weak AAC Tech 2018, -1.58% gave up an early 4% gain and was last down 2%.
Wynn Macau 1128, -10.05% was among the worst-performing stocks in Hong Kong, after giving a downbeat fourth-quarter guidance in its earnings report before the bell. Shares were down 10% after having bounced 16% last week, the most in three years. Parent Wynn Resorts WYNN, +3.92% ended U.S. after-hours trading down 13%. Other Hong Kong casino stocks tumbled too, with Galaxy Entertainment 0027, -2.93% and Sands China 1928, -2.96% each down more than 3%.
Chinese stocks rose, with the Shanghai Composite SHCOMP, +0.61% and the smaller-cap Shenzhen Composite 399106, +0.60% both up about 0.6%. Consumer stocks rebounded while most so-called technology-innovation names retreated after days of sharp gains. Investors were buoyed by data that found Chinese exports rose sharply in October, despite U.S. tariffs.
South Korea’s Kospi SEU, +1.43% surged 1.4%, with Samsung 005930, +1.59% up about as much after unveiling its first foldable smartphone. Stocks in Taiwan Y9999, +0.50% and Singapore STI, +0.92% gained as well.
Australia’s benchmark index XJO, +0.46% rose 0.5%, although APA Group APA, -8.68% plunged after the Australian government moved to block the gas pipeline company from being taken over by a Hong Kong consortium. New Zealand stocks NZ50GR, +0.47% rose modestly.
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