Asian stocks gained on cheerful fundamentals| MENAFN.COM

Sunday, 05 February 2023 12:23 GMT

Asian stocks gained on cheerful fundamentals

(MENAFN– ecpulse)

Asian stocks rose for the second straight day after cheerful fundamentals released from the Australian economy, backing the Australian dollar to incline to a three-week high against the U.S. dollar. Australia`s trade balance shocked markets with recording a surplus as exports to China and the United States picked up, while economists expected a widening trade deficit.

The MSCI Asia Pacific Index climbed 0.4% by 10:55 a.m in Tokyo, as Australia`s S&P/ASX 200 index and Hong Kong`s Hang Seng index ended three days of losses. Emerging-market currencies managed to incline and offset some losses seen in last week`s sell wave.

Thursday`s fundamentals showed the Australian trade balance recorded a surplus of AU$468 million compared with a previous deficit of AU$118 million, while analysts` expected a deficit of AU$200 million. Business confidence rose to 8 from 5, encouraging investors to buy the Australian dollar, and pushing stocks upside.

Moreover, AUD climbed 0.7%, and the South Korean won picked up slightly. Malaysia`s ringgit climbed 0.2%, and the Indian rupiah inclined 0.3%. Furthermore, the currencies of Indonesia and Philippines also strengthened and started to offset last week`s losses.

Four stocks inclined for every three that dropped on the MSCI Asia Pacific Index, having the Hang Seng Index climbing 0.4%, following declines seen this week, while Korea`s Kospi index gained 0.9%.

The S&P/ASX 200 index rose 0.7%, while Japan`s Topix index is fluctuating between gains and losses after it rose 2.1% in Wednesday trades.

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