Asian markets react to mixed news, Tokyo rises, Hong Kong falls
Date
5/23/2024 6:02:33 AM
(MENAFN) Asian markets experienced a mixed trading session on Thursday, with Japan's NIKKEI 225 surging by 1.3 percent to reach 39,103.22, reflecting positive investor sentiment buoyed by the news of Nvidia's impressive earnings. Meanwhile, Australia's S&P/ASX 200 saw a decline of 0.5 percent to settle at 7,811.80, contrasting with South Korea's Kospi index, which inched up by 0.1 percent to 2,726.33. However, Hong Kong's Hang Seng index slipped significantly by 1.6 percent to 18,892.21, while the Shanghai Composite in China also experienced a dip of 1.2 percent to 3,120.35.
The surge in semiconductor-related stocks was attributed to Nvidia's remarkable earnings report, which exceeded expectations with quarterly net income soaring more than sevenfold from the previous year, reaching USD14.88 billion. This surge in revenue reflects the company's significant role in the current artificial intelligence boom.
Meanwhile, the Bank of Korea's decision to maintain its policy rate was in line with market expectations. In the backdrop of this news, Wall Street witnessed a retreat from its recent record highs, primarily driven by concerns surrounding high interest rates. The S&P 500, after setting a new all-time high the previous day, saw a decline of 0.3 percent to close at 5,307.01. The Dow Jones Industrial Average also experienced a dip of 0.5 percent to settle at 39,671.04, while the Nasdaq composite slipped by 0.2 percent to 16,801.54, following its own recent record-setting performance.
MENAFN23052024000045015682ID1108248873
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.