Australian shares cross 9,200 level
Australian shares crossed the 9,200 level for the first time on Thursday, lifted by strong gains in miners and healthcare stocks, as investors focused on upbeat corporate earnings rather than inflation jitters.
The S&P/ASX 200 index rose 0.5 percent to 9,171.80, as of 2345 GMT, after hitting a record high of 9,202.90 earlier in the session.
Miners jumped 1.7 percent to a record high, tracking two-week high copper prices, which gained on the back of growth and demand optimism.
Heavyweights BHP rose 3.2 percent to a fresh peak, while Rio Tinto rose around 3 percent. Sigma Healthcare rose about 7 percent to an eight-month high after flagging strong early second-half momentum, lifting the healthcare sub-index 1.9 percent.
Hospital operator Ramsay Health Care surged more than 14 percent to top the benchmark index after posting a higher underlying net profit.
Technology stocks took cues from their Wall Street peers, rising 4.2 percent as worries over artificial intelligence disruption and costs gave way to renewed optimism about its benefits.
On the other hand, financials fell 0.5 percent, with three of the big four banks falling between 0.5 percent and 1.1 percent, and ANZ Group rising 0.5 percent.
Nikkei breaches 59,000
Japan’s Nikkei share average surpassed the 59,000 mark for the first time on Thursday, breaking a record set in the previous session, over waning expectations of an imminent Bank of Japan rate hike and robust results from chipmaker Nvidia.
The benchmark Nikkei 225 Index rose 1.2 percent to 59,295.93 in early trading.
The broader Topix climbed 1.2 percent to 3,890.08. So far, the Nikkei is up 16.4 percent for the year.
China stocks drift lower as investors await key policy signals
China stocks edged lower on Thursday, snapping a two-day post-Lunar New Year rally, as investors held off on major moves ahead of an annual parliamentary meeting next month.
At the midday break, the Shanghai Composite index was down 0.1 percent at 4,144.08 points, surrendering its opening-hour gains.
China’s blue-chip CSI 300 index edged 0.2pc lower
The property sector led the declines, with the CSI 300 Real Estate Index down 2.7 percent. That has wiped out all the gains seen during the session on Wednesday after Shanghai relaxed home purchase eligibility further for non-residents.
Also weighing on the markets on Thursday, the liquor sector weakened 1.3 percent and the energy sector lost nearly 1 percent.
“With the Shanghai Composite Index gradually approaching the highs before this round of correction, the spring rally has entered its second half,” Huatai Futures analysts said in a note.
Trading sentiment has cooled following the post-Lunar New Year catch-up bounce, with market focus now shifting to the upcoming National People’s Congress (NPC) and the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) meeting sessions for new policy signals and guidance, they added.
Meanwhile, the CSI AI Index jumped 0.9 percent and the info tech sector climbed 1.1 percent, joining a regional tech rally as upbeat earnings from AI darling Nvidia soothed concerns over AI-driven disruption.
Indian shares set to open higher
Indian shares will likely open higher on Thursday, tracking gains across Asian markets after robust Nvidia earnings, though analysts see the overall mood remaining cautious on intermittent profit booking and the absence of fresh domestic triggers.
The Gift Nifty futures were trading at 25,676 points as of 8:00 a.m. IST, indicating the benchmark Nifty 50 will open above Wednesday’s close of 25,482.5.
Both the benchmark indexes rose about 0.9 percent each in intraday trade on Wednesday, but gave up most of those gains to finish only marginally higher, as selling emerged at higher levels.
Other Asian markets rose 0.6 percent, tracking an overnight uptick in Wall Street equities, after Nvidia posted a 73 percent jump in quarterly revenue, beating estimates.
Oil prices rose, hovering near seven-month highs, as investors gauged whether the U.S.-Iran nuclear talks could avert a conflict that risks supply disruptions.
“Looking ahead, geopolitical developments involving the U.S. and Iran, along with artificial intelligence and tariff related news flow, are likely to dictate market sentiment and near-term trajectory,” said Bajaj Broking Research.
Foreign portfolio investors bought Indian stocks worth 29.92 billion rupees ($329.4 million) on Wednesday, while domestic institutional investors inflows stood at 51.19 billion rupees, on a net basis, per provisional data from the NSE.
Saudi main index closes in red at 10,847
Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.