ASIA-PAC EQUITY WRAP: Asia-Pac stocks followed suit to advances in global peers despite continued upside in yields and lack of developments on the Ukrainian front

Analysis details (05:59)

Asia-Pac equities traded mostly higher as the region took impetus from Europe and the US where stocks gained despite the continued upside in yields and lack of fresh developments on the Ukrainian front. ASX 200 (+0.5%) was positive with index kept afloat by outperformance in tech and financials, although upside was capped with commodity-related stocks at the other end of the spectrum. Nikkei 225 (+3.0%) surged on continued currency weakness and reclaimed the 28k level with the Japanese benchmark extending on its longest winning streak since September. Hang Seng (+1.3%) and Shanghai Comp. (+0.3%) were also firmer as tech stocks spearheaded the advances in Hong Kong including Xiaomi following a beat on its earnings and the announcement of a HKD 10bln share buyback, while ZTE shares surged as much as 60% on a favourable court ruling. The sector was also encouraged by recent strength in the NASDAQ Golden Dragon China Index and after Chinese regulators asked some US-listed Chinese firms to prepare for more audit disclosure amid efforts to appease the US and keep their shares listed in New York.

23 Mar 2022 - 05:58- EquitiesResearch Sheet- Source: Newsquawk