ASIA-PAC EQUITY WRAP: Asia stocks mostly rebounded although Chinese markets lagged ahead of Lunar New Year closures

Analysis details (06:06)

Asia stocks traded mixed after the subdued handover from Wall St where equities failed to sustain an early rebound and DJIA gave up a 500-point intraday gain as selling re-emerged despite a lack fresh catalyst for the moves, although US equities benefitted overnight as Apple shares rose 5% following its earnings beat. ASX 200 (+2.2%) was positive with outperformance in the consumer-related sectors helping lift the index back up from correction territory and with most industries in the green aside from gold miners after the precious metal fell below USD 1800/oz. Nikkei 225 (+2.1%) outperformed as exporters benefitted from the favourable currency flows and with the biggest gainers driven by earnings, while KOSPI (+2.0%) was also underpinned by corporate results including from the world’s second-largest memory chipmaker SK Hynix in which its 2021 net income more than doubled to KRW 9.61tln. Hang Seng (-1.1%) and Shanghai Comp. (-0.2%) lagged with the mainland lacking direction ahead of the Lunar New Year holiday closures throughout the entire of next week and with Hong Kong pressured amid losses in blue chip tech names and health care.

28 Jan 2022 - 06:03- EquitiesResearch Sheet- Source: Newsquawk