Asia report: Stocks rise across region, BHP strikes deal with Tesla

By Josh White

Date: Thursday 22 Jul 2021

Asia report: Stocks rise across region, BHP strikes deal with Tesla

(Sharecast News) - Markets in Asia closed in positive territory on Thursday, led by Hong Kong's bourse, as BHP surged ahead in Sydney on the back of a new deal with Tesla.
In Japan, markets were closed for the Marine Day public holiday, as the yen strengthened 0.05% against the dollar to last trade at JPY 110.24.

On the mainland, the Shanghai Composite was up 0.34% at 3,574.73, and the smaller, technology-centric Shenzhen Composite was 0.45% firmer at 2,503.85.

South Korea's Kospi was ahead 1.07% at 3,250.21, while the Hang Seng Index in Hong Kong jumped 1.83% to 27,723.84.

Gains in the special administrative region were underpinned by China Evergrande Group, which flew 7.87% higher by the close.

The property developer announced earlier in the session that it had come to a resolution over legal disputes with China Guangfa Bank.

Seoul's blue-chip technology stocks were on the front foot, with Samsung Electronics up 1.53% and SK Hynix advancing 2.14%.

Oil prices were higher as the region went to bed, with Brent crude last up 0.98% at $72.94 per barrel, and West Texas Intermediate 1.1% higher at $71.07.

In Australia, the S&P/ASX 200 moved up 1.06% to 7,386.40, as mining giant BHP rose 3.13% after it announced a new agreement with electric car giant Tesla over the supply of nickel.

Across the Tasman Sea, New Zealand's S&P/NZX 50 eked out gains of 0.09% to 12,720.84, as the country's central bank ended its bond buying programme.

The Reserve Bank of New Zealand purchased a final NZD 90m of government bonds on the day, which was in stark contrast to the NZD 1bn per week it was buying a year ago in the immediate economic fallout of the Covid-19 pandemic.

It was a mixed day for the down under dollars in trading with the greenback, with the Aussie last 0.34% stronger at AUD 1.3546, while the Kiwi retreated 0.04% to NZD 1.4352.


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