Asia report: Most markets rise as BoJ meeting kicks off

Most stock markets in the Asia-Pacific region were in the green on Thursday, as investors kept a close watch on the Bank of Japan's first meeting to be chaired by new governor Kazuo Ueda.

Economists were expecting the central bank to continue its easy monetary policy approach, although the local financial press suggested Ueda could be more open on its potential future policy trajectory.

“Banking sector concerns are once again clouding the risk landscape, as Wall Street witnessed a late-day sell-off with investors reluctant to hold meaningful risk exposure given the pressure on regional banks,” said TickMill Group analyst Patrick Munnelly.

“However, as was the case the day before, an overnight bid has developed driven by better-than-expected earnings numbers from Facebook parent Meta Platforms.

“Asian equity markets are managing to maintain marginal gains, with the onshore Shanghai Composite the stand-out performer as China’s State Council announced plans to underpin employment, while offering preferential loans to businesses who demonstrate expansion plans that aid in stabilising the employment market.”

Most markets rise, Ping An surges on results

In Japan, the Nikkei 225 rose by 0.15% to 28,457.68, while the Topix climbed 0.43% to 2,032.51.

Among the leaders on Tokyo’s benchmark, Nitto Denko jumped by 6.17%, Canon increased by 5.19%, and Jtekt Corporation grew by 5.07%.

China's Shanghai Composite rose by 0.67% to 3,285.88, while the Shenzhen Component grew by 0.28% to 11,217.00.

Huali Industries and Changjiang Media both surged in Shanghai, growing by 10.05% and 10.03%, respectively.

Hong Kong's Hang Seng Index increased by 0.42% to 19,840.28, with Ping An Insurance, Citic Pacific, and China Life Insurance all rising, by 9.02%, 5.51%, and 5.14%, respectively.

Ping An was in focus after it reported a significant jump in net profit for the first quarter.

The company said net profit was ahead 48.9% year-on-year, to CNY 38.35bn (£4.45bn), up from CNY 25.76bn.

It put the rise in profits down to the domestic economy’s recovery, as household consumption in China picked up in the first three months of the year.

In South Korea, the Kospi grew by 0.44% to 2,495.81, with Doosan Bobcat up 8.25% and Posco Holdings increasing 4.17%.

Technology conglomerate Samsung Electronics was 0.78% firmer by the close in Seoul, despite reporting a decline in net profit for the first quarter.

The company reported a 87.14% decrease in net profit to KRW 1.4trn (£840m), compared to KRW 11.1trn won a year earlier.

Operating profit tumbled 95% to KRW 640bn from 14.12trn in the first quarter last year, which was in line with Samsung’s guidance for KRW 600bn.

Revenue was 18% weaker at KRW 63.7trn, with Samsung blaming its first-quarter weakness on the long-running global semiconductor shortage, as well as other supply chain problems.

Down under stock markets go against the grain

On the downside, Australia's S&P/ASX 200 went against the trend to slip 0.32% to 7,292.70, with Core Lithium and Sayona Mining declining by 5.53% and 5%, respectively.

New Zealand's S&P/NZX 50 was also in the red, dropping 0.14% to 11,918.22, with Vista Group declining by 4.58% and Sanford falling by 3.1%.

On the currency front, the yen was last 0.08% weaker against the dollar to trade at JPY 133.78.

The Aussie meanwhile strengthened 0.07% against the greenback to AUD 1.5134, and the Kiwi advanced 0.4% to NZD 1.6284.

In oil markets, Brent crude futures were last up 0.45% on ICE at $78.04 per barrel, while the NYMEX quote for West Texas Intermediate grew 0.3% to $74.52.

Reporting by Josh White for Sharecast.com.