Asian equity markets approached their highs toward the end of trading, supported by the previous day's gains on Wall Street and positive developments during earnings season. The report covers regional markets and individual stocks.
Asian stocks rebounded on the previous day's gains in U.S. equities and positive sentiment during earnings season, with regional markets approaching levels last seen before the sell-off on 21 October. Near the end of trading, the MSCI Asia Pacific Index excluding Japan rose 1.1%, helped by Korea.
In Japan, space-related company SpaceX rose after strong results, but gains were limited ahead of earnings announcements from major technology companies. The Nikkei Stock Average ended substantially higher than the previous day at ¥64,621.24.
South Korean stocks recovered, supported by gains in semiconductor-related shares, rebounding after a sharp intraday decline. KOSPI rose as high as 5,816.43 before closing at 5,735.66, up 182.92 points. The won strengthened against the dollar.
In Australia, shares of data-center operator NextDC plunged, nearly halving its market capitalization. The decline was attributed to a substantial downward revision to next fiscal year's earnings outlook and the postponement of future development plans.
In Mumbai, India, Jio Platforms' $3.2 billion initial public offering sold out approximately 2 hours after registration opened. It was one of the largest IPOs in history and attracted a surge of investor interest.