Asian Markets Rise As Recession Fears Recede

(RTTNews) - Sentiment improved in Asian markets on Monday amidst an assessment that concerns about economic growth in the U.S. were overdone. Anxiety ahead of the CPI data due from the U.S. on Wednesday however limited gains. Markets in Japan are closed for a holiday.

China's Shanghai Composite Index shed 0.14 percent to finish trading at 2,858.20. The day's trading ranged between 2,869.27 and 2,851.30. The Shenzhen Component Index also declined 0.24 percent to close at 8,373.47.

The Hang Seng Index of the Hong Kong Stock Exchange added 21 points or 0.13 percent from the previous close to finish trading at 17,111.65. The day's trading range was between a high of 17,162.76 and a low of 17,002.93.

Korean Stock Exchange's Kospi Index surged 1.2 percent to close trading at 2,618.30. The day's trading range was between 2,602.01 and 2,622.86.

Australia's S&P/ASX200 closed trading at 7,813.70, gaining 36 points or 0.46 percent. The day's trading range was between 7,777.7 and 7,836.80.

JB Hi-Fi, a retailer of home consumer products topped with gains of 8.3 percent following the half-yearly results announcement. Tabcorp Holdings also rallied close to 8 percent. Bellevue Gold added 5.4 percent. Specialty retail business Super Retail Group and Polynovo, both recorded an increase of more than 4 percent.

Beach Energy dropped more than 12 percent after fiscal 24 results announcement. Aurizon Holdings also shed 8.8 percent. Strike Energy slipped 5.6 percent followed by Mineral Resources that declined 3.8 percent and Pilbara Minerals that shed 2.9 percent.

The NZX 50 of the New Zealand Stock Exchange gained 38 points or 0.31 percent to close trading at 12,281.25, versus the previous close of 12,243.46. Trading ranged between 12,214.24 and 12,326.55.

Software business Vista Group International topped gains with a surge of 5.2 percent. Polymer business Skellerup Holdings followed with gains of 3.2 percent. Restaurant Brands NZ, KMD Brands and Manawa Energy, all added more than 2 percent in the day's trading.

Synlait Milk shed 3.3 percent followed by utilities business Mercury NZ that erased 2.1 percent of value. Sky Network Television, Goodman Property Trust and healthcare business Pacific Edge, all lost more than 1 percent.

Wall Street had closed on a mildly positive note on Friday, marking the end of a turbulent week that witnessed whipsawing prices amidst economic growth concerns. Nasdaq Composite added 0.51 percent on Friday to close at 16,745.30 whereas the Dow Jones Industrial Average added 0.13 percent to finish trading at 39,497.54.