Asian Markets Broadly Higher As Investors React To Central Banks Moves

(RTTNews) - Asian stocks are broadly higher on Friday with investors continuing to cheer the Federal Reserve's half-a-percentage point interest rate cut on Wednesday, and digesting the policy moves of the Bank of Japan, the Chinese central bank.

Australian stocks are higher, with the benchmark S&P/ASX 200 rising to fresh record high. The index rose to 8,246.20 before easing to 8,224.60, up 32.70 points or 0.4% from previous close.

The broader All Ordinaries index was up 35.40 points or 0.42% at 8,452.40.

Materials shares are gaining in strength thanks to a rebound in commodity prices.

Among the major gainers, Bluescope Steel, Seek, Recee Ltd., and Car Group are up 3 to 4%. Neuren Pharmaceuticals and Telix Pharmaceuticals are rising 10.7% and 7.5%, respectively.

Wesfarmers, Woodside Petroleum, REA Group, Xero Ltd., Seven Group Holdings, Qantas Airways, Endevour Group, JB Hi-Fi, QEBE Holdings, Harvey Norman Holdings, Lendlease Group, Reliance Worldwide and Super Retail Group are gaining 1 to 2.5%.

Orica, Sonic Healthcare, Computershare, Insurance Australia, Brambles, Suncorp Group and Transurban Group are down with sharp to moderate losses.

The Japanese market is up sharply, despite coming off the session's highs after the Bank of Japan maintained its key short-term interest rate at around 0.25% to 0.1%, as expected. The bank had hiked rates in July.

Data from the Ministry of Internal Affairs & Communications said the annual inflation in Japan rose to 3% in August (the highest level since October 23) from 2.8% in the prior three months.

On monthly basis, the CPI rose by 0.5% in August, after a 0.2% increase in July.

The core consumer price index in Japan increased by 2.8% year-on-year in August, the highest reading since February.

The benchmark Nikkei 225, which rose to 37,993.00 earlier, was up 766 points or 2.06% at 37,886.50 a little while ago.

Tokai Carbon and Resonac Holdings both are gaining nearly 9%. Kawasaki Industries, Tokyo Electron, Taiyo Yuden, Dentsu, Mitsui, Fanuc, Fuji Electric, Sumco and Fast Retailing are gaining 4 to 6%.

Financials shares Mizuho Financial, Softbank, Mitsubishi UFJ Financial, Sumitomo Mitsui Financial, Citizen Holdings and Aozora Bank are gaining 1 to 3%.

Automobile stocks Hino Motors, Honda Motor, Yamaha Motor and Mazda Motor are up sharply.

Chinese stocks are a bit volatile after the central bank left its main benchmark lending rates unchanged, as against expectations of some reduction in rates. The Shanghai Composite Index is down 0.22%.

The People's Bank of China (PBOC) said it would keep the one-year loan prime rate (LPR) at 3.35%, as well as the five-year LPR at 3.85%.

The Hong Kong market is up sharply, extending gains to a sixth straight session, and climbing to a 13-week high. The Hang Seng was up 241.84 points or 1.34% at 18,255.00 a few minutes ago.

The South Korean market is notably higher, with its benchmark KOSPI rising nearly 1%.

Samsung Electronics, LG Energy Solutions, Kia Corp, Hyndai Motors and Samsung SDI are among the prominent gainers.

Markets in New Zealand and Indonesia are higher, while those in Malaysia and Singapore are trading weak.