Soft gains in Asia – Tianqi Lithium ‘Plunges’ up to 10% on debut

Most markets in the Asia-Pacific region were slightly higher, with investor interest focused on trade data from China and interest rate hike decisions by the central banks of Korea and New Zealand.

In particular, data released by Beijing on Chinese trade showed a 13.2% increase in yuan-denominated exports for the first half of 2022, while imports increased by 4.8%.

Meanwhile, the Bank of Korea raised interest rates by 50 basis points for the first time to 2.25%. The increase was in line with analysts’ expectations in a Reuters poll. Corresponding move from the Central Bank of New Zealand which also increased by 50 bp. interest rates, at 2.5%. The coin was at 0.6125

In this climate, at Hong Kong the Hang Seng adds 0.62% and the Hang Seng Tech adds 1.75%, following significant losses over the past two days. Airline shares rose after a report estimated that quarantine-free travel could be allowed under certain conditions from November. Thus, Cathay Pacific increased by 1.9% and China Southern Airlines “jumped” by 4.28%.

Tianqi Lithium plunged as much as 10% from an opening price of $10.45 in its Hong Kong debut, then pared losses to -3.5%. Miniso also fell on its first day of trading.

In Japanthe Nikkei 225 gains 0.34% and the Topix gains 0.16%.

Kospi gains 0.6% on South Koreawhile Kosdaq strengthens by 1.29%.

In mainland China, in a highly volatile session, positive signs seem to prevail, with the Shanghai Composite at +0.36% and Shenzhen adding 0.57%.

The S&P/ASX 200 in Australia is almost unchanged.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.77 percent.