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[MARKET ANALYSIS] Nikkei holds onto earlier gains while the KOPSI continues to trade with extreme volatility

Newsquawk Staff ·

  • Asia-Pac stocks initially proved resilient to the recent US-Iran strikes, with the majority of indices opening with decent gains. However, as the session progresses, the gains have been wiped out, with the Nikkei 225 the only index printing gains. The reversal came without a clear driver, which highlights the extreme volatility in equity markets. 
  • ASX 200 began trade with losses and continues to trade in the red, however stabilising above 8,700. Energy is the sector outperformer, while Metals & Mining lag for a fourth straight session.  
  • Nikkei 225 is the only index printing gains, helped by gains in Kioxia, after Bain Capital announced the sale of its entire stake, and Tokyo Election, as it highlighted the ability fo cut chip gear delivery times by 50%.
  • KOSPI initially surged at the open, following on from the tech-led gains stateside, with Samsung and SK Hynix gaining over 5% at one point. However, the index reversed, driven by the losses in the two tech giants, highlighting the extreme volatility in the South Korean benchmark. The KOSPI volatility index currently stands at 87.41, compared to Nasdaq’s 27.86.
  • Shanghai Comp. and Hang Seng. opened with modest gains but has given back slightly. It was another day of IPOs for the Hang Seng, with the introduction of Luxshare Precision Industry, a supplier of Apple (AAPL)
  • US equity futures trade with modest gains across the board, rotating in narrow ranges. 
  • European equity futures are indicative of a firmer open with the Euro Stoxx 50 future +1.0% after cash closed -1.8% on Wednesday.

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