Asia Gains as China’s Services Sector Grow

Stocks in Asia rose on Friday as positive economic data raised optimism over the prospects of an economic recovery from the coronavirus pandemic.

In Japan, the Nikkei 225 index gained 160.52 points, or 0.7%, to 22,306.48.

The Japanese yen traded at 107.48 per U.S. dollar after seeing lows beyond 108 earlier in the trading week.

In Hong Kong, the Hang Seng index vaulted 248.93 points, or 1%, to 25,373.12.

Korean stocks moved higher, as shares of SK Biopharmaceuticals skyrocketed 29.92% to see gains for a second day following its blockbuster IPO on Thursday.

The Australian dollar changed hands at $0.6937 following its rise this week from levels around $0.684.

CHINA

In Shanghai, the CSI 300 progressed 83.76 points, or 1.9%, to 4,419.60.

A private survey showed Friday that China’s services sector showed it growing at its fastest pace in over a decade in June, with the Caixin/Markit services Purchasing Manager’s Index (PMI) coming in at 58.4 for the month.

That was the highest print since April 2010, and compared with May’s 55.0 reading. The 50 level in PMI readings separates growth from contraction on a monthly basis.

In other markets

In Korea, the Kospi added 17.04 points, or 0.8%, to 2,152.41

In Singapore, the Straits Times Index collected 16.25 points, or 0.6%, to 2,652.94

In Taiwan, the Taiex index acquired 104.02 points, or 0.9%, to 11,909.16

In New Zealand, the NZX 50 accumulated 56.18 points, or 0.5%, to 11,558.70.

In Australia, the ASX 200 picked up 25.16 points, or 0.4%, to 6,057.88.