Asian Stock Markets Grind Higher on Omicron Outlook, But Hong Kong Stalls

Asian stock markets sustained the global rally on easing concerns that the omicron variant of COVID-19 might derail the global economic recovery, although Hong Kong traded evenly as investors again avoided property and tech issues. Hong Kong finished marginally higher, while Shanghai and Tokyo gained, and other regional exchanges mostly followed suit.

In Japan, the Nikkei 225 opened higher and gained in trading, finishing up 1.4%. Tech shares were buoyed by the overnight 3.0% gain on the tech-centric Nasdaq.

The benchmark Nikkei 225 rose 405.02 to 28,860.62 as gaining issues outnumbered losers 116 to 104.

In other news, the Economy Watcher's Survey index, a poll of cab drivers, restaurant staff and other frontline service workers, rose to 56.3 in November from 55.5 in October, the highest reading in eight years. A reading above 50 indicates that more respondents feel conditions are improving rather than worsening.

Japan in July was struck by its fourth and by-far largest wave of COVID-19 infections, prompting authorities to place much of the country under states of emergency declarations, which were lifted on Oct. 1. Service industries were the most impacted by business restrictions, during the emergency periods.

The Hong Kong Hang Seng Index inched up 0.1% as traders balked again at the exchange's tech offerings, after Tuesday's large gains. E-commerce colossus Alibaba BABA declined 4.7% after near 12% gain on Tuesday, and Weibo, China's Twitter-like social media outfit, declined 7.2% in its initial day of trading in Hong Kong. Property issues slipped as well.

The broad gauge Hang Seng rose 13.21 to 23,996.87 as gaining issues outnumbered losers 32 to 29. The Hang Seng TECH Index was flat, and the Mainland Properties Index fell 0.3% despite recent easing by the People's Bank of China.

On the mainland, the Shanghai Composite rose 1.2% to 3,637.57.

On the other exchanges, the S. Korean KOSPI rose 0.3%; the Taiwan TWSE inclined 0.2%; the Australian ASX 200 inclined 1.3%; the Singapore Straits Times Index lost 0.2%, and the Thai Set inclined 0.6%. In late trading in Mumbai, the Sensex was up 1.8%.