Hong Kong and Shanghai Outshine Players in the Asian Stock Market
On Tuesday, the 13th day of November in 2018, the Asia stock markets opened lower on the Wall Street cues. This resulted in Asian stock markets’ retreat on smartphone and tech-sector softness while the duo including Hong Kong and Shanghai reported higher gains based on the information that Chinese vice premier Liu He will be present in Washington DC shortly to arrange for an additional round of Sino-US trade talks. The traders in Sydney, Australia whined that the Australian market that collapsed on 1.80% has ‘sold off on weak iPhone prospects’.
On the Wall Street cues, the Nikkei 225 opened lower in Tokyo and failed to regain strength as the technology sector lost the grip regardless of a mild hankering. Apply suppliers were knocked down by the worry that the smartphone sector now is overpopulated.
The target for Nikkei 225 dropped 459.36 or by 2.06%, to 21,810.52, seeing that the losing concerns surpassed the number of gainers by 214 to 11. Those winning on the slight benefit on this losing day included names like CyberAgent (CYGIY, 4751: Tokyo), up 2.2%, followed by finance-tech shop SoftBank (SFTBY, 9984: Tokyo), up 1.9%, and lastly the textile-house Toyobo (TYOBY, 3101: Tokyo), up 1.2%. On the other hand, those who stayed on the downside included Taiyo Yuden (TYOYY, 6976: Tokyo), off 7.3%, and then Mitsui Mining & Smelting (MMSMY, 5706; Tokyo), off 6.6%.
The assets of the Bank of Japan at the present are calculated to be more than the country’s annual GDP, subsequent to five years of quantitative lessening. Nevertheless, the Bank of Japan still has to hit its inflation benchmark of 2% with the consumer prices surging continually at about 1% annually.
Just like the rest, the Hong Kong Hang Seng also opened lower on the Wall Street cues and tech-sector softness but showed a fortunate increase in the afternoon on the reports in anticipation of a trade-meeting between Washington and Beijing. As per the board, the Hong Kong stock market rose 159.69 or by 0.62%, i.e., to 25,792.87 in the afternoon.
Those were leading on the slight upside during the day included Geely Automotive (175: HK), up 4.7%, Macau gaming-house Galaxy Entertainment (27: HK), up 3.2%, and finally China Mengniu Daory (2319: HK), up 2.9%, respectively.
The downside, on the contrary, had oil drillers CNOOC (8831: HK), off 3.1%, after which came PetroChina (857: HK), off 1.3%. The Shanghai Composite increased 0.93% to 2,654.88 on the mainland.
As per the state ministry of commerce, the US imports from China are increasing by the day because of the US having a strong economy and customer inclination for Sino products. The deliverance of already-placed orders and front-loading by Chinese exporters also contributed to a robust performance in 2018.
On the rest of the stock exchanges, the S. Korean Kospi went down by 0.44% while the Taiwan TWSE and Singapore Straits Times Index crumpled by 0.56% and 0.47%, in that order. The Thai Set, however, went up by 0.30%. The Sensex (Mumbai Stock Exchange) was up by 0.96% in late trading in Mumbai.