Asian stocks settled mixed after China’s data

Highlights:

• • USA
    Wall Street was closed on Monday due to the Labour day, the US public holiday.
  • ASIA
    The Nikkei settled with a rise of 0.86% or 256.25 points, to 29,916.14.
    The Kospi dropped by 0.5% or 15.91 points, at 3,187.42.
    Hang Seng climbed by 0.73% or 190.00 points to 26,353.63.
    The Sensex yielded 0.03% or 17.43 points, to 58,279.48. Meanwhile, Nifty lost 0.09% or 15.70 points, to 17,362.10.
  • EUROPE
    The EuroStoxx 50 index shed 0.14%, the FTSEurofirst 300 fell by 0.07%, and the Stoxx 600 dropped by 0.1%.

Nikkei advanced due to optimism

The Nikkei closed with an increase today boosted again by the hopes that the Prime Minister’s successor will apply new economic stimuli. 

The Nikkei settled with a rise of 0.86% or 256.25 points, to 29,916.14. Meanwhile, the broader Topix index advanced by 1.09% or 22.16 points to 2,063.38. 

Suga, the Japanese Prime minister resigned last week, and it triggered the change in keynotes. He indicated that he would not stand for re-election as a leader of his party. Therefore, he will not be able to choose to renew his mandate as a prime minister in the elections in the coming months.

Meanwhile, Covid-19 infections decreased, and it is also a buying factor. 

The optimism pushed the Nikkei above the psychological barrier of 30,000 points for the first time in five months. 

Among the securities with the highest capitalization, Softbank’s rise stood out. The company surged by 9.85%. Meanwhile, the Japanese leader of the automotive Toyota Motor advanced by 0.43%.

Electronic components maker Tokyo Electron increased by 0.95%. At the same time, Nintendo, the video game company, enjoyed a rise of 0.97%.

Port, land, and air transport sectors led the gains. They were encouraged by the drop in coronavirus infections in Japan.

In the first section of the trading, 1,477 sectors increased. Meanwhile, 602 of them declined, and 110 sectors ended unchanged. The trading volume was 3.43 trillion yen. 

Uncertainties weighed on the Kospi

The Seoul stock Exchange dropped because of doubts regarding the future actions the US Federal Reserve will take. The US published the August employment data on Friday and it was worse than expected. The South Korean Market kept analyzing the weight of it 

The Kospi dropped by 0.5% or 15.91 points, at 3,187.42. Meanwhile, the Kosdaq technology index rose by 0.14% or 1.47 points to 1,054.43. 

Institutional and foreign traders combined a net of around 448 billion won. 

Thus, most of the great values ​​in Seoul dropped today. Samsung Electronics, the biggest asset on Kospi, slipped by 1.55%. Meanwhile, SK Hynix, the second-largest memory chip maker in the world, shed 1.42%. 

Navar, the main internet search engine in the country, declined by 2.09%, and Kakao, the most popular South Korean messaging application operator, plunged by 0.96%. 

In the biopharmaceutical sector, Samsung Biologics shed 0.42%. However, its competitor Celltrion gained 0.36%.

Hyundai Motor, South Korea’s giant carmaker, suffered a loss of 1.16%.

China’s better-than-expected trade data boosted Hang Seng

Today’s trading was positive for the Chinese technology giants. China’s better-than-expected August trade data supported the market sentiment. Meanwhile, worries about a slowdown in economic recovery eased. 

Customs data revealed today that China’s exports surged by 25.6% year-over-year in August. In contrast, analysts expected a 17.1% rise. 

The Shanghai composite expanded by 1.51% to 3,676.59. Besides, the Shenzhen component enjoyed an increase of 1.074% to 14,702.90.

Hang Seng climbed by 0.73% or 190.00 points to 26,353.63. 

The Hang Seng China Enterprises advanced by 1.04%.

Sub-indices settled on the mixed ground. The trading day has been negative for the Real estate sector, which slipped by 0.98%. The services sector followed it with a loss of 0.70%. 

On the other hand, the finance sector added 0.21% and Industry gained 1.37%. 

Technology companies also advanced. Meituan surged by 4.04%, and Tencent added 2.08%. 

Meanwhile, the sports brand Li Ning experienced the highest growth of the day, surging by 7.27%.

In contrast, construction and real estate companies, such as Country Garden, CK Infrastructure Holdings, or Longfor Group Holdings, dropped significantly.

Among the Chinese state oil companies, Sinopec added 1.27%. Petrochina also increased by 0.56%. Meanwhile, Cnooc lagged behind with a rise of 0.51%.

Chinese telemarketers also had a positive day. China Mobile expanded by 0.71%, and China Unicom grew by 0.48%. 

The business volume of the session amounted to 144,829 million Hong Kong dollars. 

Southeast Asian stock markets were volatile

The Southeast Asian stock exchanges ended their sessions with mixed results. It was due to the growth of foreign trade in China in August and doubts about the US Fed policies.

The Singapore, Kuala Lumpur, and Manila stock exchanges closed with benefits. Meanwhile, the markets of Bangkok, Jakarta, and Ho Chi Minh registered losses.

In Singapore, the city-state stock market increased by 0.24% or 7.24 points, at 3,108.53.

In Indonesia, the Jakarta stock slipped by 0.24% or 14.54 points, at 6,112.90 units.

Moreover, in Malaysia, the Kuala Lumpur Stock Exchange advanced by 0.12% or 1.89 points, to 1,583.48.

In Thailand, the Bangkok stock market yielded 0.72% or 11.92 points, to settle at 1,636.45.

The Manila Stock Exchange in the Philippines climbed by 0.52% or 35.61 points, to 6,912.71.

In Vietnam, the VN Index of the Ho Chi Minh stock closed with a loss of 0.33% or 4.49 points at 1,341.90.

 

Indian stocks slipped after China’s robust data

Indian stock market settled almost flat on Tuesday.

The Sensex yielded 0.03% or 17.43 points, to 58,279.48. Meanwhile, Nifty lost 0.09% or 15.70 points, to 17,362.10.

China’s better-than-expected trade data weighed on the market sentiment, seen as the threat of reduction in central-bank support. 

Europe without direction

The main European stock markets started a day without any clear trend. The EuroStoxx 50 index shed 0.14%, the FTSEurofirst 300 fell by 0.07%, and the Stoxx 600 dropped by 0.1%.

Investors are awaiting the publication of the German Zew Index of Investor Morale and the new evaluation of eurozone GDP for the second quarter.

The Stoxx telecoms index experienced the most robust increase in Europe. It added 0.51%, following Deutsche Telekom announcements. The German telecoms operator reported a strategic partnership with the Japanese Softbank.