The Magazine for Asian Investors
The Tokyo Nikkei closed higher at 28,195.58, up 316.62 or +1.14% as investors bought up cheap stocks. The winners were NEC Corp+5.97%, Mitsubishi Heavy Industries+5.24%, and Sumitomo Osaka Cement+4.44%. The losers were Credit Saison-1.02%, Hino Motors-0.95% and Tokyo Motors-0.95%, and Tokyo Tatemno-0.84%.
In Australia, the S&P/ASX 200 closed at 6,998.30, up 32.80 or +0.47%, and the All Ordinaries closed at 7,230.40, up 37.00 or +0.51%, with strong gains in energy stocks. Meanwhile, technology stocks recovered as investors retreated after yesterday’s sharp decline. Omni Bridgeway Ltd (+11.44%), Mineral Resouces (+6.20%), and A2 Milk (+6.11%) were the best performers. The worst performers were Ramelius Resources-5.23%, Domino’S Pizza Enterprises-3.71%, and Doener Edi-2.52%.
The South Korean Composite (KOSPI) closed at 2,450.93, up 24.04 or +0.99% as investors bought volatile stocks. The gainers were Hwashin+11.05%, Switch Spe Steel+10.73%, and Hana Tour+10.63%. The losers were Hanjinkal-8.16%, Sh E&C-6.37%, and Namhae Chemical-5.46%.
China’s Shanghai Composite closed down 13.51, or -0.42%, at 3,227.22 points, as several cities in China tightened measures to contain the spread of COVID-19 in order to deal with the growing epidemic. This has raised fears that the Chinese economy will weaken further. The worst performers were Shiny Tech A (-14.27%), Hoymiles Power Electronics (-14%), and Jiangmen Kanhoo Industry (-13.96%). The best performers were Misho Ecology Landscape+20.07%, Zhidemai Technology+10.01%, and Hangzhou Zhengqiang+20.01%.
The Hang Seng in Hong Kong closed down 74.19 points or -0.37% at 19,949.03 points. The losers were China Digital Video(-23%), Cocoon Holdings(-22.37%) and Glorious Property(-21.59%). Winners were China Pipe Group+93.41%, Alco+59.52%, and Capital VC+57.50%.
In Thailand, the SET closed at 1,639.45 points, up 12.93 points or +0.79%, in line with most international stock markets after falling yesterday under pressure from the Fed Chairman’s strong comments. The winners were Sin Munkong Insurance (+29.58%), K.C. Property (+19.23%), and Thien Suwat (+14.88%). The losers were PP Prime -7.69%, Weiss Logistics -5.97%, and EMC -4.76%.