Business News Asia
Asian stock markets were mixed on Thursday following the Dow Jones closing down on Wednesday (Jan. 18) due to weak US economic data. Investors are worried about the possibility of a recession as a result of the weak data.
In Hong Kong, the Hang Seng closed at 21,650.98 points, down 27.02 points, or -0.12%. The worst performers were Greatwalle (-26.03%), Renaissance Asia Silk Road (-25.97%), and Hang Pin Living Technology Co (-16.67%). The best performers were Hailiang Intl (+28.57%), Da Sen Holdings (+27.27%), and Medicskin (+23.49%).
China’s Shanghai Composite closed slightly higher at 3,240.28, up 15.87 points, or +0.49%, amid thin trading volume ahead of the Lunar New Year holiday. The best performers were Jiangsu Tongxingbao Intelligent (+19.98%), Beijing Kawin Technology Shareholding (+15.30%), and VeriSilicon Microelectronics Shanghai (+14.70%). The worst performers were Beijing Lanxum Tech Co (-20%), Cendes A (-14.29%), and Beijing Jiuzhou yi gui (-11.41%).
South Korea’s Composite (KOSPI) ended up at 2,380.34 points, up 12.02 points, or +0.51%, as investors scrambled to buy cheap stocks after the market closed in negative territory for two straight days despite concerns over a recession caused by the weak US economic data. The best performers were Jayjun Co (+30%), MetaLabs (+10.38%), and Galaxia SM (+9.84%). The worst performers were STX (-6.07%), Kyungdong Gas (-5.45%), and Jcontentree (-5.30%).
In Australia, the S&P/ASX 200 closed at 7,435.30, up 41.90 points, or +0.57%, and the All Ordinaries closed at 7,648.40, up 38.90 points, or +0.51%. Mining stocks led the market as iron ore prices rebound on hopes that demand in China will recover. The best performers were Nuix (+14.63%), Nanosonics (+8.02%), and Viva Energy (+4.74%). The worst performers were Netwealth Group (-9.19%), Alumina (-6.76%), and Nickel Mines (-6.70%).
In Tokyo, the Nikkei closed at 26,405.23, down 385.89, or -1.44%, led by export stocks as the yen strengthened. Investors took profits after the market jumped yesterday in response to the Bank of Japan (BOJ) maintaining ultra accommodative monetary policy. The worst performers were Mitsubishi Motors Corp. (-5.26%), Mazda Motor (-6.10%), and Nippon Sheet Glass (-4.89%). The best performers were J.Front Retailing (+3.04%), Takashimays (+2.47%), and Toyo Seikan Group Holdings (+1.58%).
In Thailand, The SET closed up 1,689.15 points, an increase of 3.71 points or 0.22%. The best performers were OCC (+16.51%), PRC Construction (+15.16%), and Taokaenoi Food & Marketing (+7.21%). The worst performers were Plus Tech Innovation (-8.82%), Boutique New City (-7.59%), and PP Prime (-6.25%).