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Asian shares

Asian shares managed to recover from the two-month bottom

Asian shares managed to recover from the two-month bottom, backed by Wall Street’s upward movement. The investors, however, remain cautious about expected inflation figures. The MSCI Asia-Pacific index, which measures the performance of regional exchanges without Japan, jumped by 1.1%, swinging from its two-month low on Friday.

Only Tokyo Stock Exchange ended the session on red territory, and the blue chip index Nikkei 225 lost 0.65% of its value to 21,244.68 points. Toyota shares declined by 1.26% and Mitsubishi UFJ Financial Group erased 1.46% of its market capitalization.

Honda Motor stocks fell by 1.71% after it became clear that the company would withdraw 350,000 cars from China due to engine problems.

In South Korea, the index Kospi rose by 0.41% to 2,395.19 points. The stock of technology companies Samsung Electronics and SK Hynix rose by 4.68% and 3.89%, respectively. The representatives of the automotive sector, however, were moving in the red territory and Hyundai Motor reported a drop of 0.32%, while Kia Motors wiped out 0.91%. The steel producers were also among the losing sectors.

On the Australian stock exchange, the local index S&P/ASX 200 moved up by 0.61% to 5,855.90 points. The market was supported by the business confidence index in the country, which climbed in January to 19 points from 13 points in the previous month.

In Hong Kong, the index Hang Seng added 1.15% to its value to 29,798.16 points. The financial sector representatives traded steadily on positive territory. HSBC shares rose by 1.26% and China Construction Bank appreciated by 1.69%.

In China, Shanghai Composite rose by 0.98% to 3,184.96 points. The trade volumes remained low due to the forthcoming weekends on the occasion of meeting the Lunar New Year.

The stock exchange in India remained closed as the country celebrates a national holiday.

About Manuel Fajardo

Manuel Fajardo is from Brazil, living in Porto Alegre. He works in Finance Apprise Journal, as analysts and content writer. In my responsibilities are finance and business news for Latin America, Asia and Australia.

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