Asian stock exchanges took advantage of Wall Street’s reassurance at the end of last week and some of the markets closed in positive territory. The South Korean index Kospi rose by 0.91% to 2,385.38 points. The technological representatives were moving green, and Samsung Electronics shares gained 2.64%, while the chip maker SK Hynix expanded by 0.41%. However, shipbuilding companies did not perform well, and Samsung Heavy Industries wiped out 3.17% of its market value, while Hyundai Heavy Industries reported a drop of 1.54% after failing to meet analysts expectations of fourth quarter earnings.
In the Australian stock exchange, the local benchmark S&P / ASX 200 declined by 0.30% to 5,820.70 points. The energy companies posted a total decline of 0.23%, although oil managed to break its six-day losing streak. The shares of Santos fell by 0.52% and Beach Energy dropped by 2.89%. The gold producers also did not enjoy the interest of investors, and the value of Newcrest Mining and Evolution Mining fell by 0.45% and 1.97% respectively.
In Hong Kong, the index Hang Seng initially moved into the green territory, but at the end closed down by 0.16% to 29,459.63 points. The representatives of the financial sector traded at higher levels. HSBC shares rose by 0.38% and China Construction Bank by 0.26%. In the mainland, however, Shanghai Composite closed trade with a growth of 0.78% to 3,154.13 points.
The regional index, MSCI Asia-Pacific, expanded by 1% compensating some of the loses from last week, when wiped out 7.3%.
The Japanese stock market was closed on Monday due to the nation’s founding day.
The US bond market is the driving force for the stock market and is expected to continue this week. A challenge for markets this week will be US inflation data, which should be released on Wednesday.