14/12/2023 – 5:37
By Gabriel Bueno da Costa*
São Paulo, 12/14/2023 – Asian stock markets only partially shared the global excitement with the Federal Reserve (Fed, the American central bank) yesterday, after the US Central Bank maintained interest rates, but signaled cuts in 2024. There were losses in Shanghai and also in Tokyo, but the Seoul Stock Exchange rose more than 1% and others also advanced, in a mixed picture on the continent.
The Shanghai Stock Exchange closed down 0.33%, at 2,958.99 points, and the Shenzhen Stock Exchange, which has a smaller scope, fell 0.55%, to 1,919.91 points. Shanghai showed more strength at the beginning of the trading session, in the wake of the Fed, but the momentum did not last, with sentiment about China still negative, after a recent economic conference disappointed investors, who were waiting for more official stimulus. Among stocks in focus, those linked to beverages fell for the second session in a row, with Shanxi Xinghuacun Fen Wine Factory down 2.6% and Kweichow Moutai, down 1.45%. Coal producers rose, with Shanxi Lanhua Sci-Tech Venture up 0.6% and Pingdingshan Tianan Coal Mining up 1.2%.
On the Tokyo Stock Exchange, the Nikkei index fell 0.73%, to 32,686.25 points. The strength of the yen put pressure on shares of Japanese exporters, including automakers. The Nikkei also rose, but reversed its signal mid-morning, due to the exchange rate movement. Investors were evaluating changes in the country's government cabinet, with the departure of the Minister of Industry and the head of cabinet. Mitsubishi Motors, Mazda, Nissan, Subaru and Honda fell 6.8%, 5.9%, 5.5%, 5.2% and 5.0%, respectively.
In Seoul, the Kospi index advanced 1.34%, to 2,544.18 points. Shares of battery makers, microchips and the internet sector were among the highlights, with risk appetite supported by the Fed. Kakao Corp. rose 6.7% and Kakaopay, 5.9%.LG Energy Solution gained 3.1% and SK Hynix, 4.2%.
In Hong Kong, the Hang Seng index registered a gain of 1.07%, to 16,402.19 points. In Taiwan, Taiex rose 1.05%, to 17,653.11 points.
In Oceania, in Sydney, the S&P/ASX 200 closed up 1.65%, at 7,377.90 points. The Australian market saw widespread gains, with support from the Fed. Real estate shares were among the highlights, and software providers and producers of gold, lithium and iron ore also rose.
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* With information from Dow Jones Newswires
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