01/18/2024 – 5:51
By Sergio Caldas*
São Paulo, 01/18/2024 – Asian stock markets closed higher this Thursday, in a partial recovery from yesterday's heavy losses, amid the good performance of technology shares.
In mainland China, the Shanghai Composite index rose 0.43% to 2,845.78 points, and the less comprehensive Shenzhen Composite index rose 0.22% to 1,702.45 points. Technology companies such as Semiconductor Manufacturing International Corp. stood out. (+2.1%) and LONGi Green Energy Technology (+7%).
Chinese markets, however, erased just a fraction of the falls of more than 2% from the previous session, when weaker-than-expected economic data weighed on business.
Elsewhere in Asia, the Hang Seng rose 0.75% in Hong Kong today, to 15,391.79 points, also supported by technology stocks and after falling in recent sessions, while the South Korean Kospi rose 0.17 % in Seoul, at 2,440.04 points, with help from Samsung Electronics (+1%) and SK Hynix (+4%), and Taiex registered a gain of 0.38% in Taiwan, at 17,227.79 points.
The improvement in sentiment in the technology sector was likely driven by better-than-expected quarterly results from Taiwan Semiconductor Manufacturing Co (TSMC), the world's biggest chipmaker, according to Maybank's head of retail research, Sonija Li. Although the company's profit TSMC in the quarter up to December fell in the annual comparison, the result exceeded the expectations of analysts consulted by S&P Global Market Intelligence.
An exception in the Asian region today, the Japanese Nikkei was practically stable in Tokyo, with a marginal drop of 0.03%, at 35,466.17 points, after renewing several highs in almost 34 years in recent sessions.
In Oceania, the Australian stock market went against the prevailing tone in Asia and was in the red for the fifth consecutive session. The S&P/ASX 200 fell 0.63% in Sydney, to 7,346.50 points. The largest listed company in Australia in terms of market capitalization, mining company BHP fell 1.8%, after releasing a production balance.
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*With information from Dow Jones Newswires
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