07/12/2023 – 5:46
By Gabriel Bueno da Costa*
São Paulo, 12/07/2023 – Asian stock markets had negative trading this Thursday, with Tokyo down almost 2%. In Shanghai, on the other hand, the situation ended very close to stability. China’s trade balance, with generally modest numbers, was in focus in the region.
The Shanghai Stock Exchange closed down 0.09%, at 2,966.21 points, and the Shenzhen Stock Exchange, which has a smaller scope, fell 0.27%, to 1,935.53 points. Shares linked to automakers pulled the movement downwards, while China’s trade balance showed weak domestic demand, in official data published earlier. Among stocks in focus, Chongqing Changan Automobile fell 2.2% and Xuzhou Handler Special Vehicle, 10%. Shares of auto parts makers also fell, with Ningbo Shenglong Automotive Powertrain System down 9.9%. Most banks rose, even after Moody’s revised the outlook for several names in the sector in China to negative.
On the Tokyo Stock Exchange, the Nikkei index registered a drop of 1.76%, at 32,858.31 points. Asian markets generally appear to have taken a cautious view of China’s trade balance figures, which point to an economy still struggling to gain momentum, said Michael Hewson, chief markets analyst at CMC Markets. Among stocks in focus in the Japanese capital, Kawasaki Kisen Kaisha, from the transportation sector, fell 4.95%, and the manufacturer of semiconductor-related equipment Advantest fell 4.7%.
In Hong Kong, the Hang Seng index fell 0.71%, to 16,345.89 points. Moody’s revised its outlook for Hong Kong’s rating from stable to negative, after doing the same for China this week. Almost all sectors fell in the local market, driven by pharmaceutical companies and companies linked to microchips.
In South Korea, the Kospi index registered a drop of 0.13%, at 2,492.07 points in Seoul. Stocks linked to robotics and electronics fell. Doosan Robotics fell 7.7% on profit-taking after recent gains. LG Electronics fell 4.7%, extending losses to the seventh consecutive session, given weak prospects for its balance sheet in the fourth quarter.
In Taiwan, the Taiex index fell 0.47% to 17,278.74 points.
In Oceania, in Sydney, the S&P/ASX 200 index closed down 0.07%, at 7,173.30 points. The Australian market showed no breath, one day after the biggest daily gain since November 2022. Shares in the financial sector and securities linked to consumption were among the decliners, with an adjustment after a strong rise on Wednesday.
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* With information from Dow Jones Newswires
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