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Tuesday, March 5, 2024

Asia-Pacific stock indices declined, except for the Australian S & P / ASX 200, which broke the record

According to the results of today’s trading, the stock indices of the countries of the Asia-Pacific region decreased, the only exception was the Australian market.Investors are worried that a spike in US inflation could have a negative impact on the economic recovery and push the Federal Reserve to start abandoning extremely loose monetary policy earlier, writes MarketWatch.

The Japanese Nikkei 225 Index is down 0.2%.

The estimate of the fall in real GDP in Japan in the 1st quarter has been revised to 1% from the previous three months, according to the final data of the country’s government. Earlier it was reported that the economy contracted by 1.3%. At the same time, the decline was recorded for the first time since the second quarter of 2020.
Analysts on average predicted a revision of up to 1.2%, Trading Economics reported.
A new wave of quarantine restrictions associated with the COVID-19 pandemic, as well as the slow vaccination of the population, have a negative impact on the Japanese economy.
Sumitomo Metal Mining Co. shares were among the leaders in the decline in quotations today . (-4.1%), Oji Holdings Corp. (-3.1%), Daikin Industries Ltd. (-3.1%). Chip maker Advantest Corp. also fell in price. (-1.7%), investment and technology SoftBank Group (-1.6%), automobile Toyota Motor (-0.6%), Asia’s largest apparel retailer Fast Retailing (-1%).

At the same time, the capitalization of brewing Kirin Holdings (+ 1.9%), consumer electronics manufacturer Sony (+ 1.3%) increased. The Chinese Shanghai Composite Index dropped 0.5% on the day. The Hong Kong Hang Seng declined 0.02%, ending in the red for the fifth day in a row.

The most significant decline following the results of trading on the Hong Kong Stock Exchange was shown by the quotations of securities of the chip maker Sunny Optical Technology Group Co. (-3.8%), pharmaceutical Sino Biopharmaceutical Ltd. (-2.3%), brewery Budweiser Brewing Co. APAC (-2.5%). In addition, shares of the Internet giant Tencent Holdings (-0.3%), online retailer Alibaba Group Holding Ltd., are falling. (-0.9%).
BYD Co. Ltd., a leading manufacturer of new energy vehicles (NEV) in China, reported a 2.9-fold increase in sales in May compared to the same month last year, to 32,800 vehicles. The company’s shares gained 6.3%, becoming the leader of the rise.

In addition, the growth in prices was shown by the securities of developers, as well as Geely Automobile Holdings Ltd. (+ 1.4%). South Korea’s Kospi Index declined 0.1% on Tuesday.
The share price of Woojin Inc. collapsed by 20%.

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Meanwhile, the market value of one of the world’s largest chipmakers, Samsung Electronics Co. remained at the level of the previous day, the carmaker Hyundai Motor – increased by 0.8%. The Australian S & P / ASX 200 climbed 0.15% up on trading results, hitting a new all-time high.
Among the locomotives of the rise are shares of the biopharmaceutical Mesoblast (+ 8.8%) and the financial company EML Payments Ltd. (+ 6%). At the same time, the capitalization of the world’s largest mining companies BHP and Rio Tinto decreased by 1% and 0.9%, respectively.
The National Australia Bank (NAB) Business Confidence Index dropped to 20 points in May, down from a record 23 points in the previous month.

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