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27.10.2022 11:36 PM
Stock Asia does not show a single direction

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Stock Asia did not show a single direction on Thursday. Some indicators showed a slight decrease, among them: Chinese Shanghai Composite and Shenzhen Composite, decreased by 0.5% and 0.01% each, as well as the Japanese Nikkei 225, which lost 0.19%. At the same time, other indicators were growing: the Australian S&P/ASX 200 gained 0.55%, the Korean KOSPI added 1.47%, and the Hong Kong Hang Seng Index - 1.4%.

Such a multidirectional movement is observed due to the fact that there are no significant phenomena that could have a significant impact on all indices.

However, it should be noted that investors were waiting for the results of the European Central Bank meeting. Most experts predict that the ECB has decided to raise the discount rate by 0.75% to 2%. Also, some investors fear that more radical monetary policy measures may negatively affect economic growth in the region.

In addition, the release of the primary assessment of US economic growth for the third quarter of this year is expected. Experts believe that GDP growth should be 2.4% after the previous decrease of 0.6% in the second quarter.

In China, there is a decrease in the total profit of the largest industrial companies by 2.3% over the past nine months of this year compared to the same period last year. The combined income of these enterprises amounted to 62.44 trillion yuan (or 8.7 trillion US dollars). For comparison: the decrease in this indicator for January-August was 2.1%.

Among the components of the Hong Kong indicator, JD.com Inc. gained 8.2%, Budweiser Brewing, Co. APAC, Ltd., increased by 6.3%, and Alibaba Group Holding, Ltd., increased by 5%. These stocks showed the greatest price growth.

Thanks to the good results of the financial statements for the last quarter, the share price of WuXi AppTec, Co. increased by 6%.

Despite the fact that Tsingtao Brewery, Co. managed to increase revenues in the third quarter, they fell short of market forecasts, as a result of which the company's shares lost 7% in price.

Among Japanese companies, the biggest price declines were Canon, Inc., which fell by 6%, Concordia Financial Group, Ltd., which lost 5.2%, and Chiba Bank, Ltd., which fell by 5%.

Due to the improvement in the forecast of financial indicators of Hitachi Construction Machinery, Co. for 2022 and good results for the first six months of the financial year, the company's stock prices increased by 4.9%.

According to preliminary data from the central bank of South Korea, the country's economy showed growth of 3.1% last quarter, which exceeded the forecasts of experts who expected an increase of 2.8%.

Despite the decrease in the net profit of Samsung Electronics, Co. by 24% in the third quarter, caused by a decrease in demand for products (chips), the company's shares gained 0.5% in price.

In addition, a slight increase in quotations was demonstrated by the securities of Kia, Corp., which rose by 0.6%, and Hyundai Motor Co., which gained 0.3%.

The growth of the Australian indicator was facilitated by an increase in the share price of the country's largest enterprises: BHP shares rose by 2.4%, and Rio Tinto by 0.8%.

Anastasia Kravtsova,
Analytical expert of InstaForex
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