Tue, May 21, 2024

Bank Stocks and Investor Sentiment on June 3

Stocks and investor sentiment

It was a good day bank stocks as they benefited from investor optimism. For example, shares of HSBC listed on the Hong Kong Stock Exchange gained 2.02%. Moreover, shares of China Construction Bank added 0.48%.

Also, Shinhan Financial Group’s stock in South Korea rose 11.72%. Moreover, in Singapore, the DBS group soared 6.83%. Oversea-Chinese Banking Corporation also saw gains on the day as it gained 4.05%.

Interestingly, in Australia shares of Commonwealth Bank of Australia gained 3.25%. Shares of another bank Westpac jumped 4.36%.

Stocks in Asia and coronavirus pandemicKospi index and local economy

Asia’s one of the largest economies unveiled a 35.3 trillion won ($29 billion) supplementary budget. It means that in total South Korea plans to spend 270 trillion won to deal with the economic impact of the coronavirus pandemic.

The Kospi led gains among the region’s major markets on Wednesday. The Kospi index gained 2.87% to close at 2,147 with shares of industry heavyweight Samsung Electronics soared 6.03%. Interestingly, stocks across Asia largely rose on June 3.

Also, Japanese stocks strengthened their positions The Nikkei 225 gained 1.29% to finish its trading day at 22,613.76. Also, the Topix index added 0.72% to close at 1,599.08.

Moreover, Hong Kong’s Hang Seng index also advanced on Wednesday as shares of the Chinese tech giant Alibaba jumped 4.5%.

Mainland Chinese stocks barely changed on June 3. For example, the Shanghai Composite slightly rose to about 2,923.37. At the same time, the Shenzhen Component slightly fell to around 11,108.36.

Australia’s S&P/ASX 200 rose 1.83% to end its trading day at 5,941.60. Based on the data provided by Australia’s Bureau of Statistics, Australia’s gross domestic product (GDP) fell 0.3% in seasonally adjusted terms during the March quarter.

As a reminder, markets in Thailand were closed on June 3 for a holiday.

The government of South Korea made the right decision when it decided to allocate additional funds.

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