Tue, May 21, 2024

Chinese Stocks Strengthened Their Positions

Stocks and risk factors

Coronavirus outbreak coincided with Lunar New Year, usually millions of people are traveling to spend the time with their family members. However, the situation was different as officials-imposed travel restrictions to contain the spread of this virus. Moreover, coronavirus reached other countries as well. It is not surprising that stocks are struggling to deal with the situation.

Hopefully, China’s Ministry of Commerce reported that major foreign trade provinces such as Guangdong, achieved positive results when it came to the resumption of work.

Last year, Guangdong was the biggest exporter among the regions of China. The second place belongs to Jiangsu, followed by Zhejiang, Shanghai, and Shandong.

On February 21, shares Foxconn fell about 1.33%. Foxconn is the major contract manufacturer and iPhone maker. Coronavirus outbreak created many obstacles for the Foxconn.

Stocks in AsiaStock markets in Asia

On Friday, Chinese stocks finished the trading day with positive results. In mainland China, the Shenzhen component rose 1.05% to 11,629.70. At the same time, the Shenzhen composite rose 1.125% to 1,907.35.

The Shanghai Composite added 0.31% to about 3,039.67.

Unfortunately, stocks in Japan, as well as South Korea, were unable to follow the footsteps of Chinese stocks.

Moreover, South Korea’s Kospi index fell 1.49% to close at 2,162.84. Shares of SK Hynix decreased by 0.96%. On Thursday, 800 employees of SK Hynix had to quarantine themselves as trainee had contact with a virus patient.

As mentioned above, Japanese stocks experienced problems on Friday. Nikkei 225 closed 0.39% lower at 23,386.74. Shares of index heavyweight and conglomerate SoftBank Group added 2.4%.

The Topix index finished its trading day, mostly flat at 1,674.

In Hong Kong, shares of conglomerate Ping An Insurance declined 0.93%. Ping An Insurance released the information including the data about its earnings on February 20.

Also, Australia’s S&P/ASX 200 fell 0.33% to close at 7,139.

YOU MAY ALSO LIKE

Quick Look: Hamster Kombat gained 8 million users in four weeks, with

Ethereum Dominates While Competitors Grow Rapidly, ether

Quick Look: Ether surged 20% on renewed optimism for SEC approval of

GBP/USD: British pound sterling coins. Bank of England (BoE)

Quick Look: GBP/USD rallied to 1.2710 in the early Asian session, reflecting

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Dutch Neobank BUX Names Marcel Jongmans as Chairperson

BUX Holding, the parent firm of mobile investment platform BUX, today announced Marcel Jongmans as the board’s new Chairperson. With almost 30 years in financial services, Jongmans will succeed Founder Nick Bortot, who

BROKER NEWS

Broker News

Dutch Neobank BUX Names Marcel Jongmans as Chairperson

BUX Holding, the parent firm of mobile investment platform BUX, today announced Marcel Jongmans as the board’s new Chairperson. With almost 30 years in financial services, Jongmans will succeed Founder Nick Bortot, who will