Chinese Stocks Strengthened Their Positions

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 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.