Wed, May 22, 2024

Hong Kong and Mainland Chinese Stocks

Stocks and lending rate

Stock markets across the Asia Pacific region are struggling to cope with problems created by the coronavirus outbreak. Moreover, the U.S. Federal Reserve decided to keep interest rates.

In Honk Kong, the Hang Seng index fell 2.62% to close at 26,449.13. The shares of travel-related companies such as China Southern Airlines and Cathay Pacific declined on January 30. Shares of China Southern Airlines dropped 3.34% while Cathay Pacific fell 2.13%.

Other companies also experienced problems. For example, shares of gaming company Wynn Macau fell 5.21%. Meanwhile, shares of another gaming company Melco International Development declined 5.35%.

Markets returned from the holidays in Taiwan. The Taiex index fell 5.7% to close at 11,421.74. One of the main contributing factors why the index declined is the Hon Hai Precession Industry. Shares of manufacturing giant and major Apple supplier, also known as Foxconn, fell 9.97%.

The situation was also quite complicated in other Asian markets as well. In Japan, the Nikkei 225 index fell 1.72% to close at 22,977.75. Another Japanese stock index Topix also declined on Thursday. Its index dropped 1.48% to end its trading day at 1,674.77.

In South Korea, the Kospi index fell 1.71% to close at 2,148.00.  One of the most famous Samsung Electronics reported that the fourth quarter operating profit declined by about 34% in comparison with the same period in 2018.

Stocks and U.S. Federal ReserveStocks and Federal Reserve

On Wednesday. The Federal Open Market Committee kept the benchmark rate in a range between 1.5% and 1.75%.

Federal Reserve Chairman Jerome Powell made a comment regarding the coronavirus. He stated that the central bank is closely monitoring the situation.

According to Powell, it is too early to say how the virus would affect the global economy.

This virus reached all regions of China. It already created additional pressure for the stock markets in China and across the world. However, it will take time to assess its impact on the major stock indexes.

YOU MAY ALSO LIKE

The mechanics of compounding. wix.com

Quick Look: Market cap of $9.35B, the stock price at $168.02, nearing

natural gas

Quick Look: Natural gas prices surged due to geopolitical tensions and increased

oil prices concept crude oil spilling out of a contianer, qatar

Quick Look: Qatar projected at 1.3% for 2023, rising to 1.75% for

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