Wed, February 21, 2024

Hong Kong-listed Shares of Oil Giant CNOOC Fell on Friday

Stock futures

It was a tough day for stocks in the Asia Pacific, as shares of oil giant CNOOC in Hong Kong fell on Friday.

Interestingly, China National Offshore Oil Corporation (CNOOC) is one of the largest national oil companies in the country. Shares of CNOOC dropped 5.57%. Importantly, that came after index provider MSCI announced that it will delete the firm from MSCI ACWI as well as MSCI China All Shares indexes.

As a reminder, the U.S. Department of Commerce under former U.S. President Donald Trump made an important announcement. According to this announcement, the Department of Commerce added CNOOC to a list that essentially restricts those firms from receiving specific goods made in the U.S.

Tensions between the U.S. and China started a long time ago, and it will take time and effort for the new administration to deal with most of the topics. Both sides should try not to create new problems, as tensions between the largest economies in the world have the potential to create additional challenges for the global economy.

Interestingly, the broader Hang Seng index in Hong dropped 1.6% on Friday to end its trading day at 29,447.85.

Mainland Chinese stocks were mixed on Friday. The Shanghai Composite fell 0.4% to 3,606.75. At the same time, the Shenzhen Component added 0.697% to 15,628.73.

In Japan, the Nikkei 225 fell 0.44% to close at 28,631.45. In the meantime, the Topix index declined 0.21% to finish its trading day at 1,856.64.

South Korea’s Kospi index fell 0.64% to 3,140.63.

In Australia, the S&P/ASX 200 dropped 0.34% to end its trading day at 6,800.40.

Shares of Apple suppliers

Let’s have a look at the shares of Apple suppliers in Asia. Interestingly, Japan’s Taiyo Yuden fell 2.88%, and Murata Manufacturing dropped 0.57%. In South Korea, LG Display gained 1.07%.

However, shares of Hon Hai Precision Industry, known as Foxconn added 3.85% in Taiwan. However, shares of Taiwan Semiconductor Manufacturing Company fell 3.57%.

Also, Hong Kong-listed shares of AAC Technologies dropped 3.61%.

It is worth noting that, the Cupertino-based tech giant’s stock jumped on Thursday in the U.S. A top analyst from Morgan Stanley made a comment that helped to boost its stock.

On Thursday, the Nasdaq Composite added 0.6% to close at a new high of 13,530.91. At the same time, the S&P 500 added less than 0.1% to end its trading day at 3,853.07. It was another fresh high for S&P 500. Nevertheless, the Dow Jones Industrial Average fell 12.37 points to close at 31,176.01.

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