Stocks in the Asia Pacific were mixed on the last day of August. Interestingly, Japanese stocks led gains among the region’s markets. It is worth noting that, investors are closely monitoring the political situation in the country.
Interestingly, mainland Chinese stocks fell on Monday. The Shanghai Composite dropped 0.24% to about 3’395.68. At the same time, the Shenzhen Component fell 0.672% to around 13’758.23.
Moreover, Hong Kong’s Hang Seng index dropped 0.13% as of its final hour of trading.
According to the National Bureau of Statistics, the official manufacturing Purchasing Managers’ Index (PMI) for August was 51.1. The August PMI failed to meet expectations. As a reminder, PMI readings above 50 signify expansion while the result below 50 represents contraction. Investors are closely monitoring the world’s second-largest economy, to learn more about the economic recovery.
South Korea’s Kospi index dropped 1.17% to close at 2’326.17.
Also, Australia’s S&P/ASX 200 declined 0.22% to end its trading day at 6,060.50.
As mentioned above, it was a positive day for Japanese stocks. The Nikkei 225 added 1.12% to close at 23’139.76. In the meantime, the Topix index gained 0.83% to end its trading day at 1’618.18.
On Friday, the country’s prime minister made an important announcement. According to Shinzo Abe, he decided to leave his post due to worsening health conditions. He would serve as the prime minister until the next leader is appointed.
Notably, shares of Japenese trading firms Mitsubishi Corp., Itochu Corp., Mitsui & Co. as well as Sumitomo Corp. jumped on Monday thanks to Berkshire Hathaway. On Monday, Warren Buffett announced that Berkshire Hathaway bought a slightly more than 5% stake in the companies.
For example, shares of Mitsubishi soared 7.72% while shares of Itochu added 4.19%. Moreover, shares of Marubeni jumped 9.48%, Mitsui added 7.75% and Sumitomo gained 9.09%.
Another important topic is the coronavirus pandemic, as it created serious issues for companies around the world. Investors are also monitoring the situation regarding the pandemic. It is not surprising as they want to have up-to-date information.
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