Mainland Chinese stocks demonstrated their strength on Friday. The Shanghai composite gained 1.13% to 3,560.37. The Shenzhen component advanced 1.19% to 14,752.49.
In Hong Kong, the Hang Seng index dropped 1.07% to 25,049.97. Meanwhile, the tech-focused Hang Seng tech index fell 0.26% to 6,457.97.
Hong Kong-listed shares of Alibaba fell more than 10% after the company missed revenue and earnings expectations for the September quarter. The tech giant reported revenue of 200.69 billion yuan ($31.4 billion), less than the 204.93 billion yuan but still a 29% year-on-year rise. It reported earnings per share of 11.20 yuan, a 38% year-on-year decline. Alibaba’s shares listed in the U.S. dropped 11.1% on Thursday.
Shares of Meituan fell 1.61% on Friday. Shares of Baidu dropped 3.26% and Tencent fell 0.16%. Alibaba’s rival JD.com defied the trend and gained 9.1%.
In Japan, the Nikkei 225 added 0.50% to 29,745.87. The Topix index advanced 0.44% to 2,044.54. Investors are waiting for an important announcement. They are on the lookout for an expected announcement of a record $488 billion stimulus package in Japan.
On Friday, Taiyo Yuden Co., Ltd. reached great results. Its shares jumped 6.84% or 440.0 points to trade at 6870.0 at the close. Meantime, Kubota Corp. gained 6.20% or 145.0 points to close at 2484.5
On the contrary, CyberAgent Inc declined on Friday. Its shares fell 4.09% or 92.0 points to trade at 2160.00 at the close. Shares of Pacific Metals Co., Ltd dropped 3.97% or 92.0 points to close at 2226.0.
On Friday, falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 1934 to 1604 and 220 ended unchanged.
In Australia, the ASX 200 gained 0.23% to close at 7,396.50. South Korea’s Kospi advanced 0.8% to 2,971.02.
European stocks on Friday
The situation was also quite interesting in Europe. European stocks fell from record highs, while government yields, oil prices and the euro tumbled on Friday.
Europe is once again struggling to cope with the Covid-19 pandemic. Austria became the first country in Western Europe to reintroduce a full coronavirus lockdown. Germany’s health minister Jens Spahn made a comment regarding the Covid-19. The country’s health minister stated that the situation regarding the Covid-19 in Germany was really bad. Undoubtedly, a total lockdown for the country would be extremely bad news for the economic recovery.
COMMENTS