Fri, December 02, 2022

Mainland Chinese Stocks Recovered After Days of Losses

Stocks in Asia-Pacific

It was a day full of challenges for stocks in Asia-Pacific. Stocks were mixed on Wednesday as mainland Chinese stocks recovered after days of losses. 

The Shanghai composite added 2.49% to finish its trading day at 2,958.28. In the meantime, the Shenzhen component jumped 4.372% to close at 10,652.90. The CSI 300, which tracks mainland-listed stocks, gained 2.94% to 3,895.54.

In Hong Kong, the Hang Seng index gained about 0.2%, as of its final hour of trading.

Hong Kong-listed shares of Chinese tech companies saw gains, as Meituan added 3.37%, Shares of Tencent rose 0.54%. The Hang Seng Tech index added about 2%, as of its final hour of trading. 

The country’s industrial profits rose 8.5% year-on-year in the January-March period, official data showed on Wednesday.

Chinese stocks are under pressure due to the pandemic. They saw heavy losses earlier this week as investors remain concerned regarding the pandemic in mainland China. The pandemic created problems for the country’s commercial hub. Apart from the city of Shanghai, the situation is also quite complicated in Beijing. Mass testing recently began in the country’s capital after a spike in Covid cases was reported over the weekend.

Stocks around the world 

In Japan, the Nikkei 225 dropped 1.17% to end its trading day at 26,386.63. The Topix index fell 0.94% to 1,860.76.

 Shares of robot maker Fanuc declined 5.72%. Moreover, shares of Japanese conglomerate SoftBank Group fell 0.25%.

In South Korea, the Kospi fell 1.1% to close at 2,639.06. Shares of Samsung Electronics dropped more than 1% while Krafton plunged 4.02%. 

Australian stocks also declined on Wednesday, with the S&P/ASX 200 falling 0.78% to 7,261.20. 

U.S. stocks suffered losses on Tuesday. The Nasdaq Composite fell 3.95% to 12,490.74. The S&P 500 dropped 2.81% to 4,175.20. The Dow Jones Industrial Average declined 809.28 points or 2.38% to 33,240.18. 

YOU MAY ALSO LIKE

Opec

OPEC Oil Output Drops in November After the OPEC+ alliance promised drastic

Sterling remained strong despite the British economy's problems

Sterling at Fresh 16-Week High On Thursday, sterling rose to a near

Coinbase

Coinbase is not supporting some of the crypto currencies anymore? A DApp

COMMENTS

Leave a Comment

Your email address will not be published.

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Consob Blocks 4 More Illegal Trading Platforms

Italy’s financial market watchdog, Consob, has blocklisted four more websites for operating illegally in the country. The number of fraudulent blocklisted platforms reduced to 805 is the ongoing effort by authorities to reduce

BROKER NEWS

Broker News

Consob Blocks 4 More Illegal Trading Platforms

Italy’s financial market watchdog, Consob, has blocklisted four more websites for operating illegally in the country. The number of fraudulent blocklisted platforms reduced to 805 is the ongoing effort by authorities to reduce illegal