Tue, January 31, 2023

Stocks, Factory Activity and Economic Problems

Hong Kong and tech companies

In the modern world, even a minor issue could affect the stocks and unfortunately, ongoing coronavirus outbreak is not a small problem. Chinese officials are working hard to stabilize the situation.

On Tuesday, Moody’s Investors Service lowered the growth forecast for China from 5.8% to 5.2%.

Two days ago, state media reported that more than 80% of its central state-owned enterprises have resumed work.

China is not the only country that is struggling to cope with economic problems. For example, Singapore decided to allocate more than $4 billion for the following year to help businesses and households. This way, the government is trying to deal with the economic impact of the coronavirus outbreak.

Stocks in AsiaMainland Chinese stocks and  market sentiment

On Wednesday, Hong Kong’s Hang Seng index added 0.47% in the afternoon. Mainland Chinese stocks were unable to strengthen their positions, as stocks erased gains to decline by the end of the trading day.

The Shanghai Composite fell 0.32% to 2,975.40. Meanwhile, the Shenzhen component dropped 0.63% to 11,325.60.  The Shenzhen composite fell 0.55% to close at 1,846.40.

Japan’s Nikkei 225 index added 0.89% to close at 23,400.70. On Tuesday, Nikkei, 225 fell by more than 1%.

On February 19, Topix index rose 0.37% to 1,671.86.

Kospi index edged up to close at 2,210.34.

Australia’s ASX 200 gained 0.43% to 7,144.60. Gold stocks rose as prices of the safe-haven asset soared again. Shares of Evolution Mining jumped 5.13%, and shares of Newcrest added 3.25%.

Shares of Domino’s Pizza listed in Australia jumped by as highs as 15.2% before jumping 9.64% by the close. On Wednesday, the pizza chain reported half-year net profits rose nearly 30.0% to 69.2 million Australian dollars ($46.3 million).

It is important to mention that Australia imposed restrictions on anyone arriving from mainland China. This decision had a negative impact on the Australian casino operator. On Wednesday, shares of Crown Resorts fell 0.34%.

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