Mon, July 22, 2024

Stocks in Asia Two Days ahead of the Trade Deal

Stock markets on Monday

On Monday, stocks in Asia mostly increased by the close, just two days ahead of the trade deal. Investors are waiting for the historic moment. On January 15, U.S. and China will sign the “Phase-One” trade deal in Washington, D.C.

This is a crucial moment as a protracted trade war already created many issues for the stock markets.

In China, the Shanghai Composite added 0.75% to close at 3,115.57. Meanwhile, the Shenzhen composite rose from 1.36% to 1,822.35. Another major Chinese stock index the Shenzhen component also has a good day. Its index increased 1.47% to 11,040.20.

Hopefully, the Hang Seng index also recovered as its index added 1.11% in the final hour of trading. Tech stocks achieved considerable gains. For example, the shares of Sunny Optical jumped 2.61% while Lenovo’s shares rose 3,20%.

Another company Razor also strengthened its position as shares added 8.33% by the end of the trading day. At the beginning of the month, Razor announced that it applied for a digital banking license in Singapore.

South Korea’s Kospi index gained 1.04% to close at 2,229.26. It is important to note that markets are closed in Japan.

In the Asia Pacific region, Australia’s S&P/ASX 200 failed to follow the footsteps of other stock indexes. The S&P/ASX 200 declined 0.37% to close at 6,903.70. Oil stocks experienced losses.

However, gold stocks retraced some of the losses. Evolution Mining rose 2,79% while Kingsgate Consolidated gained 1.14%.

In Taiwan, the Taiex index added 0.74% to close at 12,113.42. Recently, Taiwan’s current president won the second term in office.

The signing ceremony and stocksStocks and trade war

One of the major factors that will affect the stock markets is the trade deal. On Wednesday, U.S. President Donald Trump will sign the long-awaited “Phase-One” trade deal with high-ranking Chinese officials.

China’s Vice Premier Liu He will arrive on January 13. As part of this agreement, China will purchase U.S. agricultural goods. Moreover, it has to change the intellectual property and technology rules.


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