The mood among investors in Asia is friendly.
(Photo: dpa)
Hong Kong The ongoing record hunt on Wall Street is encouraging investors to buy Asian stocks. After the long weekend, the Japanese Nikkei index rose 1.8 percent to 29,302 points on Tuesday.
“Investors tend to buy index heavyweights when the mood is good,” said investment strategist Kentaro Hayashi from brokerage firm Daiwa. “That explains why the chip values are at the top.” Against this background, Advantest gained 3.6 percent.
The car manufacturers Toyota, Nissan and Honda were also in demand, and their shares rose by up to 6.2 percent. They benefited from the current weakness of the yen. The devaluation of the Japanese currency makes their products more competitive in the world market.
The Shanghai Stock Exchange, on the other hand, lost 0.2 percent to 3631 points. Here, stricter rules for Internet companies striving to be listed on the stock exchange in other countries put pressure on the mood.
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In Hong Kong, China Evergrande once again moved into the spotlight. The real estate company, which is in debt with around 300 billion dollars, has to demolish 39 apparently illegally constructed buildings on the Chinese island of Hainan within ten days, according to an official order. The shares were then suspended from trading on Monday.
The company said it will work with the authorities. After trading resumed in Hong Kong in the afternoon, the price initially fluctuated sharply and was up 2.5 percent at the end of trading.
The news that the company’s home sales fell by almost 40 percent in 2021 also had a negative effect.
In Asian foreign exchange trading, the dollar gained 0.4 percent to 115.73 yen and rose 0.3 percent to 6.3717 yuan. In relation to the Swiss currency, it was quoted 0.1 percent lower at 0.9178 francs. At the same time, the euro rose 0.1 percent to 1.1303 dollars and fell 0.1 percent to 1.0375 francs. The pound sterling stagnated at $ 1.3475.
China’s industry is picking up faster than expected in December
China’s industrial engine, which was slowed down by the Omikron variant in November, is running smoothly again and in December achieved the highest rate of growth in six months. Increases in production and decreasing price pressure relieved manufacturers, as the Caixin / Markit purchasing managers’ index for the manufacturing sector (PMI) published on Tuesday shows. Last month it rose to 50.9, the highest level since June. Economists polled by Reuters news agency had expected the index to rise from 49.9 in November to 50.0. From a value of 50, the barometer signals growth.
“There was a large supply and demand has recovered. As supply restrictions eased, production expanded for the second straight month and at a faster pace, ”said Wang Zhe, senior economist at Caixin Insight Group. “But the labor market was still under pressure and companies were less optimistic, indicating an unstable economic recovery. The repeated flare-up of Covid-19 and sluggish foreign demand were signs of instability. “
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