Asian stocks close mostly higher, but Shanghai pulls back

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The stock markets in Asia did not have a single movement, this Tuesday (8), but they rose in the vast majority.

Among the main ones, the Tokyo Stock Exchange registered a gain of more than 1%, with corporate balance sheets supporting the picture and expectations for the result of the US midterm elections.

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In Shanghai, however, there was a retreat, after two positive trading sessions, with consumer stocks among the falls.

The Nikkei index closed up 1.25% in Tokyo, at 27,872.11 points, with widespread gains in the Japanese market.

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Partner at SPI Asset Management, Stephen Innes said the markets seemed to have an interest in the US election, crucial to the Biden administration’s agenda in the second half of his term.

In addition balance sheets influenced. Yamaha Motor rose 12.8%, after revising its revenue and profit forecasts for 2022 upwards. Shamadzu advanced 6.8%, after reporting that its net profit rose 20% in the first fiscal half, compared to the same period from the previous year.

On the other hand, the Shanghai Stock Exchange closed down 0.43%, at 3,064.49 points, and the Shenzhen Stock Exchange, with a smaller coverage, fell 0.40%, at 2,019.81 points.

Stocks linked to consumption and new energy vehicles had a weak session in Shanghai, with investors also waiting for clearer signs on possible adjustments to Beijing’s Covid Zero policy.

Foshan Haitian Flarouving & Food fell 2.6% and Kweichow Moutai retreated 1.5%, among stocks in focus. Software companies have done well in the local market.

Nomura also highlighted that potential changes in China’s Covid-19 policy would be crucial to its assessment of the country’s banking sector, as an economic recovery would primarily benefit retail banks such as Postal Savings Bank and China Merchants Bank.

In South Korea, the Kospi index closed up 1.15% in Seoul, at 2,399.04 points, in its third consecutive positive session. Technology, maritime transport and cosmetics stocks were among the highlights on Tuesday. Tech giant Samsung Electronics rose 2.7%. Hyundai Glovis advanced 5.1% and Amorepacific, 5.7%.

In Taiwan, the Taiex index advanced 0.94% to 13,347.76 points.


In Oceania, on the Sydney Stock Exchange, the S&P/ASX 200 index closed with a gain of 0.36%, at 6,958.90 points, the third consecutive advance.

Financials stocks fared well, with Westpac up 20%, reversing some of the losses from the previous session, when it had retreated after warning about its costs.

ANZ, NAB and Commonwealth also rose, which offset the pullback in commodity-linked stocks.

Source: CNN Brasil

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