Asian stocks close mostly lower, with signs from China in focus

Asian stock markets recorded mostly lows this Thursday (9). Investors evaluated China’s trade balance data and also reports of new restrictions in the country because of Covid-19.

The Tokyo Stock Exchange, however, posted a modest gain, with exporter stocks helped by the yen’s recent weakness.

Tokyo’s Nikkei index closed up 0.04% at 28,246.53 points.

Stocks in automakers and the energy sector offset losses in the technology and shipping sectors. Nissan Motor rose 1.9% and Subaru 2.1%, with recent yen weakness supporting the outlook for profit growth.

In China, the Shanghai Stock Exchange closed down 0.76%, at 3,238.95 points, and the smaller one in Shenzhen, fell 1.81%, at 2,140.22 points.

In addition to the pandemic news, investors evaluated the country’s trade balance data for May, with a surplus of US$ 78.8 billion, well above forecast.

Capital Economics considers that Chinese exports should lose strength again, while Pantheon sees today’s data as a reflection of the reopening after the height of lockdowns by covid-19, but also of the support of policies for Chinese companies.

On the Seoul Stock Exchange, the Kospi index fell by 0.03% to 2,625.44 points. The South Korean square reduced losses throughout the day, ensuring a virtually stable closing.

The picture, however, was negative, with investors evaluating the cut in the global growth forecast for this year made last Wednesday by the Organization for Economic Co-operation and Development (OECD).

In Hong Kong, the Hang Seng index fell 0.66% to 21,869.05 points. In Taiwan, the Taiex index fell 0.29% to 16,621.34 points.

In Oceania, the S&P/ASX 200 closed down 1.42%, at 7,019.70 points, on the Sydney Stock Exchange. In the Australian market, shares in mining, finance and real estate were under pressure.

Source: CNN Brasil

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