China ‘in the red’, profits in the rest of Asia – Sunac ‘sinking’ by 20%

Stock markets in the Asia-Pacific region are moving upwards, with the yen at the center of the investment, after the Bank of Japan on Monday offered to buy for the first time an unlimited 10-year Japanese government bonds within the next three days, thus squeezing yields in through a global sell-off.

The yen is falling and trading at 123.25 per dollar, close to a six-year low. Commenting on the fall of the Japanese currency, the country’s Finance Minister Shunichi Suzuki said that Tokyo will closely monitor the exchange rate movements to avoid the “bad weakening of the yen”, Reuters reported.

“We expect the Bank of Japan to continue to buy unlimited bonds to limit its performance [10ετούς] “JGB at 0.25% in the context of controlling the yield curve,” said DBS foreign exchange analysts Eugene Leow and Philip Wee.

In this climate, the Japanese Nikkei 225 adds 0.5%, while the Topix rises 0.43%. The technology industry is driving profits to Japanwith Sony up 1% and SoftBank Group up 1.6%.

In the Hong Kong Hang Seng adds 0.45%, with shares of casino and tech companies boosting. The big winner is JD Health, which is holding a 16% rally, after announcing on Monday that it will repurchase shares of up to 3 billion Hong Kong dollars in a period of 24 months.

Fall for real estate shares, as Sunac “sinks” by 20% and Shimao loses 7%. China’s CSI real estate index was down as much as 2% earlier, but picked up losses at 0.6%.

Sunac announced on Monday that it will stop trading from April 1, a few days after announcing that it will be late to announce its financial results for 2021.

In mainland China Shanghai Composite loses 0.43% and Shenzhen slips by 0.57%.

In Australia, the S & P / ASX 200 gained 0.77%, with the banking sector boosted. In South KoreaKospi increased by 0.27%.

The broader MSCI Asia-Pacific Index of shares outside Japan adds 0.47%.