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by Martin on October 20th, 2021

Asian Stock Markets Closed in Different Directions

As a result of today’s trading, the stock markets of the Asia-Pacific region did not show a single dynamics. The focus of investors this week is on corporate reporting and statistics.

The International Monetary Fund on Tuesday lowered its forecast for the growth of the Asian economy. The organization’s experts now expect the regional economy to grow 6.5% this year, compared with a 7.6% growth forecast by the IMF in April.

Hong Kong’s Hang Seng Index rose 1.4%, while China’s Shanghai Composite Index declined 0.2%.

Alibaba (NYSE: BABA) Group Holding Ltd. increased by 6.7% after the company unveiled a chip of its own design a day earlier.

Meituan and Tencent Holdings Ltd. rose by 2.9% and 2.1%, respectively. Shares of the automaker Geely Automobile Holdings Ltd. added 5%, electronics manufacturer Xiaomi Corp. (HK: 1810) – 1.3%. Japanese Nikkei 225 gained 0.1%.

Japanese exports in September increased by 13% for the seventh month in a row, but the growth rate slowed down. Exports amounted to 6.841 trillion yen ($ 59.7 billion), according to data from the country’s finance ministry. In August, the increase was 26.2%. Experts predicted an 11% rise in September exports on average.

Imports jumped 38.6% in September from the same month last year, to a 34-month high of 7.463 trillion yen. In August, the growth was 44.7%. Experts surveyed by Trading Economics predicted on average a 34.4% increase in imports in September.

Japan’s foreign trade deficit in September was 622.76 billion yen, compared with a surplus of 667.36 billion yen in September last year. Experts predicted an average deficit of 519.2 billion yen.

On the Japanese stock exchange, shares of the investment company SoftBank Group Corp. (T: 9984) (+ 4.4%). Stocks of automakers have risen in price: Nissan Motor Co. Ltd. – by 2%, Mitsubishi Motors Corp. – by 1.9%, Mazda Motor Corp. – by 1.5%. South Korean indicator Kospi dropped 0.5%.

Chip manufacturer SK Hynix Inc. rose 0.2%, its competitor Samsung (KS: 005930) Electronics fell 0.4%. The largest automakers in the country Kia Corp. and Hyundai Motor Co. Ltd. lost 0.6% and 0.7%, respectively.

Australia’s S & P / ASX 200 added 0.5%. Shares of Mining BHP Group Ltd. rose 0.1%, while other industry stocks Rio Tinto (LON: RIO) Ltd. and Fortescue Metals Group Ltd. fell in price by 0.1% and 0.4%, respectively.

By Martin

Martin is a professional trader with 3 years of working experience in a Cyprus-based brokerage. After the experience, he moved to the UK where he became a financial news reporter at a local news outlet. His years of trading experience help him deliver the most quality news, while also analyzing its impacts on various markets.

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