Equity markets in the Asia-Pacific region are in positive territory on Friday; tech stocks emerge as the top gainer, supported by financial statements from Taiwan Semiconductor Manufacturing Co. (TSMC). TSMC increased its net profit in the third quarter of 2021 by 14%, to a record high, thanks to strong demand for chips for electronic devices and data processing systems. The Hong Kong Hang Seng index rose 0.9%, the Chinese Shanghai Composite – by 0.3%.
Meituan Technological Cost Increases 3.2%, Techtronic Industries Co. Ltd. – by 3.5%, Tencent Holdings Ltd. – by 2.5%. Stock quotes of major Chinese automakers Geely Automobile Holdings Ltd. and BYD Co. Ltd. growing by 7% and 6.5%, respectively. Japanese Nikkei 225 rose by 1.5%.
Technological Panasonic Corp. shares rise on the Japanese stock exchange. (T: 6752) (+ 1.3%) and Sony Group Corp. (+ 2.1%), automakers Nissan Motor Co. Ltd. (+ 1.4%) and Mitsubishi Motors Corp. (+ 5.1%). Asia’s largest apparel retailer Fast Retailing Co. Ltd. lost 0.1% during trading, despite an 88% increase in net income in fiscal 2021 ended August 31. South Korean indicator Kospi added 1%.
Daewoo Electronic Components Co. Ltd., which makes components for electronics, jumped 29.8%. Chip manufacturers SK Hynix Inc. and Samsung (KS: 005930) Electronics are up 4.5% and 1.2%, respectively. Australia’s S & P / ASX 200 climbs 0.8%. Mining Shares Fortescue Metals Group Ltd. add 2%, BHP Group Ltd. – 3%. At the same time, the shares of their competitor Rio Tinto (LON: RIO) Ltd. are down 1% after the company downgraded its annual delivery forecast.
Capitalization of Qantas Airways Ltd. growing by 2%. The airline sold a piece of land near Sydney Airport to a consortium led by LOGOS Property Group for $ 802 million ($ 594.8 million) to reduce the company’s debt and recover from the COVID-19 pandemic.