INGOT Brokers AU | Asian market report (2017-08-30)

Asian market report (2017-08-30)

Overview:

Asian markets ended Wednesday session on a higher note after closing in negative territories on Tuesday, shares in Asia rebounded after North Korea launched a missile that flew over Japan, this most recent ballistic missile test sent shock waves throughout global markets.   

On the geopolitical front, Japanese Prime Minister Shinzo Abe said on Tuesday that missile test which saw soared over Japanese land is an “unprecedented, serious and significant threat.” While, the United States responded through an official statement by the White House condemning the launch, and the United Nations also issued an official statement condemning the act but opted not add more sanctions on North Korea.

In Mainland China, equity ended the session mostly in the green, as Shanghai Composite was the only index to settle slightly lower in the session, the index fell by 0.07 percent to trade at 3,362.99 at the close. Meanwhile, the Shenzhen composite advanced by 0.35 percent to settle at 1,938.90. While Hong Kong’s primary benchmark the Hang Seng index surged by 1.19 percent to trade at 28,094.61 after hours.   

Elsewhere, South Korean Index Kospi gained 0.32 percent to trade at 2,372.29 at the closed.

Japanese stock market

In Japan, the Japanese Nikkei 225 rose by 0.74 percent to trade at 19,506.54 at the close. Equities in Japan gained some of the losses incurred in the previous session as risk appetite in the fades after yesterday ballistic missile launch in the Korean peninsula.

Looking at stock specific news, Japanese Tech giant Toshiba is face the risk of missing the deadline set forth by the firm to sell its memory chip unit by 31st of August, the Tech firm’s share price tumbled by 3.45 percent after the reports of disagreement with Western Digital regarding the company’s share size in Toshiba’s memory business. Furthermore, Western Digital supposedly offered Toshiba 2 trillion Yen for its memory chip business.

 

Australian stock market

Meanwhile down under in Australia, Aussie stocks edged higher by 0.01 to trade at almost unchanged levels of 5,669.72.  The index gain was limited by significant losses in the Telecommunications services sector that saw the sector fall 4.62 percent intraday. 

Look at individual stocks, Australian telecommunications giant, Telstra incurred heavy losses on Wednesday’s session after the firm declared that it would discard a plan to monetize future earnings from National Broadband Network, Telstra share price fell as much as 8 percent after the announcement to settle 6.25 percent lower at the close.   

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