INGOT Brokers AU | Asian market report (2017-10-23)

Asian market report (2017-10-23)

Asian markets ended Monday’s session in mixed territories as the Japanese Prime Minister Shinzo Abe secured two-thirds of the available seats at Sunday’s elections winning 312 out of 465 seats.

Meanwhile, in the U.S, investors were keeping an eye on the race for the position of Federal Reserve chair. The U.S President Donald Trump said that John Taylor the Stanford University economist and Federal Reserve Governor Jerome Powell are among the candidates he was considering for the position. Trump also said that he will make a decision shortly.

In greater China, the average home prices in September rose by 6.3 percent compared to last year figure, however. That number was below the 8.3 percent increase seen in August.

Chinese equities gained in Monday’s session as the Shanghai Composite edged higher by 0.06 percent to close at 3,380.70 and the Shenzhen Composite rose by 0.62 percent to end at 2,012.052. on the other hand, Hong Kong’s primary index fell by 0.64 percent to settle at 28,305.88.

South Korea’s leading index KOSPI rose by 0.31 percent to close at 2,238.93 supported by gains generated in the blue-chip tech companies.

 

Japan (Nikkei 225)
Japan’s Nikkei 255 closed higher for the 15th consecutive session as the U.S dollar rose agents its safe-haven Japanese counterpart to trade at its three-month highs. Furthermore, the Prime Minister Shinzo Abe secured a two-thirds majority at Sunday's election.

Abe's win at the polls on Sunday suggest a continuation of fiscal and hyper-easy monetary policies under his economic program.

Japan’s main index Nikkei 225 surged by 1.11 percent to settle at 21,696.65 supported by gains generated in the basic materials and technology sectors.

The major automakers and exporters shares rose supported by the weakening of the Yen, Nissan Motor Co Ltd rose by 1.69 percent recovering all its losses accrued on Friday’s session. While Sony climbed almost 1 percent.

Regarding best-performing stocks. Umitomo Chemical rose by 6.5 percent, while Sumco Corp. gained 4.5 percent and Oji holdings rose by more than 4 percent.

Australia (ASX 200)

The Australian benchmark index asx200 fell in Monday’s session by 0.22 percent to settle at 5,893.96 pressured by losses in the Utilities sectors.

The country’s major four banks were mixed on Monday’s trading session as the Westpac Banking Corporation and Commonwealth Bank of Australia fell by 0.3 percent, on the other hand, the National Australia Bank rose by 0.34 percent

Regarding mining companies, despite the fall in gold prices, Rio Tinto added nearly 0.3 percent followed by Fortescue Metals Group which added 0.2 percent. On the opposite side, BHP Billiton fell by 0.71 percent.

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