INGOT Brokers Australia | Asian market report (2017-10-27)

Asian market report (2017-10-27)

Asian markets ended Friday’s session mostly in positive territories, Asian shares found support as several large tech firm earnings topped expectations. While

In greater China, major markets ended the session on mixed notes, with the Shanghai Composite adding 0.27 percent to trade at 3,416.81 at the close, while the Shenzhen Composite lost 0.34 percent to end the session at 2,023.50. On the other hand, in Hong Kong, the Hang Seng index jumped 0.84 percent to end the session at 28,438.85 at the close.

Over in South Korea, Equities ended the session in green territories, with significant gains in manufacturing stocks led the Index higher, South Korea’s leading index KOSPI surged by 0.64 percent to settle at 2,496.63 at the close.

South Korean chipmaker SK Hynix said that its third-quarter operating profit rose by 415 percent from a year ago. While profit for the period came in at 3.3 billion dollars.

 

Japan (Nikkei 225)

Japan’s Nikkei 255 closed surged by 1.24 percent as significant gains in banking, and tech shares led the index higher to new 21-year highs; Japan’s primary benchmark ended the session up by 1.24 percent to trade at 22,008.45.

In corporate news, Shares of manufacturer Subaru closed down by 2.6 percent after a report of the automaker’s failure to comply with inspection rules. The automaker allowed uncertified personnel to inspect its factory complex, as per Reuters.

In economic news,  consumer prices in Japan rose to an annual 0.7 percent in September, marking its ninth straight month rise. However, the figure is still l below the Bank of Japan's 2 percent target.

 

Australia (ASX 200)

The Australian benchmark index ASX200 fell after Australia’s higher court ruled due to his New Zealand Citizenship, the deputy prime minister election is invalid and as such Barnaby Joy was disqualified from parliament; Primary Aussie ASX 200 benchmark fell by 0.22 percent to settle at 5,903.16 at the close.

Regarding economic news, the Australian Bureau of Statistics reported that export prices in Australia slipped by 3.0 percent on quarter in the third quarter of 2017. Beating forecasts of a 4.0 percent decline following the 5.7 percent drop in the three months prior.

Import prices fell by 1.6 percent on quarter, missing estimates of a 1.5 percent decline subsequent the 0.1 percent contraction in the second quarter.

In corporate news, Macquarie Group shares outperformed Australian financials on Friday after the bank announced a record-first half profit. With Net earnings for the period surging by 19 percent to 96 million dollars, beat analyst expectations. Macquarie stock ended the session up by 3.92 percent, outperforming peer banking stocks.

 

 

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