The major stock exchanges in Asia and Australia showed a mixed picture on Thursday morning. Shares in Hong Kong rose sharply, led by major tech companies, but the Tokyo stock market fell slightly.
The Hang Seng index in Hong Kong gained 1.6 percent. The webshop companies JD.com and Alibaba were among the strongest risers with profits of almost 9 percent and 6 percent. The Shanghai Stock Exchange lost 0.1 percent.
The week began badly for the Hong Kong stock market, as Chinese president Xi Jinping’s strengthened grip on power sparked concerns about the impact on Business. But in the days that followed, the stock market recovered.
The Nikkei in Tokyo fell 0.3 percent and the Kospi in Seoul climbed 1.6 percent. New figures showed that South Korea’s economy grew in the third quarter, but at a slower pace than in the previous three months. This was mainly due to the fact that consumption increased less sharply than in the second quarter.
Electronics and chip manufacturer Samsung came up with final figures for the third quarter. It became clear that operating profit had fallen by more than 31 percent year-on-year, due to weak demand for smartphones and other devices. The South Korean company, which previously showed preliminary results, won 0.5 percent on the Seoul stock exchange.
In Sydney, the Australia & New Zealand Banking Group was a notable loser. Following a quarterly update, investors are concerned about the impact of declining household purchasing power on the bank’s results and put the share down 3.5 percent. The All Ordinaries in Sydney were 0.5 percent higher.