Good Economic Data Ensure Recovery on Asian Stocks
Asian stock markets got off to a mostly positive start in December. In addition, economic data on industrial activity was positive for most countries.
In addition, exports in South Korea grew faster than expected and appear to be heading for a record level. The Kospi in Seoul reacted strongly to this with a gain of 2.2 percent.
The technology group Samsung Electronics rose more than 4 percent. Payment app KakaoPay lost almost 5 percent. The Nikkei in Tokyo rose after three days of losses, eventually gaining 0.4 percent to 27,935.62 points.
Here, air conditioning manufacturer Daikin (plus 4.4 percent) was one of the positive outliers, while carmakers like Nissan and Mitsubishi had a more challenging time with minuses of 0.8 and 3.3 percent. However, industry colleague Toyota did rise, by 2.2 percent.
The Australian stock market fell after the country’s economy contracted in the third quarter due to lockdowns. However, the contraction was less pronounced than expected. The All Ordinaries in Sydney fell 0.3 percent.
The stock market in Hong Kong was in the meantime 1 percent in the plus, in Shanghai stood at a profit of 0.1 percent.