Korean stocks continued to break through


Up nearly 10% in the first trading week of 2021, Korean stocks continued to rise with a 1% increase in the morning session of January 11.

Korean stocks rose nearly 10% in the first trading week of 2021. Photo: AFP

Shares of Hyundai Motor Company this morning 11/1 continued to rise after the news that this company and Apple prepared to sign a cooperation agreement to develop self-propelled electric vehicles. Specifically, shares of Hyundai Motor this morning jumped 6.71% while shares of Kia Motors inched up more than 1%.

However, shares of two other members of Hyundai Group, Hyundai Mobis and Hyundai Glovis still lost more than 2%. Shares of Hyundai Motor rose more than 19% on the trading day last week after initial information about the automaker’s cooperation agreement with the Silicon Valley technology giant.

Mainland Chinese stocks sank this morning. Shares of Shanghai Composite slipped 0.23% while Shenzhen Component fell 0.431%. According to recently announced by the National Bureau of Statistics of China, the producer price index (PPI) in December of this country decreased by 0.4% compared to the same period last year, but this decrease is lower than the forecast of the decrease. 0.8% that economists made with Reuters earlier. Meanwhile, the consumer price index (CPI) in December of China rose 0.2%, higher than the forecast of 0.1% increase.

On the Hong Kong market, the Hang Seng Index gained 0.88% while the S&P / ASX 200 index slid 0.86%. Overall, the MSCI Asia-Pacific (excluding Japan) decreased by 0.23%. The Japanese stock market today closed for a holiday.

Notable information on the Asian market this morning is that three global financial services firms, including: JPMorgan, Goldman Sachs and Morgan Stanley are about to delist hundreds of financial products listed in the Hong Kong market. a move followed after the administration of US President Donald Trump issued a decree banning US investors from investing in Chinese military-related businesses. This decree takes effect from January 11 (US time), just a few days before President-elect Joe Biden took office.

Records sent by the three financial services firms above to the Hong Kong Stock Exchange stated that the delisted financial products were related to the three largest telecommunications companies in China, including: China Mobile , China Telecom and China Unicom, as well as Hong Kong stock indexes, including the Hang Seng.

Previously, the New York Stock Exchange announced it would delist the shares of the three above-mentioned Chinese telecommunications companies according to the request to implement the investment ban of the Trump administration. Trading shares of China Mobile, China Telecom and China Unicom on the New York Stock Exchange will be suspended at 4:00 pm, January 11 (US time).

On the currency markets, the US dollar against other major currencies inched up to 90,425, from a recent increase to 89.4. In contrast, the Japanese yen slipped to 104.19 for 1 USD, from below 103 JPY / USD, while the Australian dollar weakened and converted 1 AUD / 0.7698 USD, compared to 1 AUD / 0. , 78 USD set up last week.

Oil prices on the Asian market fell this morning. Futures prices for Brent oil slipped 1.16% to $ 55.34 / barrel, while the US crude futures price fell 0.86% to $ 51.79 / barrel.

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