Korean stocks led regional waves

Asia-Pacific stocks started their trading week in green although investors were still cautious about complicated Covid-19 translation.

Korean stocks rose 1.68% in the morning session of November 23. Photo: AFP

Korean stocks led the uptrend in the Asia-Pacific region with an increase of 1.68% in the morning session of November 23. Notable developments in the Korean market are shares “heavy weight” Samsung Electronics increased more than 3%. Today’s Japanese market is closed for a holiday.

Hong Kong’s Hang Seng Index edged up slightly while mainland Chinese stocks were mixed with the Shanghai Composite up 0.2% and Shenzhen Component slipping 0.197%.

On the Australian market, the S & P / ASX 200 index rose 0.5%. Overall, the MSCI Asia-Pacific (excluding Japan) rose 0.62%.

Airlines shares in Hong Kong and Singapore both fell this morning after the “safe travel corridor” between Hong Kong and Singapore was delayed due to the recent increase in the number of Covid-19 infections in Hong Kong.

Shares of Hong Kong’s Cathay Pacific Airlines lost 4.35% in the morning, while China Eastern Airlines shares slipped 2.01%. On the Singapore market, shares of Singapore Airlines sank 0.73%.

According to the latest release of the Singapore Ministry of Industry and Trade, the country’s economy declined by 5.8% in the third quarter of 2020. The ministry forecasts Singapore’s GDP will decline by about 6-6.5% in 2020 compared to 2019, but soon return to growth in 2021.

The Covid-19 epidemic continued to weigh on investors’ sentiment. According to Yonhap, Korea is about to impose stricter spacing rules for the Seoul metropolitan area and the southwestern region of the country. Meanwhile, the US recently confirmed nearly 200,000 new cases of Covid-19 when the Thanksgiving will take place in less than a week.

The money market today recorded the greenback’s depreciation. The US dollar index against other major currencies fell to 92,253, from 92.6 recently established. The Japanese Yen strengthened and converted 103.74 JPY / USD against 104.4 JPY / USD while the Australian dollar traded 1 AUD / 0.7323 USD, still within the normal range of 1 AUD for. 0.729 – $ 0.732.

Oil prices on the Asian market this morning were mixed. Futures prices for Brent oil inched up 0.11% to $ 45.01 / barrel, while the US crude futures price slid slightly to $ 42.38 / barrel.

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