Profits soared soaring, Xiaomi shares still plummeted

Shares of smartphone maker Xiaomi (China) listed in Hong Kong still slipped 3.68%, although it previously announced a skyrocketing net profit in the third quarter of 2020.

Xiaomi Product Launch Center in Nanjing City, Jiangsu Province, China. Photo taken on the evening of November 6, 2018. Source: Shutterstock

Asia-Pacific stocks closed the trading day on November 25 with a chaotic nuance after a high rise thanks to hopes of Covid-19 vaccine and a somewhat cooling US political turmoil.

Mainland Chinese stocks recorded the deepest decline among major markets in the region. The Shanghai Composite Index fell 1.19% to close at 3,362.33 points while Shenzhen Component slipped 1.7% deeper to 13,656.09 points.

The Hong Kong Hang Seng Index ended the day with 26,669.75 points, up 0.31%. Shares of smartphone maker Xiaomi (China) listed in Hong Kong still slipped 3.68%, although it previously announced that its adjusted net profit in the third quarter of 2020 soared 19% compared to the previous year. in the same period last year.

“According to market data analysis firm Canalys, our global smartphone orders in the third quarter of 2020 climbed to third place with a market share of 13.5% – the highest ever. now, “Xiaomi said in a recent statement.

The Korean market also closed in the red with the Kospi index slipped 0.62% to 2,601.54 points. In Australia, the S & P / ASX 200 index rose 0.59% and closed the day with 6,683.30 points.

In contrast, Japanese stocks were in the green with the Nikkei 225 inching 0.5% to 26,296.86 points and Topix up 0.3% to close the day with 1,767.67 points. Overall, the MSCI Asia-Pacific (excluding Japan) slipped 0.37%.

Stock markets in Asia – Pacific were mixed, regardless of Wall Street’s stocks last night increased in shock. The Dow Jones industrial average closed above 30,000 points for the first time after rising 454.97 points to 30,046.24. The S&P 500 Index also closed a record high, up 1.6 percent to 3,635.41 points, while the Nasdaq Composite gained 1.3 percent to close at 12,036.79 points.

The positive developments in the Covid-19 vaccine development race have brought up the global stock market in recent trading days. Earlier this week, the multinational biopharmaceutical company AstraZeneca (UK) announced the preliminary analysis results that the Covid-19-resistant vaccine developed by this unit was effective against Covid-19 on average 70 %. Earlier, Pfizer-BioNTech and Moderna of the US also announced the final test results that the vaccine they developed was effective against Covid-19 to 95%.

More favorable developments for US stocks when US political turmoil tended to soften because the administration of US President Donald Trump officially activated the transition to President-elect Joe Biden after weeks of delay.

The money market witnessed the greenback depreciation. The US dollar index against other major currencies dropped to 91.96, from 92.4 set at the beginning of the week. The Japanese Yen also weakened and converted 104.39 JPY / USD, compared with the usual level of less than 104 JPY / USD seen during the week, while the Australian dollar inched slightly to $ 0.7353 USD, compared to level 1 AUD converted under 0.732 USD recorded yesterday 11/24.

Oil prices on Asian markets went up in the afternoon session of November 25, with Brent crude for futures up 0.98% to 48.33 USD / barrel and US futures also inching up 0, 78% to $ 45.26 / barrel.

The less risk-averse sentiment somewhat saved the stock and oil markets in recent days, but on the contrary, the spot gold price on November 25 continued to slip to $ 1,809.68 / ounce. the recent decline to 1,830 USD / ounce.

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