Xiaomi shares bounced in the red of the Hong Kong stock market


Xiaomi shares rebounded amid the red of Hong Kong stocks

Asian stock markets reacted quietly on the trading day of May 27 after China announced a spike in industrial production profits in April.

Founded in 2010 and headquartered in Beijing (China), Xiaomi is one of the largest smartphone manufacturers in the world. Photo: Shutterstock

Major stock indexes in Asia were mixed on the trading day of May 27. Mainland China stocks closed in the green, with the Shanghai Composite up 0.43% to 3,608.85 points, while the Shenzhen Component ended the trading day with 14,897.19 points, up 0.7%.

China’s statistics agency this morning announced that the country’s industrial production profit in April increased by 57% year-on-year.

In contrast, Hong Kong’s Hang Seng index closed down 0.18% to 29,113.20 points. On the Hong Kong stock exchange, Xiaomi shares jumped 3.2% after the Chinese smartphone maker announced first-quarter revenue, up nearly 55% year-on-year.

Japanese stocks also “red in the floor” with the Nikkei 225 index sliding 0.33% to 28,549.01 points, while the Topix index dropped 0.5% to 1,911.02 points.

In Korea, the Kospi index slipped slightly and closed the trading day with 3,165.51 points. Australian stocks today welcomed the green with the S&P/ASX 200 index inched up to 7,094.90 points. Overall, the MSCI Asia-Pacific (excluding Japan) was flat at 881.00 points.

In the currency market, the US dollar index against other major currencies rose to 90.038, from below 89.7 recorded previously.

The Japanese yen slipped and converted to 109.06 JPY/USD, compared with 108.9 JPY/USD recorded yesterday, while the Australian dollar slipped slightly to 1 AUD to 0.7741 USD, compared to 1. AUD/0.777 USD yesterday.

Oil prices traded in Asia this afternoon fell. Brent crude futures fell 0.65% to $68.42 a barrel while US crude futures slid 0.6% to $65.81 a barrel.