On Friday, it was a similar story all across the world. Major Asian markets fell and it has been a concern now. In Sydney, the Australian dollar lowered the corporate earnings. The weak earnings from Samsung in Seoul made the stock market unstable.
Australia’s S&P/ASX 200 dropped by 1% to close at 4,823.20.
South Korea’s Kospi shed 0.7% at 2,192.36, Hong Kong’s Hang Seng Index dropped 0.4% at 23,720.81, and Taiwan’s Taiex lost 0.4% at 9,007.87.
India got a gain of 0.6% and Sensex closed at 19,176.22.
China on the other hand, got an upper edge and closed at 0.9% high at 2,911.51. However, the markets of Japan were shut due to a public holiday in the country.
However, the Shanghai index’s upside was expected to be capped in the near term “as concerns over inflationary pressures still linger”, said Zhuang Qianhua, an analyst at Huatai Securities.
The gain of the stock market in China was led by Anhui Conch Cement Co., Poly Real Estate Group Co. adding 1.8% and Jiangxi Copper Co. climbing 1.6%.
Some of the banks did not perform as expected and investors were locked in the gains ahead of the long weekend.
