Forex Analysis & Reviews: 03.03.2021 - Asian stock indices rise...

03.03.2021 09:58 AM

Asian stock indices rise after falling the day before

Among the leaders of the increase in quotations are shares of the machine-building Hitachi Zosen Corp. (+ 8.8%), as well as steel companies Kobe Steel Ltd. (+ 8.6%), JFE Holdings Inc. (+ 7.2%) and Nippon Steel Corp. (+ 6.3%).

Fast Retailing, Asia's largest apparel retailer, rose 0.8% in market value.

At the same time, shares of the investment and technology SoftBank Group are down 0.5%, the consumer electronics manufacturer Sony is down 0.5%, and the semiconductor manufacturer Advantest Corp. by 1.2%.

The Chinese Shanghai Composite index by 8:30 Moscow time increased by 1.3%, the Hong Kong Hang Seng by 1.7%.

China's Purchasing Managers' Index (PMI) by Caixin Media Co. and Markit, in February collapsed to the lowest level in the last ten months due to a decrease in external demand due to a new wave of coronavirus infection in many countries. The indicator dropped to 51.5 points from 52 points in January. The average forecast of experts assumed a less significant decline, to 51.7 points. Nevertheless, the index has remained above the 50-point mark, which marks the border between growth and decline in activity in the sector, for ten consecutive months.

The consolidated PMI dropped to 51.7 points against 52.2 points in January against expectations at 51.9 points. More private companies representing small and medium businesses are included in the calculation of Caixin indices than in the official PMI.

The most significant increase in the value of the casino operator Galaxy Entertainment Group Ltd. (+ 5.9%) and Sands China (+ 5.3%), banks Industrial & Commercial Bank of China Ltd. (+ 5.4%), China Construction Bank Corp. (+ 4.6%) and Bank of China Ltd. (+ 3.7%).

Internet giant Tencent Holdings climbed 1.6%, online retailer Alibaba Group Holding Ltd. by 1.4%, consumer electronics manufacturer Xiaomi Corp. by 1.5%.

At the same time, securities of pharmaceutical Sino Biopharmaceutical Ltd. are getting cheaper. (-4.3%) and China Mengniu Dairy Co., the largest dairy producer in the country. (-1.1%).

Meanwhile, the South Korean Kospi index increased by 0.8% by 8:35 GMT + 2.

The market value of one of the world's largest chip manufacturers, Samsung Electronics Co. remained practically unchanged, the value of the carmaker Hyundai Motor increased by 0.2%.

Australian S & P / ASX 200 added 0.8% by the end of the day.

Australia's GDP in October-December increased by 3.1% qoq after increasing by a revised 3.4% in July-September. The improvement in the economy is driven by significant consumer spending, including on entertainment, recreation, going out to cafes and restaurants, as well as the resumption of hiring following the easing of quarantine measures related to the COVID-19 pandemic. Analysts on average predicted GDP growth in the last quarter by only 2.5%. MarketWatch respondents had expected a 2.3% increase.

The capitalization of the world's largest mining companies BHP and Rio Tinto increased by 3.5% and 2%, respectively. In addition, Fortescue Metals Group Ltd., a major iron ore producer, also rose significantly. - by 5.7%, as well as non-ferrous metal producers South32 Ltd. - by 4.7% and Alumina Ltd. - by 4.3%.

Rio Tinto Chairman Simon Thompson will not be re-elected to the post in 2022, the company said on Wednesday. Earlier, due to the scandal surrounding the destruction of ancient caves in Australia, Rio Tinto has already left Jean-Sebastian Jacques, who headed the company since 2016. In addition, the head of the iron ore division of the company Chris Salisbury and the head of the corporate relations group Simon Niven were removed from their posts.

Rio Tinto has received widespread criticism for the destruction of two caves in the Juukan Gorge in the important iron ore region of Pilbara (Western Australia), which were of value to the indigenous population.

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