15.10.202115:49 Forex Analysis & Reviews: Asian indicators continue to show growth

Asian indicators continue to show growth, following the American ones. The Shanghai Composite index added 0.3%, the Hong Kong Hang Seng Index - 0.9%, the Australian S&P/ASX 200 - 0.8%. The Japanese Nikkei 225 indicator and the Korean KOSPI rose the most, increasing by 1.5% and 0.97%, respectively.

Traders were optimistic about the news from the United States about a reduction in the number of applications for unemployment benefits by 36 thousand per week compared to the indicator recorded a week earlier. The indicator was 293 thousand. It is the minimum level since March last year. At the same time, according to experts, this indicator was supposed to decrease to 319 thousand.

Investors also consider the emerging reports on the activities of companies for the third quarter of this year. The largest US companies have already demonstrated their reports, which show excellent results.

The securities of high-tech companies show growth thanks to strong financial reports of the largest chip manufacturer Taiwan Semiconductor Manufacturing Co., which managed to increase revenue in the third quarter by 14%. Such a leap is associated with increasing the need for chips for electronic devices and various systems.

Shares of other companies in this sector also showed growth: Meituan securities rose by 3.2%, Techtronic Industries Co., Ltd - by 3.5%, Tencent Holdings, Ltd - by 2.5%. The share price of car manufacturers Geely Automobile Holdings, Ltd. (+7%) and BYD Co., Ltd. (+6.5%) increased.

In Japan, securities of high-tech companies and automakers have increased in price more than others. So, the papers of Panasonic Corp. added 1.3%, Sony Group Corp. - 2.1%. Shares of Nissan Motor Co., Ltd. rose by 1.4%, and Mitsubishi Motors Corp. - by 5.1%.

Although one of the largest Fast Retailing companies in Asia managed to increase profits by 88% this year, the company's shares lost 0.1%.

The growth of the South Korean indicator was facilitated by a sharp (by 29.8%) jump in the value of securities of Daewoo Electronic Components Co., Ltd. The quotes of SK Hynix Inc. (+4.5%) and Samsung Electronics (+1.2%) also rose.

Against the background of the increase in the Australian indicator, the shares of the largest companies in the country also rose in price. Thus, the securities of Fortescue Metals Group, Ltd. added 2%, BHP Group, Ltd. – 3%. At the same time, the shares of Rio Tinto, Ltd. lost 1% due to the expected decline in the level of supplies.

The value of the securities of the air carrier Qantas Airways, Ltd. increased by 2% after making a lucrative deal to sell part of the land near Sydney airport for 802 million Australian dollars. This amount should help the company to cope with debts and continue recovery after the coronavirus pandemic.