Asian stock markets are increasing in the course of trading on Wednesday following the rise in U.S. stock indices a day earlier, while Japanese stock exchanges are not working in connection with a holiday in the country.
The exception is the Chinese mainland market which demonstrates weak negative dynamics because of the growing concern of traders about the increasing number of COVID-19 infections and restrictive measures introduced by the authorities, reports Trading Economics. Thus, since November 24 the Shanghai authorities are tightening the rules for people coming to the city.
The incidence of COVID-19 is rising across the country. On Tuesday, more than 28,000 new cases of infection were detected in China. The Chinese capital recorded more than 1,400 new cases of the coronavirus in a 24-hour period, the most for Beijing since the pandemic began.
China’s Shanghai Composite Index was down less than 0.1% by 7:01 a.m.
Leaders of the decline were tech and healthcare stocks, including Essence Information Technology (-20%), Shijiazhuang Yilin (-6.9%), Guangdong Zhongshe (-9.9%).
Hong Kong’s Hang Seng indicator was up 0.4% by 7:01 a.m.
Internet retailers Alibaba (SPB: BABA) and JD.com were the most significant risers on the Hong Kong Stock Exchange, up 3% and 2.2%, respectively.
Baidu Inc. (SPB: BIDU) is also up 2.6%. The Internet giant reported after the session the day before that its net loss fell sharply in the third quarter compared with the same period last year, while adjusted profit and revenue increased.
In addition, oil company CNOOC (+1.8%), real estate developer Longfor Group (+1.7%), Internet company Tencent (SPB: 700) (+1.4%) and insurance company Ping An Insurance (+1.3%) rose.
South Korea’s Kospi Index was up 0.4% by 6:57 a.m.
One of the world’s biggest chip and electronics maker Samsung Electronics Co. was up 0.5%, automaker Hyundai Motor – 0.3%.
Australia’s S&P/ASX 200 index added 0.6%.
Including rose shares of all the four largest banks in the country: the Commonwealth Bank of Australia and Australia & New Zealand Banking Group – 0.3%, Westpac Banking – 0.2%, National Australia Bank – 0.8%.
Stock prices of the world’s largest mining companies BHP and Rio Tinto rose by 0.9% and 0.1% respectively.
In addition, energy companies, including Woodside Energy (+1.1%) and Beach Energy (+2.6%) rose in value.
