Asian markets conclude a positive week

Asian markets conclude a positive week


The stock exchange in Japan closed slightly higher on Friday. A cheaper Japanese yen offered support to the country’s export companies. Investors also took little risk prior to the speeches of the Fed Chairman Janet Yellen and ECB President Mario Draghi at the annual meeting of central bankers in the US Jackson Hole.

The benchmark Shanghai Composite Index closed higher. Meanwhile, regional stock markets also rose. Although the US stock market closed lower the Shanghai Composite Index jumped 60.01 points or 1.83% to close at 3,331.52.

The benchmark Korea Composite Stock Price Index (KOSPI) climbed 2.67 points, or + 0.11%, to close at 2,378.51. Trading volume was moderate at 337.56 million shares worth 4.55 trillion won ($4 billion).

Hong Kong shares surged more than 300 points today and were close for a fourth straight day. The index moved in line with other Asian markets as investors watched the Fed’s annual meeting in Jackson Hole, which ends Saturday. The Nikkei in Tokyo ended 0.5 percent in the plus at 19,452.61 points. At macroeconomic level, it was announced that Japanese inflation remained stable last month. However, the rise in the price level on an annualized basis by 0.4 percent is still well below the target of the Bank of Japan of 2 percent.

Elsewhere in the Far East, the exchanges also went ahead. The Hang Seng Index in Hong Kong recorded an interim profit of 1 percent and the Shanghai stock exchange won 1.5 percent. The Kospi in Seoul was almost flat.

The All Ordinary in Sydney was 0.1 percent higher. Qantas Airways increased 4 percent. The Australian airline has achieved the company’s second highest profit ever in the last financial year.

The Indian software company Infosys, which was heavily under pressure after unexpected departure from top secretary Vishal Sikka last week, has appointed founder and former chief executive Nandan Nilekani as chairman of the company. Investors could not yet respond to the news because the stock market in India remained closed due to a national holiday.