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Asian Stock Market News & Analysis

Global Markets Report - 29 November
29 November 2023

Chinese shares closed higher, lifted by auto stocks after local media reported that Huawei has invited four existing smart-car partners to invest in its smart-car joint venture with Chongqing Changan Automobile. Changan jumped 9.8% and Seres Group gained 3.7%. Investor sentiment might have also been lifted after People's Bank of China Gov. Pan Gongsheng struck an upbeat tone about China's economic prospects at a financial conference on Tuesday. Pharma stocks rose broadly as well, with Shenzhen Mindray Bio-Medical Electronics up 1.2%. Property stocks fell despite a slew of stimulus measures. China Vanke shed 0.4% and Poly Developments & Holdings Group dropped 1.3%. The benchmark Shanghai Composite Index ended 0.2% higher at 3038.55, while the Shenzhen Composite Index and the tech-heavy ChiNext Price Index each rose 0.6%.

Hong Kong stocks ended lower, dragged by losses among big tech names and food-and-beverage companies. Meituan slumped 5.2% ahead of 3Q results due after market close, while heavyweight Alibaba shed 2.1%. Beer makers added to the losses, with Budweiser Brewing down 3.7% and China Resources Beer sliding 2.0%. The strength of China's economic recovery was again in focus after a speech by PBOC Gov. Pan Gongsheng, in which he gave an upbeat outlook but called for more efforts to transform the economy and nurture more growth drivers. The benchmark Hang Seng Index fell 1.0% to 17354.14, while the Hang Seng Tech Index lost 0.8%. Hardware and equipment stocks rose broadly, with electronics maker Xiaomi up 2.5% and PC giant Lenovo rising 1.0%.

The Nikkei Stock Average edged 0.1% lower to close at 33408.39 amid yen strength, which hurts exporters' overseas earnings when repatriated to Japan. Investor-led position adjustment ahead of the month's end also probably weighed on the local equity market. Among the worst performers on the benchmark index, Denso dropped 4.8%, Ono Pharmaceutical shed 2.6% and Mazda Motor lost 2.3%. Meanwhile, Sojitz rose 8.5% after it set a three-year average net profit target of Y120.0 billion as part of its medium-term management plan. USD/JPY was at 148.27, down from 149.11 as of Monday's Tokyo stock-market close. The 10-year JGB yield fell 2 bps to 0.750%.

Indian shares edged higher, led by Adani companies and energy stocks. Shares of all Adani Group companies advanced following reports that India's Supreme Court has wrapped up hearings related to short seller Hindenburg Research's allegations of stock-price manipulation by the group. Adani Energy Solutions gained 19% and Adani Power rose 12%. Gulf Oil Lubricants India gained 8.4% and Indian Oil was 4.6% higher. Among stocks on the benchmark index, Sun Pharmaceutical Industries shed 0.4% and ITC was 0.6% lower. India's Sensex ended 0.3% higher at 66174.20.

Price/fair value

1 year ago
China 0.69 0.66
Hong Kong 0.72 0.74
Japan 0.92 0.86
South Korea 0.78 0.74
Singapore 0.80 0.86
India 1.00 0.95


Last price
% Change
All Ordinaries 7,245.80 22.70 0.31%
CAC 40 7,265.29 15.16 0.21%
DAX 40 16,043.42 50.75 0.32%
Dow JONES (US) 35,416.98 83.51 0.24%
FTSE 100 7,423.92 31.32 -0.42%
HKSE 16,993.44 360.70 -2.08%
NASDAQ 14,281.76 40.73 0.29%
Nikkei 225 33,321.22 87.17 -0.26%
NZX 50 Index 11,235.94 1.44 -0.01%
S&P 500 4,554.89 4.46 0.10%
S&P/ASX 200 7,035.30 20.10 0.29%
SSE Composite Index 3,021.69 16.87 -0.56%