The stock market day Technology and real estate stocks are weighing on Asian stock exchanges
October 17, 2024, 7:30 a.m
A highly anticipated press conference on housing policy in China is causing disillusionment on the Asian stock markets. The Shanghai Composite is quoted almost unchanged at 3199.59 digits. The index of the most important companies in Shanghai and Shenzhen falls 0.1 percent to 3827.22 points. Investors had relied on comprehensive support measures for the ailing construction industry. The Chinese Minister of Housing has promised to make it easier for developers to access financing to complete thousands of unfinished projects. However, there was a lack of concrete new measures to convince the markets of a significant recovery in the real estate sector.
Nikkei 39.072,19
In Tokyo there is Nikkeiindex fell by 0.6 percent to 38,944.93 points, the broader Topix is trading almost unchanged at 2690.16 points. Technology stocks fall for the second day in a row, weighing on the Nikkei. The trigger was the sales warning from the Dutch chip supplier ASML the day before, which put the entire sector under pressure. Investors are now focusing on the quarterly report from TSMC, the world’s leading manufacturer of high-performance chips for AI applications. Experts expect a profit jump of 42 percent, but a disappointing result could trigger further sales in the technology segment. “It appears that today’s price moves are primarily position adjustments in anticipation of this announcement,” says Nomura’s Maki Sawada. The biggest losers include chip manufacturer Tokyo Electron, down three percent, and chip testing equipment manufacturer Advantest, down 2.6 percent.
