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APAC stock markets rise after America's 2021 budget signing

28 December 2021
2 min.
APAC stock markets rise after America's 2021 budget signing

APAC stocks

Asia-Pacific (APAC) stock indexes are mostly higher in trading on Monday after US President Donald Trump signed the country's $2.3 trillion fiscal year 2021 budget, which includes a $900 billion pandemic economic support package.

At the same time, investors are concerned about the worldwide spread of a new strain of coronavirus previously identified in the UK. The first cases of infection with the "British" strain of coronavirus were confirmed in South Korea.

According to the Korea Agency for Disease Control and Prevention, three people infected with the strain, first identified in the UK, arrived in South Korea from London.

Meanwhile, Beijing authorities have tightened quarantine measures over fears that travel during the holiday period could lead to an outbreak of COVID-19 in the Chinese capital.

Japan's Nikkei 225 index was up 0.62 percent.

Shares of Hino Motors (+4.6%), Mitsubishi Heavy Industries Ltd. (+4.6%), Kawasaki Heavy Industries Ltd. (+4,5%).

Retailer J. Front Retailing Co. are down 3.3% and automaker Subaru Corp. by 3.3%.

China's Shanghai Composite rose 0.05 percent and Hong Kong's Hang Seng declined 0.12 percent.

Chinese authorities have asked Ant Group Co. to limit its business to providing online payment services. The country's central bank held a meeting over the weekend with the company's management to discuss its credit, insurance and asset management services business. While the regulator did not call for the separation of Ant, it stressed the need to "reorganise the business" of the company.

The share price of Alibaba (NYSE:BABA) Group Holding Ltd, which owns a stake in Ant, is down 7.5% in Hong Kong trading.

Shares of carmaker Geely Automobile Holdings Ltd. are up 5.4 percent, oil producer CNOOC Ltd. by 3 percent and telecoms operator China Mobile Ltd. by 2.6%.

South Korea's Kospi was up 0.13% in trading.

LG Electronics shares jumped 12.5%. Last week, the South Korean consumer electronics maker announced a joint venture with Canada's Magna International Inc. to produce key components for electric vehicles.

South Korea's Air Busan Co. was down 8.6 percent.

Persons1 and Companies12 in the news

45th President of the United States
1 place
Air Busan
1 place
China Mobile
3 place
4 place
Hino Motors
8 place
Ant Group
9 place
Alibaba Group
10 place
11 place
LG Chem
12 place


Rating companies
56 Mention
55 Mention
52 Mention
51 Mention
Dow Jones
43 Mention
43 Mention
31 Mention


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