Major Asian stock markets, including those in Tokyo, Seoul and Taipei, rallied this Tuesday (6.08.2024), after a black Monday with historic crashes in which they were dragged down by the global fear of a recession in the USA.
The Nikkei, which groups together the 225 most representative stocks on the market, closed with a rise of 10.23% or 3,217.04 points.up to 34,675.46 points. The Topix, which includes the firms in the main section, those with the highest capitalization, added a similar 9.30% or 207.06 points, up to 2,434.21 units.
The Nikkei thus achieved its best percentage gain since October 30, 2008, in the midst of the global financial crisis, when the index rose 9.96%, and also its biggest point gain in history, surpassing 2,676.55, also on that day.
The Tokyo Stock Exchange opened sharply higher after collapsing the day beforea fall motivated by the strength of the yen after the latest rate hike by the Bank of Japan (BoJ) and fears of a recession in the United States, which caused financial panic.
Tokyo investors reacted positively today to a slight depreciation of the yen against the dollar and the euro, a trend that benefits major Japanese exporters by repatriating their profits abroad.
Other Asian stock markets rebound
The Seoul stock exchange, meanwhile, showed a clear rebound on Tuesday, with its main indicator advancing by more than 3% in mid-trading, after experiencing its worst historical fall the day before.
At 12:15 local time (3.00 GMT), Tech giant Samsung Electronics, a local benchmark asset, gained 1.68% And chipmaker SK Hynix, the second largest stock by market capitalization on the Seoul Stock Exchange, rose a remarkable 4.48%.
The crash, which was replicated on Monday in other markets in Asia, Europe and Wall Street, is due to fears that the US is entering a recession due to negative labour market data for July, which suggest that the interest rate hike planned for September will not help to alleviate this trend.
The Taipei Stock Exchange’s benchmark index, the Taiex, followed the same path. and recovered 0.78% on Tuesday morning, after recording the worst fall (-8.35%) in its history the day before.
Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest chipmaker, reversed its trend today and rose 5.15%, after having plummeted 9.75% the previous day.
Meanwhile, on the other side of the Formosa Strait, Chinese stock markets, generally less exposed to global fluctuations, continued to follow their own inertia.
Shanghai continued its downward trend around midday falling 0.07% (after closing yesterday at -1.54%), while the Shenzhen Stock Exchange advanced 0.24% (after closing Monday at -1.85%).
Hong Kong’s benchmark Hang Seng index, meanwhile, rose 1.18%, after closing Monday’s session with losses of 1.46%.
In South-East Asia and Australia, regions that also experienced widespread losses yesterday, all the stock markets managed to recover this Tuesday so far this session except the Singaporean one, which fell by a slight 0.70% about five hours before closing.
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