Chinese smartphone maker Xiaomi crashed hard on the Hong Kong stock exchange on Friday. The Trump administration blacklisted the company for overly close ties to the Chinese military.
Stock markets in the Asian region showed predominantly losses. Investors processed upcoming President Joe Biden’s plans for a $ 1.9 trillion bailout package for the US economy. We also looked forward to the major US banks JPMorgan, Citigroup and Wells Fargo, which will be released later today.
In Hong Kong, Xiaomi lost 11 percent, and the Hang Seng index was 0.1 percent lower in the meantime. The main index in Shanghai fell 0.4 percent on concerns about the increase in the country’s number of corona infections. More than 28 million people in China are in a lockdown after the most substantial increase in corona cases in more than ten months.
The Nikkei in Tokyo entered the weekend with a loss of 0.6 percent at 28,519.18 points. The Japanese main index gained 1.4 percent this week—Canon thickness to 8 percent.
The Japanese technology group raised its profit forecast for the year due to strong demand for its new cameras and inkjet printers. Japanese chip companies Tokyo Electron and Advantest benefited from the strong results and outlook of the Taiwanese chip manufacturer TSMC, which was announced on Thursday.
The Kospi in Seoul fell 1.5 percent. The South Korean central bank kept interest rates unchanged. Bank of Korea Governor Lee Ju-yeol expressed concern about the surge in stock prices in the country, which he says are driven by investments with borrowed money.