Market Updates
Asian Markets Turn Lower, China Real Estate Sector Worries Deepen
Arjun Pandit
25 Jul, 2022
Mumbai
Asian markets traded lower and indexes in China led the declines in the region after real estate and banking crises deepen in China.
Investors also awaited the restructuring plan from the troubled real estate company China Evergrande Group.
At least four smaller banks in Henan province and three banks in Anhui province are restricting customer withdrawals.
Moreover, mortgage boycotts are spreading in central and southern China as investors await the fate of completion of 249 real estate projects reflecting over 1 million apartment units.
The Shanghai Composite index fell 0.60% to 3,250.39 and the Hang Seng index in Hong Kong closed down 0.22% to 20,562.94.
In Tokyo, benchmark indexes lower ahead of the U.S. Fed's rate decision and the release of the U.S. GDP data later in the week
The Nikkei average fell 0.77% to 27,699.25 to snap a seven-day advance while the broader Topix index dropped 0.65% to 1,943.21.
The Sensex index in India declined 0.6% to 55,766.20 after the industrial, telecom, and retail conglomerate Reliance Industries reported a 40% surge in earnings on the back of a 65% jump in crude oil prices.
In addition, tech service companies, Infosys and Tech Mahindra, reported sharply lower-than-expected earnings in the latest quarter ending in June.
Stocks in Seoul closed slightly higher after institutional investors increased exposure.
The Kospi average closed up 0.44% to 2,403.69 led by advances in vehicles and parts makers.
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