Foxconn's Lease Suggests Vietnam Expansion, Citizen Watch Soared On Earnings

Arjun Pandit
15 Feb, 2023
Mumbai

Asian markets closed down after the latest U.S. inflation data raised fears of the Federal Reserve continuing its campaign of rate hikes longer. 

The yen edged lower and currencies in the region were under pressure on the worries of rising rates. 

 

BoJ Yield Curve Policy Debates Rages On 

Market indexes in Tokyo opened higher but drifted down after the yen weakened and the fears of higher rates in the U.S. overshadowed the market sentiment. 

Investors also debated whether the Bank of Japan's next governor will embark on a policy to change the yield curve control and exit from its ultra-loose monetary policy stance.  

The Nikkei index decreased 0.4% to 27,501.86 and the yen dropped 0.8% to 134.16 against the U.S. dollar. 

In Tokyo trading, Rakuten Group Inc. soared 7.7% to ¥713.0. Sumitomo Osaka Cement advanced 6.1% to ¥3,605.0, Mitsubishi Chemical Holdings Corp rose 4.3% to ¥780.0 and Taiheiyo Cement Corp. advanced 4.1% to ¥2,347.0. 

Citizen Watch Co Ltd soared 9.2% to ¥784.0 after the company reported its latest financial results. 

Revenue in the nine-month period increased 16% to 230.2 billion yen and net income attributable to shareholders rose 14.6% to 19.7 billion yen. 

Earnings per share rose to 67.26 yen from 55.03 a year ago. 

Stocks in China closed lower and the spy balloon saga showed no signs of abating after officials from Japan and Korea stepped up efforts to shoot down future aerial objects in its airspace. 

 

Hong Kong Tourists Arrival Soared In January 

In business news, Hong Kong tourist arrivals soared three-fold to 498,689 in January from 160,578 in December, the Hong Kong Tourism Board said in a statement Wednesday. 

Cathay Pacific said it carried one million passengers a month in January, the first time since the Covid-19 pandemic erupted.  

 

Foxconn Leased Land In Vietnam

The Shanghai Composite index fell 0.4% to 3,280.49 and the Hang Seng index declined 1.4% to 20,812.17. 

Foxconn Technology Group signed a lease for 45 hectares of land in Vietnam for $62.5 million, the company said in a filing with the stock exchange in Taiwan. 

In December, Foxconn said it plans to quadruple its staff in India and increase its investment to $500 million and expand production of various Apple computer devices.  

 

India Stocks Extended Gains for Second Day 

In Mumbai trading, markets rebounded for the second day in a row after the U.S dollar turned lower and two reports provided mixed views on inflation. 

Tech services providers soared and Infosys, Tech Mahindra, HCL and TCS advanced between 1% and 2%. 

Adani Enterprises advanced after the company swung to a profit in the fiscal third quarter ending in December. 

The Sensex index increased 0.4% or 242.83 to 61,275.09 and the Nifty index rose 0.5% or 86.0 to 18,015.85. 

The Indian rupee rebounded to 82.78 against the U.S. dollar.