Exports to Lift Q3 GDP Growth In Japan, India Stocks Struggle

Arjun Pandit
12 Feb, 2024
Mumbai

Across Asia, markets in mainland China, Hong Kong, Taiwan, South Korea, Malaysia, and Singapore are close for the celebration of Lunar New Year, and in Japan, it is National Foundation Day.

In Friday's trading, market indexes in New York advanced as investors looked beyond interest rate uncertainty and shifted their focus to resilient consumer spending and a healthy labor market.

 

Surging Exports to Lift Japan's GDP Growth

Japan's economy is likely to show an expansion in rising exports of vehicles and electronic goods, according to the Tokyo-based Japan Center for Economic Research.

The independent research company estimated 0.8% growth in Japan's economy in December from the previous month, despite the persistent weakness in domestic consumption.

The center also estimated the GDP expanded by 2.6% in the December quarter from the previous quarter on a solid performance of exports.

The government is set to release its preliminary estimate on February 15.

 

India-based GMR Leads Manila Airport Project Bidding

India-based GMR is viewed as a front-runner for a $3.0 billion project to upgrade Manila's Ninoy Aquino International Airport, which currently handles 48 million passengers a year.

The government is set to announce the winner of the project on February 15, and GMR's bid is considered a top contender for the project, beating three other local consortiums of bidders, according to sources in transportation ministry of Philippines. 

Philippines has short listed three out of the four qualified bids, and the winner of the project is scheduled to be announced on February. 

If GMR wins the bid, this will be the third airport project in the Philippines, after winning the projects to develop and operate Cebu International Airport in 2014 and Clark International Airport in 2019.

France-based Airports de Paris, the operator of three large airports in France, is looking to acquire a 49% stake in GMR.

Market indexes in Mumbai struggled to advance in Monday's trading despite optimism about upcoming earnings releases and positive international market sentiment.

The Sensex and the Nifty indexes advanced, and investors are looking ahead to a busy week of earnings and economic data.

On the earnings front, Mahindra & Mahindra, IRCTC, Coal India, SAIL, and Bharat Forge are some of the leading companies scheduled to release their quarterly results this week.

Among economic releases, market participants are also looking forward to the release of the international trade balance, industrial output, and overall inflation.

The Sensex index decreased 122.22 points to 71,473.27, and the Nifty index fell 14.05 points to 21,768.45.

On the Mumbai stock exchange, 229 stocks traded at their 52-week highs and 21 stocks traded at their 52-week lows.

The yield on the 10-year Indian government bonds held steady at 7.08%, and the Indian rupee strengthened to ₹82.96 against the U.S. dollar.

Navin Fluorine International gained 0.7% to ₹3,049.35 after the Life Insurance Company, through its various funds, increased its stake in the company to 7.07% from 5.03%.

ONGC declined 2.3% to ₹261.40 after the energy explorer reported a decline in earnings in its latest quarter.

Net profit in the December quarter dropped 10% to ₹10,356 crore from ₹11,489 crore a year ago.