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Asian stocks retreated as industrial activity in Japan fell

2019-04-24 07:32 am | Resource: News | No Views : 120

 Asian stocks retreated as industrial activity in Japan fell

Most shares in East Asia fell on Wednesday after the White House announced that a new round of trade negotiations with China would continue in Beijing next week,

with trade representative Robert Leitzer and Treasury Secretary Stephen Manuchen representing Washington.

Meanwhile, investors continued to report profit from global companies, including Hyundai, which posted a 33% increase in net profit. Japan's industrial, trade and industry ministry said industrial activity in Japan contracted slightly in January.

Hyundai's net profit jumps 30% in first quarter

South Korea's Hyundai Motor Co. said Wednesday its first-quarter net profit rose 33 percent year-on-year to 954 billion won ($ 830 million). The rise in profits is due to the weakening of the South Korean currency, the won, as well as strong sales of new sports cars

At the same time, the company's operating income rose to 825 billion won, up 21% year-on-year. Sales in the same quarter rose 6.9 percent to 23.99 trillion won.

Samsung invests $ 120 billion in logic chips by 2030

Samsung Electronics Co. Ltd. announced on Wednesday it plans to invest 133 trillion won ($ 120 billion) or 11 trillion won annually by 2030 in the development of logic chips.

The technology giant said 73 trillion won will be allocated to local R & D, while 60 trillion won will be invested in the production infrastructure. Samsung added that it wants to "enhance its competitiveness in LSI and Business Funder systems" through the investment, which was also designated to provide 15,000 jobs.

Asian stocks close
  • The Nikkei 225 <.N225> rose 0.33% at 7:37 am.
  • While the Kospi Composite Index in South Korea dropped 1.06% at the same time.
  • The Shanghai Composite Index fell 0.15%.
  • Hong Kong's Hang Seng Index fell 0.50% at 7:59 CET.
  • Shenzhen was the only gainer, gaining 0.83%, at 7:58 CET.
  • The Australian S & P / ASX 200 jumped 0.95% at the same time.

The JPY was steady against the USD, trading at 111.8345 JPY at 8:00 am CET.

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