Yahoo Finance Asian Stocks Advance; SoftBank’s Domestic Telecoms Unit to List in December
Investing.com - Asian stocks advanced in afternoon trade on Monday, with Chinese stocks gained more than 1%. Reports that SoftBank Group Corp's domestic telecoms unit received approval to list on the Tokyo Stock Exchange on Dec. 19 received some focus.
The initial public offering (IPO) would be worth around 2.4 trillion yen ($21.04 billion), a regulatory filing showed, making the listing one of the biggest IPOs ever.
China’s Shanghai Composite and the SZSE Component rose 1.2% and 2.4% respectively by 2:00 AM ET (07:00 GMT).
Alibaba (NYSE:BABA) Group logged a record 213.5 billion yuan ($30.7 billion) in sales for its 10th edition of the annual Singles’ Day event.
The event is also known as the Double 11 shopping festival because it falls on Nov. 11. During the 24-hour period, Alibaba offered huge discounts across its e-commerce sites such as Tmall.
Meanwhile, Smartphone and electronics maker Xiaomi Corp (HK:1810) jumped more than 2% in Hong Kong Monday morning after reporting strong sales during the event.
Xiaomi reported “the total payment for sales of smartphones, internet of things and lifestyle products” during the Singles Day sales even added up to more than CNY5.2 billion. The company reported the sales figure through an announcement on the Hong Kong Stock Exchange.
Elsewhere, the People’s Bank of China said late Friday in its quarterly monetary-policy report that it will tweak its policy as global outlook is worsening and trade tensions with the U.S. are hurting China’s economy.
“External conditions are undergoing profound changes, downward pressures are increasing, some companies are seeing more difficulties in their operations, risks accumulated over the long term are being exposed,” the central bank said. The bank will “preemptively adjust and fine-tune policies according to the changing conditions.”
Hong Kong’s Hang Seng Index was unchanged at 25,602.0.
Japan’s Nikkei 225 traded 0.2% higher, while South Korea’s KOSPI slipped 0.3%.
Shares in Samsung (KS:005930) Biologics Co Ltd (KS:207940) plunged on Monday amid concerns regarding its accounting practices. South Korean media reported that regulators were expected to reach a conclusion Wednesday on whether the company has violated rules which could lead to its delisting.
Down under, Australia’s ASX 200 gained 0.4%.
Looking ahead, the Association of Southeast Asian Nations’ events in Singapore and the Asia-Pacific Economic Cooperation summit in Papua New Guinea are expected to generate some focus.
On Wednesday, Japan would report its latest GDP data, while China would release figures on retail sales, industrial output and fixed asset investment.
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