Stocks in Asia-Pacific experienced a mixed session on Wednesday as market participants evaluated corporate earnings and monitored China’s initiatives to support its market.
DBS Group, the largest bank in Southeast Asia, reported a 2% year-over-year increase in fourth-quarter net profit, reaching $2.39 billion. The bank also maintained its full-year net interest income forecast for 2024, leading to a 2% surge in DBS Group shares.
China’s leading chipmaker, SMIC, warned on Wednesday that ongoing global macroeconomic challenges and geopolitical tensions could impact its business in 2024. This announcement came a day after SMIC reported a 54.7% drop in fourth-quarter profit, resulting in nearly a 5% decline in the company’s shares in Hong Kong.
Shares of electric vehicle companies listed in Hong Kong saw gains following the release of a document by China’s commerce ministry outlining plans for the “healthy development of new energy vehicles” in the country.
South Korea’s Kospi led gains in the region with a 0.95% increase, while the Kosdaq also rose by 0.48%. In Australia, the S&P/ASX 200 climbed 0.45%, closing at 7,615.8, after the country’s central bank decided to keep rates steady at 4.35%.
Hong Kong’s Hang Seng index reversed its gains, dropping 0.34%, while the mainland Chinese CSI 300 rose by 0.42%. Japan’s Nikkei 225 fell approximately 0.18%, and the broader Topix edged 0.33% higher.
