Nikkei Asia300 Index advances as Samsung extends gains- Nikkei Asian Review

MUMBAI (NewsRise) — Asian stocks outside of Japan rose Wednesday, as heavyweight Samsung Electronics extended gains ahead of its preliminary third-quarter earnings.

The Nikkei Asia300 Index rose 0.7% to 1,337.13.

Asian equities also got a boost from an overnight rally in U.S. stocks that lifted the Dow Jones Industrial Average to record levels ahead of the start of the third-quarter earnings season.

Samsung Electronics climbed 3.5% to reach life-time highs, adding to Tuesday’s 3% increase. According to a poll by Thompson Reuters, the company is expected to report about a three-time increase in operating profit for the September quarter to 14.3 trillion won ($12.51 billion), helped by strong memory chip sales and rebound in mobile phone sales. The earnings are due on Friday.

LG Electronics jumped more than 8% in Seoul after saying that preliminary operating profit soared more than 80% in the third quarter. Strong sales in organic light-emitting display televisions and home appliances boosted the company’s earnings.

Great Wall Motor surged as much 14% in Hong Kong amid media reports that the Chinese carmaker is considering a joint venture with Germany’s BMW. The automaker also reported a 4.5% increase in total sales volume for September on late Tuesday.

The H-shares of Cosco Shipping Holdings fell 4%. After market hours on Tuesday, the company forecast a lower-than-expected profit of 2.7 billion yuan ($410 million) for the nine months through Sep. 30.

Hong Kong property developers fell following the city Chief Executive Carrie Lam’s debut policy address. There was disappointment for local real-estate stocks as Lam did not address the conversion of farmlands for residential use, which was expected to boost land supply. Henderson Land Development declined 4.9%, Sun Hung Kai Properties dropped 1.8%, and New World Development fell 1%.

Taiwan Semiconductor Manufacturing Co. advanced 3% after saying that sales for the nine months through Sept. 30 rose by 2.1%.

In…

Read the full article at the Original Source..

Back to Top