[ad_1]
Currency dealers monitor exchange rates in a trading room at the KEB Hana Bank in Seoul on March 13, 2017.
South Korean shares rose 0.97 percent on March 13 following the Constitutional Court’s ruling to impeach ex-president Park Geun-Hye over a massive corruption scandal.
The benchmark KOSPI was up 20.24 points to close at 2,117.59 points.
/ AFP PHOTO / JUNG Yeon-Je (Photo credit should read JUNG YEON-JE/AFP/Getty Images)
Jung Yeon-Je | AFP | Getty Images
China stocks eked out gains a day after the country’s central bank cut reserve requirements for lenders, while shares of electric vehicle makers and suppliers of Tesla in Asia-Pacific fell after the U.S. EV leader warned of bleak volume growth.
The People’s Bank of China announced that it would reduce the amount of funds its banks are required to hold as reserves early next month in a bid to boost its struggling economy.
Reserve ratio requirements for banks will be cut by 50 basis points from Feb. 5, which will provide 1 trillion yuan ($139.8 billion) in long-term capital, according to PBOC governor Pan Gongsheng.
Hong Kong’s Hang Seng index index dipped 0.19%, while China’s CSI 300 inched 0.1% higher.
Shares of EV makers fell, with Nio falling 7%, Li Auto down 4.7% and BYD sliding 2.9%. LG Display led declines in Tesla supplier, down 4%.
Tesla warned that vehicle volume growth in 2024 “may be notably lower” than last year.
China’s Shenzhen Composite index, housing Tesla suppliers, shed 0.65%.
South Korea’s GDP grew 2.2% year on year in the fourth quarter and 0.6% compared with the previous quarter, beating expectations from a Reuters poll of 2.1% and 0.5%, respectively.
Japan’s Nikkei 225 slipped 0.47% and the broad based Topix fell 0.26%, while South Korea’s Kospi declined 0.53% and the small-cap Kosdaq dropped 1.42%.
In Australia, the S&P/ASX 200 rose 0.11%.
Overnight in the U.S., the S&P 500 rose Wednesday as Netflix led a broader rally among technology names, pushing the broader market to new heights. Netflix shares surged more than 10% after the streamer said its total subscriber count hit an all-time high of 260.8 million.
The broad-based index eked out a gain of 0.08% to clinch a new all-time closing high. The Nasdaq Composite rose 0.36% helped by the tech rally. It was the fifth straight day of wins for both indexes.
In contrast, the Dow Jones Industrial Average fell 0.26%, to 37,806.39, dragged by Verizon and 3M a day after they reported earnings.
— CNBC’s Sarah Min and Alex Harring contributed to this report
[ad_2]
Source link