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China Stocks Hit 5-Yr. Low



Mainland Chinese stocks fell to a five-year low while Australian stocks smashed all-time records on Wednesday.

In Japan, the Nikkei 225 roared ahead 220.85 points, or 0.6%, to 36,286.71.

In Hong Kong, the Hang Seng index dumped 218.38 points, or 1.4%, to 15,485.07.

Korean markets were flat after heavyweight Samsung Electronics reported a 34% fall in operating profit year-on-year in the fourth quarter, as well as a 73.4% plunge in net profit in the same period. Shares of Samsung fell 2.2%.

Australian stocks zoomed, after the country’s fourth-quarter inflation rate was lower than expected at 4.1%, its lowest level since the quarter ended December 2021.

CHINA

In Shanghai, the CSI 300 moved lower 29.69 points, or 0.9%, to 3,215.35, after China’s manufacturing activity shrank for the fourth straight month in January, with the official manufacturing purchasing index at 49.2.

In other markets

In Singapore, the Straits Times Index inched up 2.97 points or 0.1%, to 3,153.01.

In Taiwan, the Taiex slid 145.07 points, or 0.8%, to 17,889.56.

In Korea, the Kospi index dipped 1.72 points, or 0.1%, to 2,497.09.

In New Zealand, the NZX 50 fell 42.3 points, or 0.4%, to 11,872.10.

In Australia, the ASX 200 advanced 80.52 points, or 1.1%, to 7,680.72.



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