Asia Pacific Shares Mixed on HSBC Upbeat 3Q Earnings

Asia Pacific Shares Mixed on HSBC Upbeat 3Q Earnings

On Monday, Asia Pacific shares were mixed as market participants reacted to the upbeat third-quarter report of the investment bank HSBC Holdings.

Accordingly, the bank’s latest pre-tax profit climbed to $5.40 billion from the expected $3.78 billion, 75.80% higher than last year. 

Meanwhile, its revenue posted at $12.00 billion, a slight miss from the expectation of $12.30 billion. 

Consequently, HSBC shares in Hong Kong hiked 0.54% or 0.03 points to $6.01 per share. 

Then, benchmark Hang Seng climbed 0.03% or 8.42 points to $26,135.35 per share. 

Accordingly, the China Evergrande Group jumped 0.37% to $0.35 per share after signalling a business shift. 

Last Friday, the highly indebted developer announced prioritizing its electric vehicles segment over its real estate business within ten years. 

In line with this, the company anticipated that property sales would drop to $31.31 billion per year from $109.67 billion. 

In addition, it mentioned that more than ten of its projects resumed operations yesterday. 

Then, Chinese stocks posted gains in the Asia Pacific shares.

The Shanghai Composite index improved 0.38% or 13.45 points to $3,596.06 per share. 

Consequently, the Shenzhen Component index elevated 0.38% or 54.64 points to $14,547.46 per share. 

Correspondingly, its real estate index widened 3.30% or 0.43 points to $13.57 per share. 

Subsequently, the upward move came after China’s parliament announced it would set a pilot real estate tax in some regions.

Conversely, Chinese blue chips skidded as the CSI 300 index declined 0.03% or 1.70 points to $4,958.03 per share. 

Elsewhere, South Korea’s KOSPI rose 0.44% or 13.23 points to $3,019.39 per share.  

Japanese Market Slips as Asia Pacific Shares Mix

Furthermore, Japan’s benchmark Nikkei 225 plummeted 0.75% or 217.20 points to $28,587.65 per share. 

At the bottom of the index, Softbank Group Corp. plunged 4.24% or 2.46 points to $55.70 per share. 

Similarly, the broader TOPIX index dwindled 0.17% or 3.49 points to $1,998.74 per share. 

Its worst performer, Cross Marketing Group Inc., sharply curtailed 7.20% or 0.56 points to $7.26 per share. 

In New Zealand, the S&P/NZX 50 index shed 0.25% or 32.74 points to $13,093.24 per share. 

Inversely, Australia’s S&P/ASX 200 index increased 0.34% or 25.50 points to $7,441.00 per share. 

Overall, MSCI’s broadest index of Asia Pacific shares outside Japan inched up 0.01% or 0.15 points to $660.72 per share.