26.8 C
London
Wednesday, August 10, 2022

Travel stocks climbed globally after Pfizer’s approval

Must read

stocks, Asia’s tech start-ups might get a value of $1 trillion by 2025

Travel stocks climbed globally after Pfizer’s approval

Highlights:

  • USA
    The Dow Jones increased by 0.61% or 215.63 points, to 35,335.71; Meanwhile, the S&P 500 added 0.85% or 37.86 points, to 4,479.53.
    The Nasdaq composite index rose by 1.55% or 227.99 points, to 14,942.65.
  • ASIA
    The Nikkei advanced by 0.87% or 237.86 to settle at 27,732.10.
    The Shanghai Composite Index rose more than 1%. The Hang Seng closed with a gain of 2.46% or 618.33 points to 25,727.92.
    The Kospi increased by 1.56% or 48.09 points to 3138.30.
  • EUROPE
    The STOXX 600 index climbed by 0.3%.

Wall Street closed with a sharp increase

Wall Street closed with gains, and Nasdaq posted a new record high encouraged by the full approval of Pfizer’s vaccine in the US. Now, the stock market is pending central bankers’ next annual meeting that is usually held in Jackson Hole.

The Dow Jones increased by 0.61% or 215.63 points, to 35,335.71; Meanwhile, the S&P 500 added 0.85% or 37.86 points, to 4,479.53.

The Nasdaq composite index rose by 1.55% or 227.99 points, to 14,942.65.

Investors’ concerns about the too early withdrawal of monetary stimulus caused volatility in the recent trading sessions. 

Market sentiment improved a bit on Friday. However, support declined after remarks by Robert Kaplan, chairman of the Dallas Fed. He has been one of the most forceful supporters for beginning to reduce economic support. He stated that he may begin to adjust that view if the Delta variant hinders economic growth.

 

The Fed may start tapering later this year

DollarThe Fed is likely to decide to start tapering at the meeting on September 21 and 22. The reduction in asset purchases is forecast to begin later this year or early. 

The US drug regulator fully approved the Pfizer-BioNTech vaccine against Covid-19. It generated stock rises in companies that are related to the economic reopening and tourism. 

Pfizer advanced by 2.48%, and BioNTech surged by 9.58%. Meanwhile, biotech Moderna, producer of the second most widely distributed vaccine, climbed by 7.55%.

The highest gainers were energy companies adding 3.77%. At the same time, non-essential goods gained 1.36%, and communications rose by 1.27%.

Public service companies were the most affected, shedding 1.32%. Also, real estate companies slid by 0.4%.

Among the 30 firms on the Dow Jones, Boeing advanced by 3.16%. Meanwhile, Chevron added 2.58%, and Intel grew by 2.35%.

UnitedHealth registered the most significant decline, sliding by 1.01%, and Walmart followed it with a 0.66% drop.

 

The Nikkei followed Wall Street rise

The Nikkei average continues to grow on the Tokyo stock market. Following the rise in the US stock market the day before, Japanese stocks have taken over the favorable conditions. 

 With the Jackson Hole meeting on the weekend, the wait-and-see mood has strengthened. 

The Nikkei advanced by 0.87% or 237.86 to settle at 27,732.10. Topix added 1%. The trading value of the first section of the Tokyo Stock Exchange was 2,337,815 million yen. Among the 33 industries, shipping, air transportation, and steel increased the most. Meanwhile, the price decline was limited to 5 industries such as rubber products and pharmaceuticals.

The transport firm Nippon Yusen (NYK Line) accumulated the highest volume of operations of the day and gained 2.62%.

In addition to semiconductor-related stocks such as Tokyo Electron, SoftBank Group also climbed. On the other hand, Showa Denko, which announced a public offering, plummeted.

T the vehicle manufacturer Toyota posted a rise of 0.54%, and the multinational electronics company Sony also rose by 3.50%.

The number of rises and falls in the first section of the Tokyo Stock Exchange was 1799 for the rise, 312 was for the fall, and 79 ended unchanged.

KOSPI rises 1.56% on foreign and institutional purchases

The Kospi increased for the second consecutive trading day due to foreign and institutional net buying. It advanced by 1.56% or 48.09 points to 3138.30.

The 

Foreigners net bought 154.8 billion won, and institutions acquired 232 billion won. On the other hand, individuals net sold 356.7 billion won.

As for the gainers by industry, shipbuilding added 6.06%, life science tools and services increased by 5.00%. Meanwhile, airlines gained 4.87%, beverages added 4.31%, while hotels, restaurants, and leisure climbed by 4.14%. At the same time, building materials rose by 4.08%.

The biggest losses were registered by electrical appliances, yielding 2.36%. Meanwhile, pharmaceuticals slid by 1.02%, and road and rail transport shed 0.04%.

Samsung Electronics finished trading at 75,600 won, adding 2,300 won or 3.14%. SK Hynix gained 1.94%, NAVER increased by 1.86%, and Kakao climbed by 0.34%

Samsung Biologics plunged by 5.25%, LG Chem lost 1.38% and Samsung SDI dipped by 3.51%. 

Pfizer’s official approval supported airlines and travel. Asiana Airlines closed the transaction at 20,100 won, adding 9.84%. Other companies with considerable gains include Asiana IDT, Hana Tour, Jeju Air, T’way Air, Yellow Balloon, Korea Airport, Great Trip, Jin Air, Air Busan, and Korean Air.

The Kosdaq closed with a rise of 2.01% or 20.00 points at 1013.18.

 

Shanghai added 1.07%and Hang Seng gained almost 2.5%

Top Chinese Fintech to Boost Global EconomyThe three major indexes of the Shanghai and Shenzhen stock markets continued yesterday’s momentum and opened higher today. The Shanghai Composite Index rose more than 1% and returned to 3,500 points. At the end of the trading session, it added 1.07% or 37.34 points at 3,514.47; Shenzhen Component Index increased by 0.88% or 127.67 points at 14663.55; ChiNext Index increased by 1.12%.

Almost all kinds of stocks advanced. Leisure services, steel, non-ferrous metals were the biggest winners. As for losses, communications, national defense, military industry, media, and household appliances stocks fell. 

The Hang Seng closed with a gain of 2.46% or 618.33 points to 25,727.92. The main protagonists of the day were, without a doubt, the digital leaders of the market. Meituan surged the most by 13.51%. It was followed by Alibaba jumping by 9.47% and Tencent adding 8.81%.

Casino operators also gained today. Galaxy Entertainment scored a rise of 8.89%, and Sands China soared by 9.3%.

Among the Chinese state companies, most of the oil firms closed in the green. Meanwhile, telephone operators registered the worst performance of the day.

 

European stock market is extending gains

The main European stock markets continue their rebound, which started the day before. 

The pan-European STOXX 600 index climbed by 0.3% after last week’s slump by more than 3% from its record highs.

The tourism and leisure sectors led the rebound. 

According to Deutsche Bank analysts, optimism is growing that

the weakening of the economic outlook could lead to a

more cautious attitude on the part of central banks regarding a withdrawal of monetary support. 

The post Travel stocks climbed globally after Pfizer’s approval appeared first on FinanceBrokerage.

Source link

More articles

Latest article