Asia Markets Finish Friday Mixed
Asian markets concluded the trading day with mixed results.
South Korea’s Kospi fell by 0.13%, closing at 3,188.07, while the small-cap Kosdaq gained 0.29%, finishing at 820.67.
In Australia, the S&P/ASX 200 surged 1.37% to reach a record high of 8,757.2.
Japan’s Nikkei 225 dropped 0.21% to 39,819.11, and the Topix also decreased by 0.19%, closing at 2,834.48.
Mainland China’s CSI 300 rose by 0.6%, ending the day at 4,058.55.
— Lee Ying Shan
Bitcoin Prices Exceed $120,000
On Thursday, Bitcoin prices increased by over 1% to $120,692.67 following the U.S. House of Representatives’ approval of a bill to establish a regulatory framework for stablecoins, which are cryptocurrencies tied to assets like the U.S. dollar.
Ether also experienced a rise of more than 5%, reaching $3,634.33.
This legislation, which has garnered significant support from the digital asset sector, is now set to be presented to President Donald Trump, who is anticipated to sign it into law.
Chinese Markets Begin Trading Day on a High Note
Mainland China and Hong Kong stocks opened the trading day positively amid varied performance across the region.
The CSI 300 in mainland China rose by 0.27%, while Hong Kong’s Hang Seng Index, featuring major Chinese firms, increased by 1.28%.
The Hang Seng Tech Index, tracking significant technology companies in Hong Kong, climbed by 1.73%.
— Lee Ying Shan
Corporate Law Reform in South Korea Boosts Stock Market Confidence
Sanghyun Lee, CEO of activist firm Flashlight Capital Partners, stated that South Korea’s stock market had been “severely undervalued” for six to seven years and is now “in the process of normalization.”
This statement follows a recent amendment to the Commercial Act aimed at bolstering the fiduciary duties of board members towards minority shareholders, thereby enhancing foreign investor confidence.
Lee highlighted that prior to this change, board directors could legally suppress stock prices without facing consequences, but the new law fundamentally alters the definition of fiduciary duty.
Since the year’s start, the Kospi index has surged over 33.16%, with a price-to-book ratio of 1.07.
— Nicole Teo
TSMC Shares Rise After Strong Q2 Results
Australia’s Stock Market Hits New High
The S&P/ASX 200 in Australia rose by 0.58%, reaching a new high of 8,689.4 during early trading. The benchmark index has risen 6.62% year-to-date, according to LSEG data.
Major stocks, including BHP and Rio Tinto, increased by 1.7% and 1.32%, respectively, while biotech firm CSL also saw a rise of over 1.7%.
Asian Markets Open Higher on Friday
Asian markets began the trading day on a positive note. Japan’s Nikkei 225 saw an increase of 0.39% at the open, while the Topix climbed 0.26% as of 8:02 a.m. local time.
South Korea’s Kospi rose by 0.21%, and the small-cap Kosdaq was up by 0.28%.
Australia’s S&P/ASX 200 also experienced a 0.44% rise.
— Lee Ying Shan
