Oil companies share become Asia’s favorite

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In Japan, where investors returned after a long weekend, the stock market started slightly higher on Tuesday for the shortened trading week. Investors processed the sharp rise in oil prices after the attacks on Saudi oil installations last Saturday. In addition, President Donald Trump announced that the United States and Japan have reached a provisional trade agreement.

The main index in Tokyo, the Nikkei 225, finished 0.1 percent in the plus at 22,001.32 points. The Japanese oil companies Inpex and Japan Petroleum Exploration indicated 9.7 percent and 7.9 percent. Airline Japan Airlines fell 1.9 percent due to fears of higher kerosene prices. Oil prices fell slightly again on Tuesday after rising by around 13 percent the day before.

Technology giant SoftBank, a heavyweight in the Nikkei, lost 3 percent. The lessor of shared WeWork workspaces, in which SoftBank is a major investor, will not be listed on the stock exchange until October at the earliest, according to business newspaper The Wall Street Journal.

The Chinese stock markets went down. Investors remained cautious due to the increased geopolitical tensions in the Middle East. The US Federal Reserve was also awaited, which will start its two-day interest rate meeting later in the day. The stock market in Shanghai was 1.6 percent lower in the meantime and the Hang Seng index in Hong Kong fell 1.5 percent. The Kospi in Seoul scored almost flat and the Australian All Ordinaries climbed 0.1 percent.

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Oliver I. Kjeldsen

Oliver I. Kjeldsen has a corporate finance and extensive expertise in company audit. He grants us amazing insights on taxation, international affairs and friendly advice on nearly any topic of interest. His email is [email protected]

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