Asia-Pacific Stocks Rebound Slightly: Vietnam's Q3 GDP Surges Over 13%, Growth Rate Hits Decade High

By    8 Oct,2022

On Thursday (29), Asia-Pacific stocks rebounded, but to a limited extent, except for Australian stocks rose 1.4% and Thai stocks rose more than 1%, the rest of the market rose less than 1%.

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Nikkei 225 index rose 0.95% to close at 26,422.05 points. Shipping stocks plunged, with Nippon Yusen (T:9101) down 15.82%, Mitsui Merchant Marine (T:9104) down 13.02% and Kawasaki Kisen Kaisha (T:9107) down 6.74%. According to reports, MSC and CMA major shipping companies have cancelled the closure of routes one after another due to the sharp drop in cargo volume and freight rates.


However, Eisai Pharmaceuticals (Eisai) (TYO:4523) continued to rise 13.56%, continuing to benefit from good trial results for its Alzheimer's drug.


South Korea's KOSPI index rose 0.08% to close at 2,170.93 points. and media said South Korea is preparing to launch a stock market equalization fund after also studying a ban on short selling stocks, in addition to South Korea's Ministry of Finance will be an emergency buyback of 2 trillion won bonds tomorrow.


Australia's S&P/ASX200 index rose 1.44% to close at 6,555.00 points.

In Southeast Asia and South Asian markets, Vietnam's VN30 index rose 0.30% and Vietnam's Ho Chi Minh index rose 0.03% before press time.


Data showed that Vietnam's gross domestic product (GDP) grew 13.67% year-on-year in the third quarter, the fastest growth rate in decades, due to strong manufacturing and exports and a low base, although it was slightly below market expectations of 14.35%. The Vietnamese government expects to reach 7% for the full year.


In corporate news, Vietnam's FPT Corporation's (HM:FPT) semiconductor company launched its first production line of semiconductor chips for medical devices on Wednesday.


Meanwhile, Singapore's Straits Times Index rose 0.54%; Indonesia's Jakarta Composite Index fell 0.25%; Thailand's SET Index rose 1.10%; the Philippines Composite Stock Index rose 0.93%; India's Mumbai 30 Index rose 0.22%; and Malaysia's Kuala Lumpur Composite Stock Index rose 0.19%.


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