Nintendo and ESR Cayman lead broadly positive run for Asia markets
Investors gave Nintendo a huge boost on Friday, after the gaming company reported better than expected earnings powered by sales of its popular Switch console.
Shares in Nintendo jumped 6% in Tokyo Friday, bucking the downward trend of Japan’s Nikkei 225 which slumped 0.4%.
Over in Hong Kong, ESR Cayman made its public debut. Shares in the real estate logistics company popped at the open, rising as much as 7% in early morning trade.
ESR Cayman raised $1.6 billion, making it Hong Kong’s second largest IPO for the year. It was a boost of confidence for the bourse, coming less than 24 hours after government officials confirmed that five months of mass protests — on top of other challenges and structural issues — have pushed the city into a recession.
Hong Kong’s Hang Seng Index was also shaking off the disappointing economic growth figures, posting gains of 0.5%.
Elsewhere in Asia, markets were up. South Korea’s Kospi Index rose 0.4%, and the Shanghai Composite Index edged up 0.7%.
Investors in China cheered an unexpected jump in manufacturing data. Growth in output from China’s huge manufacturing sector rose in October, according to the results of a private business survey published Friday. The latest purchasing managers index (PMI) survey, conducted by media group Caixin and research firm Markit, rose to 51.7 in October from 51.4 in September. Analysts polled by data provider Refinitiv had expected growth to fall to 51.