Indian stock markets sank on Monday due to news of the rapid spread of the Omicron strain of coronavirus in the country and weakness in other Asian markets. The BSE Sensex closed 949.32 points or 1.65% lower at 56,747.14 and Nifty fell 1.65% to 16,912.25.
SGX Nifty futures trading higher
Nifty futures on the Singapore Exchange traded 0.5% higher at 17,032 in early deals, indicating a strong opening for the Indian benchmark.
Samsung ELEC will merge mobile and consumer electronics divisions: Reuters
Samsung Electronics Co Ltd on Tuesday said it will merge its mobile and consumer electronics divisions and name a new co-CEO in its biggest reshuffle since 2017 to simplify its structure and grow its logic chip business. to be focused on.
The sweeping move is the latest sign of centralized transformation at the world’s largest memory chip and smartphone maker, after Vice Chairman Jay Y Lee was paroleed from a bribery conviction in August.
The head of the visual display business, Han Jong-hee, was promoted to vice president and co-CEO, and will head the newly merged division to lead the mobile and consumer electronics as well as TV business.
Han has risen through the ranks in Samsung’s visual display business, without experience in mobile.
Samsung Electro-Mechanics CEO Kyung Kae-hyun was named co-CEO of Samsung Electronics and will head the chip and components division.
The newly merged businesses differ in size. The mobile business earned 3.36 trillion won ($2.84 billion) in operating profit in the July-September quarter, while consumer electronics won 760 billion won.
Asian stocks rise after China takes steps to support growth
Asian stocks rose on Tuesday after US stocks rose and China pledged measures to support slowing economic growth. The Treasury remained stagnant after the fall.
MSCI Inc. The gauge of Asia Pacific shares of the US rose in three on the first day as Japan climbed. Hong Kong fared better with Alibaba Group Holding Ltd., prompting a rebound in Chinese tech firms after the company announced a management shakeup. US futures prices rose. The S&P 500 erased last week’s losses, while the technology-heavy Nasdaq 100 also rallied, allaying concerns about the severity of the Omicron virus variant.
Japan’s Nikkei 225 gained 1.1%, Australia’s S&P/ASX 200 index gained 0.6%, South Korea’s Kospi index changed little, the Hang Seng index rose 1.2% and the Shanghai Composite index rose 0.4%.
Still, investors see further volatility ahead for the equity markets. New restrictions are appearing around the world as officials try to stop the spread of Omicron.
Overnight, Wall Street’s key averages closed on Monday with strength in financially sensitive sectors and travel-related stocks as investors were encouraged by some optimistic comments from a top US official on the latest COVID-19 version.
The Dow Jones Industrial Average rose 646.95 points, or 1.87%, to 35,227.03, the S&P 500 rose 53.24 points, or 1.17%, to 4,591.67, and the Nasdaq Composite rose 139.68 points, or 0.93%, to 15,225.15.
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