SoftBank shares tank more than 11% after Vision Fund reports losses
Shares of tech giant SoftBank Group plunged nearly 12% in Japan’s morning session after Vision Fund, the company’s tech investment vehicle, reported a loss of 1.38 trillion yen ($9.88 billion) for the quarter ending on Sept. 30.
“Share prices of numerous public portfolio companies declined amid the weakness in global stock markets, and the fair value of a wide range of private portfolio companies also decreased,” SoftBank said in its latest financial report.
SoftBank reported a net profit of 3.03 trillion yen after two quarters of losses.
— Abigail Ng
CNBC Pro: One retail stock just hit an all-time high — and Bank of America thinks it’s got further to go
This year’s bear market has wiped trillions of dollars in market cap off the stock market, but a few stocks have outperformed significantly during this period.
Bank of America identified three retail stocks that bucked the trend, and says one remains a buy.
Pro subscribers can read more here.
— Zavier Ong
Hang Seng index closed on Friday at highest since March 16
The Hang Seng index in Hong Kong closed its session last Friday 7.7% higher, seeing its best day since March 16, when the index rose 9.08%.
On a weekly basis, the index rose 7.2% as China eased Covid measures, after seeing a gain of 8.73% the previous week on rumors of China’s reopening plans.
The index is up almost 18% month-to-date and could post its best monthly performance since April 1999, when the Hang Seng index gained 21.85%.
— Gina Francolla, Jihye Lee