Headline shares of the Asia Pacific market mostly declined on Tuesday,
08 July 2014.
Investors continued withdrawing profit off the table on tracking overnight losses on the European and the US markets and cautious ahead of the corporate reporting season and earnings guidance from regional heavyweights. The MSCI Asia Pacific Index slid 0.1% to 147.
Turnover was relatively thin across the region as investors preferred to stay sideline ahead of minutes from the Fed's June meeting on Wednesday. The market participants would now awaiting for the US Federal Reserve meeting minutes to gauge the outlook for the central bank's future monetary policy.
Both JP Morgan and Goldman Sachs have moved forward their forecasts for the first Fed rate hike after the global financial crisis. Both now forecast that the rate hike would occur in 3Q15, compared with previous estimates of 4Q15 and 1Q16 respectively.
Goldman's Jan Hatzius, despite a dove, noted that changes in inflation, employment situation market and financial conditions over the past few months triggered the shift. He expected US' economy "is accelerating to an above-trend pace", despite the "striking weakness in the first-quarter GDP report". He also revised lower the outlook of the unemployment rate to 5.9% at the end of the year and 5.4% at the end of 2015.
The earnings season kicks off with Alcoa later on Tuesday and dozens of major companies are scheduled to report next week, including numerous Dow components.
Among Asian bourses
Tokyo shares fall on strong yen, weak offshore lead
Japan share market declined for second consecutive day, as investors continued withdrawing profit off the table following Wall Street's declines overnight and as the yen strengthens (dollar currently buying 101.72 yen, down from 102.11 yen a day earlier). But, the market losses capped after fresh data showing the current account surplus was stronger than expected in May. The benchmark Nikkei 225 index finished the session 0.42% down at 15314.41, expanding on the previous session's 0.4% drop. The Topix index of all first-section shares slid 0.33% to 1275.70.
Japan's current account logged a higher-than-expected surplus in May as the trade deficit narrowed, finance ministry data showed on Tuesday. The surplus stood at 522.8 billion yen ($5.14 billion). In April, the surplus stood at 187.4 billion yen.
Exporter shares were mostly down. Sony Corp declined 0.7% to 1718 yen, Kawasaki Heavy Industries lost 0.49% to 407 yen, Advantest Corp. sank 2.6% to 1226 yen, and Bridgestone Corp fell 1.3% to 3661 yen. Nippon Telegraph & Telephone Corp. was up 1.5% to 6512 yen, Tosoh Corp. added 1.3% to 485 yen, and Sapporo Holdings added 2.8% to 434 yen.
Toyota Motor Corp. slid 0.6% to 6131 yen on reports saying the auto maker will hike its prices in emerging markets where currencies had recently risen against the yen.
Casio Computer Co. gained 7.5% to 1571 yen after the watch maker said it will buy back 12.5 billion yen ($123 million) of its own shares.
Financials were lower after the pullback in other global markets, with Sumitomo Mitsui Financial Group Inc down 0.5% to 4275 yen, Nomura Holdings Inc. down 2% to 716 yen, and Orix Corp. down 2.2% to 1664 yen. Among the insurers, Dai-ichi Life Insurance Co. was off 1.5% to 1469 yen, and Tokio Marine Holdings Inc. was down 2.9% to 3237 yen.
AEON Financial Service Co. fell 3.7% to 2594 yen as Credit Suisse Group AG lowered its earnings outlook for the Japanese credit-card firm.
Bank of Japan released monthly bank lending data on Tuesday showing that outstanding bank loans in Japan rose 2.5% from a year earlier to Y413.70 trillion in June, marking the 33rd straight year-on-year rise on continued solid domestic demand. The June leading growth is the highest since January this year, when it was also up 2.5%. The pace of increase accelerated from +2.4% in May, +2.2% in April and +2.3% in March, reflecting solid domestic demand.
The Bank of Japan kept its upbeat assessment for all of the country's nine regions, saying a moderate recovery was taking hold and bolstering views the economy is on track to meet the central bank's price target without more monetary stimulus. But central bank governor, Haruhiko Kuroda, stressed his resolve to maintain the massive stimulus program for as long as necessary to sustainably achieve its 2% inflation target, reassuring markets that an exit from the ultra-loose policy was still distant.
Australia stocks fall for second day
Australian share market declined for second day in row in quiet trade, as profit booking triggered on tracking overnight losses for stocks in Europe and the US and the weaker commodity prices. The ASX sectors closed mostly down, with shares in materials, energy, financial and technology sectors being the biggest drags. The benchmark S&P/ASX200 and the broader All Ordinaries each de-grew 0.14% to 5510.90 and 5498.50, respectively.
Shares of material and resources companies declined after commodity prices finished mostly weaker on Monday. Base metal prices were mixed on the London Metal Exchange on Monday. Zinc lifted most, up 1.1%, and lead rose 0.5%. But other metals fell up to 0.5%. The Comex gold futures quote fell by US$3.60 or 0.3% to US$1,317.00 per ounce. Iron ore fell by US60c a tonne or 0.6% to US$95.90 a tonne.
Resources giant BHP Billiton dropped 0.2% to A$37.61, while Rio Tinto added 0.2% to A$62.43. Junior iron ore miner Fortescue Metals Group was down 2% to A$4.46.
Shares of Online travel business Wotif.com (WTF) fell 0.2% to A$3.285 after its 24.5% surge on Monday after A$700 million takeover offer from U.S. travel giant Expedia yesterday. The bid comes at a time when WTF has struggled on the market since a profit downgrade in December.
Shares of Gaming company Aristocrat Leisure (ALL) fell down 1.5% to A$5.31 with investors unimpressed by its A$1.4 billion purchase of a U.S. competitor.
The NAB business survey indicated that business confidence recorded an unexpected increase in the month, with firms apparently shrugging off the sharp deterioration in consumer confidence that followed May's Federal budget. Firms are sticking to their expectation for stronger activity despite business conditions remaining below long-run averages and no change to forward orders. Stronger sales are contributing to elevated confidence levels, with the survey suggesting this has encouraged firms to invest and rebuild their inventories. However, capacity utilisation eased further from relatively low levels.
Business conditions rose in the month to their highest level since January, ending the downward trend that emerged since the start of the year. Nevertheless, conditions remain below the long-run average for the monthly series, which along with soft conditions in wholesale (a bellwether industry), suggests little momentum for domestic demand in the near term. Although conditions improved for all industries, levels vary significantly – service industries remain the stand out, followed by construction (wholesale and manufacturing are weakest). Sales and profits are stronger, but employment is yet to respond.
China stocks recoup ground
Mainland China stock market closed slight higher after recouping intraday losses late afternoon. But, gain was marginal amid concern the slowing economy will hurt earnings growth. Most of SSE sectors eked out gain, exception being industrial and energy, with utilities and technology blue chips leading rally. The benchmark Shanghai Composite was 0.2% up from prior day to 2064.02. Trading turnover increased to 81.49 billion yuan from yesterday's 79.85 billion yuan.
Investor sentiments turned cautious on small cap companies after bearish statement from brokerage houses. China International Capital Corp noted in latest report published on Monday that China's small-company stocks will “lose steam” in the upcoming earnings season. UBS also stated in separate report that the small-caps rebound coming to an end with interim results likely to “undershoot” expectations.
Shares of industrial and energy companies both fell on profit booking. Xi' An Aero-Engine Plc retreated 2.9% to 24.40 yuan. Yanzhou Coal Mining Co dropped 1.3% to 3.88 yuan. Yangquan Coal Industry Group Co. fell 0.7% to 5.79 yuan.
China's economic growth quickened in the second quarter from the previous three months, but further modest government support measures will still be needed, Premier Li Keqiang said on Monday. Speaking at a press conference with German Chancellor Angela Merkel, who is visiting Beijing, Li said the Chinese economy still faces downward pressure and that the government will increase its usage of targeted measures to boost growth. His cautiously optimistic remarks may boost market confidence ahead of China's second-quarter economic report due July 16.
“China's economic performance in the second quarter has improved from that in the first quarter. However, we cannot lower our guard against downward pressures,” Li said. “We will keep up our composure and not adopt strong stimulus. Instead, we will increase the strength of targeted measures,” the premier said. To lift China's flagging economic growth, which hit an 18-month low of 7.4% in the first quarter of 2014, authorities have cut taxes, ordered regional governments to speed up spending and reduced the amount of cash that some banks have to hold as reserves.
HSI ends flat
Hong Kong share market closed virtually flat in quiet trade, as risk sentiments turned muted after U.S. indices pulled back from record highs overnight. Meanwhile, concerns about market overheating also weighed on investor sentiments. The benchmark Hang Seng Index closed 0.46 point higher at 23541.38. Trading turnover improved slightly to HK$51.20 billion from yesterday's HK$48.25 billion.
Hong Kong's benchmark stock measure rebounded 11% through last week from this year's low in March as Chinese policy makers unveiled targeted measures to bolster growth.
Among the HK 50 blue chips, 25 fell and 22 rose, with three stocks remaining steady. China Resources Power Holdings Co advanced 3.4% to HK$22.80, contributing 5-points gains to the benchmark Index and becoming the best-performing blue chip. Galaxy Entertainment Group declined 2.8% to HK$63.80, contributing 13-points losses to the benchmark Index and becoming the worst-performing blue chip.
TCL Communication Technology shares jumped 5.2% to HK$9.70 after communication equipment maker expected to record a significant increase in its net profit for the three months period ended 30 June 2014 as compared to that recorded for the three months period end 31 March 2014, a significant increase in its net profit for the second quarter from a year earlier, and a profit for the first half of 2014 as compared to a loss recorded for the corresponding period in 2013. Such improvement was primarily attributable to right smartphone strategy, increase in sales volume and improved operational efficiency.
Smartphone and other smart devices accounted to 53% of the overall shipment in the second quarter of 2014, representing a significant increase from 27% for the same period in 2013 and from 46% for the first quarter. The total sales of handsets and other products amounted to 16.3 million units in the second quarter, representing a year-on-year jump of 34%. Its interim results announcement is expected to be published on around 14 August.
Century Legend shares declined 4.4% to HK$0.43 after the retail discretionary company forecasted to post record a loss for the six months ended 30 June 2014 as compared with the profit attributable to owners for the corresponding period in 2013. The anticipated loss is mainly attributable to a substantial unrealized exchange loss on Renminbi bank deposits held and a substantial decrease in fair value gain on investment properties. Its interim results announcement is expected to be released in August.
Synergis Holdings shares jumped 4.5% to HK$1.16 after the real estate service provider forecasted to post a significant increase in profit for the six months ended 30 June 2014 as compared with that for the corresponding period in 2013. Such expected increase is mainly attributable to the contributions of results from the operation of the Interiors and Special Projects (ISP) business which was acquired in November 2012 and the substantial growth of the ISP business this year. Its interim results announcement is expected to be published in August.
Sensex falls below 26,000
Indian benchmark indices extended losses in afternoon trade as Railway Minister Sadananda Gowda was presenting his maiden Railway Budget in Lok Sabha. Shares of companies whose fortunes are linked to orders from Indian Railways were mostly lower. Real estate stocks tumbled.
At 13:15 IST, the S&P BSE Sensex was down 142.95 points or 0.55% to 25,957.13. The CNX Nifty was down 55.40 points or 0.71% to 7,731.75.
Gowda said the Rail ministry is seeking Cabinet nod to allow foreign direct investment (FDI) in the sector. He also said that the government needs to revise passenger fares periodically. Gowda said bulk of future projects will be financed via public–private partnership (PPP) route.
Rail stocks were mostly lower. Texmaco Infrastructure & Holdings (down 8.9%), Titagarh Wagons (down 4.99%), Kernex Microsystems (India) (down 4.94%), Stone India (down 4.8%), BEML (down 4.11%), Kalindee Rail Nirman (Engineers) (down 3.92%), NELCO (down 3.27%), Simplex Casting (down 3.17%), Zicom Electronic Security Systems (down 1.64%), Bharat Heavy Electricals (down 1.15%) and Container Corporation of India (down 0.23%), edged lower.
Real estate stocks tumbled. Phoenix Mills (down 4.16%), Prestige Estates (down 4.01%), Sobha Developers (down 3.38%), Peninsula Land (down 2.74%), Anant Raj (down 2.36%), DLF (down 2.08%), Parsvnath Developers (down 1.61%), D B Realty (down 1.51%), Unitech (down 1.08%), Oberoi Realty (down 0.73%), Godrej Properties (down 0.33%) and Indiabulls Real Estate (down 0.05%), edged lower.
Elsewhere in the Asia Pacific region- Taiwan's Taiex index was up 0.11% to 9531. South Korea's KOSPI index added 0.1% to 2006.66. Malaysia's KLSE Composite was marginally down 0.01% to 1892.35. Singapore's Straits Times index fell 0.23% to 3283.90. New Zealand's NZX50 fell 0.4% to 5166.08. Indonesia's Jakarta Composite Index advanced 0.75% to 5026.
Investors continued withdrawing profit off the table on tracking overnight losses on the European and the US markets and cautious ahead of the corporate reporting season and earnings guidance from regional heavyweights. The MSCI Asia Pacific Index slid 0.1% to 147.
Turnover was relatively thin across the region as investors preferred to stay sideline ahead of minutes from the Fed's June meeting on Wednesday. The market participants would now awaiting for the US Federal Reserve meeting minutes to gauge the outlook for the central bank's future monetary policy.
Both JP Morgan and Goldman Sachs have moved forward their forecasts for the first Fed rate hike after the global financial crisis. Both now forecast that the rate hike would occur in 3Q15, compared with previous estimates of 4Q15 and 1Q16 respectively.
Goldman's Jan Hatzius, despite a dove, noted that changes in inflation, employment situation market and financial conditions over the past few months triggered the shift. He expected US' economy "is accelerating to an above-trend pace", despite the "striking weakness in the first-quarter GDP report". He also revised lower the outlook of the unemployment rate to 5.9% at the end of the year and 5.4% at the end of 2015.
The earnings season kicks off with Alcoa later on Tuesday and dozens of major companies are scheduled to report next week, including numerous Dow components.
Among Asian bourses
Tokyo shares fall on strong yen, weak offshore lead
Japan share market declined for second consecutive day, as investors continued withdrawing profit off the table following Wall Street's declines overnight and as the yen strengthens (dollar currently buying 101.72 yen, down from 102.11 yen a day earlier). But, the market losses capped after fresh data showing the current account surplus was stronger than expected in May. The benchmark Nikkei 225 index finished the session 0.42% down at 15314.41, expanding on the previous session's 0.4% drop. The Topix index of all first-section shares slid 0.33% to 1275.70.
Japan's current account logged a higher-than-expected surplus in May as the trade deficit narrowed, finance ministry data showed on Tuesday. The surplus stood at 522.8 billion yen ($5.14 billion). In April, the surplus stood at 187.4 billion yen.
Exporter shares were mostly down. Sony Corp declined 0.7% to 1718 yen, Kawasaki Heavy Industries lost 0.49% to 407 yen, Advantest Corp. sank 2.6% to 1226 yen, and Bridgestone Corp fell 1.3% to 3661 yen. Nippon Telegraph & Telephone Corp. was up 1.5% to 6512 yen, Tosoh Corp. added 1.3% to 485 yen, and Sapporo Holdings added 2.8% to 434 yen.
Toyota Motor Corp. slid 0.6% to 6131 yen on reports saying the auto maker will hike its prices in emerging markets where currencies had recently risen against the yen.
Casio Computer Co. gained 7.5% to 1571 yen after the watch maker said it will buy back 12.5 billion yen ($123 million) of its own shares.
Financials were lower after the pullback in other global markets, with Sumitomo Mitsui Financial Group Inc down 0.5% to 4275 yen, Nomura Holdings Inc. down 2% to 716 yen, and Orix Corp. down 2.2% to 1664 yen. Among the insurers, Dai-ichi Life Insurance Co. was off 1.5% to 1469 yen, and Tokio Marine Holdings Inc. was down 2.9% to 3237 yen.
AEON Financial Service Co. fell 3.7% to 2594 yen as Credit Suisse Group AG lowered its earnings outlook for the Japanese credit-card firm.
Bank of Japan released monthly bank lending data on Tuesday showing that outstanding bank loans in Japan rose 2.5% from a year earlier to Y413.70 trillion in June, marking the 33rd straight year-on-year rise on continued solid domestic demand. The June leading growth is the highest since January this year, when it was also up 2.5%. The pace of increase accelerated from +2.4% in May, +2.2% in April and +2.3% in March, reflecting solid domestic demand.
The Bank of Japan kept its upbeat assessment for all of the country's nine regions, saying a moderate recovery was taking hold and bolstering views the economy is on track to meet the central bank's price target without more monetary stimulus. But central bank governor, Haruhiko Kuroda, stressed his resolve to maintain the massive stimulus program for as long as necessary to sustainably achieve its 2% inflation target, reassuring markets that an exit from the ultra-loose policy was still distant.
Australia stocks fall for second day
Australian share market declined for second day in row in quiet trade, as profit booking triggered on tracking overnight losses for stocks in Europe and the US and the weaker commodity prices. The ASX sectors closed mostly down, with shares in materials, energy, financial and technology sectors being the biggest drags. The benchmark S&P/ASX200 and the broader All Ordinaries each de-grew 0.14% to 5510.90 and 5498.50, respectively.
Shares of material and resources companies declined after commodity prices finished mostly weaker on Monday. Base metal prices were mixed on the London Metal Exchange on Monday. Zinc lifted most, up 1.1%, and lead rose 0.5%. But other metals fell up to 0.5%. The Comex gold futures quote fell by US$3.60 or 0.3% to US$1,317.00 per ounce. Iron ore fell by US60c a tonne or 0.6% to US$95.90 a tonne.
Resources giant BHP Billiton dropped 0.2% to A$37.61, while Rio Tinto added 0.2% to A$62.43. Junior iron ore miner Fortescue Metals Group was down 2% to A$4.46.
Shares of Online travel business Wotif.com (WTF) fell 0.2% to A$3.285 after its 24.5% surge on Monday after A$700 million takeover offer from U.S. travel giant Expedia yesterday. The bid comes at a time when WTF has struggled on the market since a profit downgrade in December.
Shares of Gaming company Aristocrat Leisure (ALL) fell down 1.5% to A$5.31 with investors unimpressed by its A$1.4 billion purchase of a U.S. competitor.
The NAB business survey indicated that business confidence recorded an unexpected increase in the month, with firms apparently shrugging off the sharp deterioration in consumer confidence that followed May's Federal budget. Firms are sticking to their expectation for stronger activity despite business conditions remaining below long-run averages and no change to forward orders. Stronger sales are contributing to elevated confidence levels, with the survey suggesting this has encouraged firms to invest and rebuild their inventories. However, capacity utilisation eased further from relatively low levels.
Business conditions rose in the month to their highest level since January, ending the downward trend that emerged since the start of the year. Nevertheless, conditions remain below the long-run average for the monthly series, which along with soft conditions in wholesale (a bellwether industry), suggests little momentum for domestic demand in the near term. Although conditions improved for all industries, levels vary significantly – service industries remain the stand out, followed by construction (wholesale and manufacturing are weakest). Sales and profits are stronger, but employment is yet to respond.
China stocks recoup ground
Mainland China stock market closed slight higher after recouping intraday losses late afternoon. But, gain was marginal amid concern the slowing economy will hurt earnings growth. Most of SSE sectors eked out gain, exception being industrial and energy, with utilities and technology blue chips leading rally. The benchmark Shanghai Composite was 0.2% up from prior day to 2064.02. Trading turnover increased to 81.49 billion yuan from yesterday's 79.85 billion yuan.
Investor sentiments turned cautious on small cap companies after bearish statement from brokerage houses. China International Capital Corp noted in latest report published on Monday that China's small-company stocks will “lose steam” in the upcoming earnings season. UBS also stated in separate report that the small-caps rebound coming to an end with interim results likely to “undershoot” expectations.
Shares of industrial and energy companies both fell on profit booking. Xi' An Aero-Engine Plc retreated 2.9% to 24.40 yuan. Yanzhou Coal Mining Co dropped 1.3% to 3.88 yuan. Yangquan Coal Industry Group Co. fell 0.7% to 5.79 yuan.
China's economic growth quickened in the second quarter from the previous three months, but further modest government support measures will still be needed, Premier Li Keqiang said on Monday. Speaking at a press conference with German Chancellor Angela Merkel, who is visiting Beijing, Li said the Chinese economy still faces downward pressure and that the government will increase its usage of targeted measures to boost growth. His cautiously optimistic remarks may boost market confidence ahead of China's second-quarter economic report due July 16.
“China's economic performance in the second quarter has improved from that in the first quarter. However, we cannot lower our guard against downward pressures,” Li said. “We will keep up our composure and not adopt strong stimulus. Instead, we will increase the strength of targeted measures,” the premier said. To lift China's flagging economic growth, which hit an 18-month low of 7.4% in the first quarter of 2014, authorities have cut taxes, ordered regional governments to speed up spending and reduced the amount of cash that some banks have to hold as reserves.
HSI ends flat
Hong Kong share market closed virtually flat in quiet trade, as risk sentiments turned muted after U.S. indices pulled back from record highs overnight. Meanwhile, concerns about market overheating also weighed on investor sentiments. The benchmark Hang Seng Index closed 0.46 point higher at 23541.38. Trading turnover improved slightly to HK$51.20 billion from yesterday's HK$48.25 billion.
Hong Kong's benchmark stock measure rebounded 11% through last week from this year's low in March as Chinese policy makers unveiled targeted measures to bolster growth.
Among the HK 50 blue chips, 25 fell and 22 rose, with three stocks remaining steady. China Resources Power Holdings Co advanced 3.4% to HK$22.80, contributing 5-points gains to the benchmark Index and becoming the best-performing blue chip. Galaxy Entertainment Group declined 2.8% to HK$63.80, contributing 13-points losses to the benchmark Index and becoming the worst-performing blue chip.
TCL Communication Technology shares jumped 5.2% to HK$9.70 after communication equipment maker expected to record a significant increase in its net profit for the three months period ended 30 June 2014 as compared to that recorded for the three months period end 31 March 2014, a significant increase in its net profit for the second quarter from a year earlier, and a profit for the first half of 2014 as compared to a loss recorded for the corresponding period in 2013. Such improvement was primarily attributable to right smartphone strategy, increase in sales volume and improved operational efficiency.
Smartphone and other smart devices accounted to 53% of the overall shipment in the second quarter of 2014, representing a significant increase from 27% for the same period in 2013 and from 46% for the first quarter. The total sales of handsets and other products amounted to 16.3 million units in the second quarter, representing a year-on-year jump of 34%. Its interim results announcement is expected to be published on around 14 August.
Century Legend shares declined 4.4% to HK$0.43 after the retail discretionary company forecasted to post record a loss for the six months ended 30 June 2014 as compared with the profit attributable to owners for the corresponding period in 2013. The anticipated loss is mainly attributable to a substantial unrealized exchange loss on Renminbi bank deposits held and a substantial decrease in fair value gain on investment properties. Its interim results announcement is expected to be released in August.
Synergis Holdings shares jumped 4.5% to HK$1.16 after the real estate service provider forecasted to post a significant increase in profit for the six months ended 30 June 2014 as compared with that for the corresponding period in 2013. Such expected increase is mainly attributable to the contributions of results from the operation of the Interiors and Special Projects (ISP) business which was acquired in November 2012 and the substantial growth of the ISP business this year. Its interim results announcement is expected to be published in August.
Sensex falls below 26,000
Indian benchmark indices extended losses in afternoon trade as Railway Minister Sadananda Gowda was presenting his maiden Railway Budget in Lok Sabha. Shares of companies whose fortunes are linked to orders from Indian Railways were mostly lower. Real estate stocks tumbled.
At 13:15 IST, the S&P BSE Sensex was down 142.95 points or 0.55% to 25,957.13. The CNX Nifty was down 55.40 points or 0.71% to 7,731.75.
Gowda said the Rail ministry is seeking Cabinet nod to allow foreign direct investment (FDI) in the sector. He also said that the government needs to revise passenger fares periodically. Gowda said bulk of future projects will be financed via public–private partnership (PPP) route.
Rail stocks were mostly lower. Texmaco Infrastructure & Holdings (down 8.9%), Titagarh Wagons (down 4.99%), Kernex Microsystems (India) (down 4.94%), Stone India (down 4.8%), BEML (down 4.11%), Kalindee Rail Nirman (Engineers) (down 3.92%), NELCO (down 3.27%), Simplex Casting (down 3.17%), Zicom Electronic Security Systems (down 1.64%), Bharat Heavy Electricals (down 1.15%) and Container Corporation of India (down 0.23%), edged lower.
Real estate stocks tumbled. Phoenix Mills (down 4.16%), Prestige Estates (down 4.01%), Sobha Developers (down 3.38%), Peninsula Land (down 2.74%), Anant Raj (down 2.36%), DLF (down 2.08%), Parsvnath Developers (down 1.61%), D B Realty (down 1.51%), Unitech (down 1.08%), Oberoi Realty (down 0.73%), Godrej Properties (down 0.33%) and Indiabulls Real Estate (down 0.05%), edged lower.
Elsewhere in the Asia Pacific region- Taiwan's Taiex index was up 0.11% to 9531. South Korea's KOSPI index added 0.1% to 2006.66. Malaysia's KLSE Composite was marginally down 0.01% to 1892.35. Singapore's Straits Times index fell 0.23% to 3283.90. New Zealand's NZX50 fell 0.4% to 5166.08. Indonesia's Jakarta Composite Index advanced 0.75% to 5026.
