Headline shares of the Asia Pacific market closed mostly down in
range-bound trade on Thursday, 13 November 2014, as investors were
cashing out profit off the table which made recently on tracking weak
cues from Wall Street overnight and more evidence of a slowdown in China
economy.
A slew of data out of China on Thursday suggested continued slack in the world's second largest economy, which looks on track to undershoot the government's annual 7.5% growth target. As per media reports, China's leaders have discussed lowering the 2015 economic target and see the need for the goal to be below this year's level of about 7.5%.
Industrial output in China rose 7.7% in October from a year earlier, slowing from an 8% on year increase in September, the National Bureau of Statistics (NBS) said on Thursday. On a month-to-month basis, industrial production increased 0.52% in October from September. In September, it climbed 0.91% from the preceding month.
Separately NBS data showed fixed-asset investment in non-rural areas rose 15.9% in the January-October period compared with the same period a year earlier, slower than the 16.1% increase recorded in the January-September period. Meanwhile retail sales rose 11.5% in October from a year earlier, slowing slightly from an increase of 11.6% on year in September.
Among Asian bourses
Nikkei hits seven-year high on machinery orders data
Japanese share market closed at fresh seven-year high, as risk appetite buying propelled by surprise rise in Japan's machinery orders and speculation over the tax move. The Nikkei 225 Stock Average surged 1.14% to 17392.79, its highest closing mark since Oct. 11, 2007. The Topix index rose 0.9% to 1389.51, its highest since June 2008.
The Cabinet Office has released Japanese machinery orders on Thursday, showing core private-sector machinery orders unexpectedly rose 2.9% MoM to 831.6 billion yen in September, posting the fourth straight monthly rise after 4.7% in August. Core orders rose 7.3% YoY in September, posting the first rise in two months after -3.3% in the previous month.
Shares of exporters and other currency-sensitive companies advanced the most in Tokyo after yen depreciated against the greenback. Nissan gained 1.1% to 1,072 yen. Toyota Motor Corp. advanced 1.3% to 6,930 yen.
Toyo Tire jumped 7.7% to 1,994 yen after more than doubling its full-year profit forecast to 28 billion yen. Its nine-month net income almost tripled to 23.5 billion yen from a year earlier.
Takata advanced 3.3% to 1,231 yen after disputing a report it hid tests on its auto air bags that have been linked to four deaths in the U.S. and the recall of more than six million vehicles. The shares late in the day pared gains of as much as 9.4% as the company confirmed reports of a fatal accident in Malaysia related to its air bags.
Aussie market fall 0.37%
Australian share market closed down for fourth straight day, with energy, financial, realty, and consumer goods stocks being major losers. The benchmark S&P/ASX 200 Index declined 20.40 points to 5442.70 and the broader All Ordinaries Index fell by 19.50 points to 5423.50.
Energy producers were down on continued weakness in oil prices. There is growing speculation that some OPEC members may refuse to cut down production in an attempt to maintain market share and therefore creating a global surplus. Australia's biggest oil producer Woodside Petroleum erased 0.32% to A$40.11, Origin Energy shed 2.1% to A$13.63 and Santos fell 2.3% to A$12.17.
Financial stocks were down, with top four lenders leading losses amid profit taking and resignation of Westpac chief executive Gail Kelly. Among the major banks, National Australia Bank was lower by 0.8% to A$32.40. Commonwealth Bank shed 0.7% to A$81.27. ANZ backtracked 0.5% to A$32.05.
Westpac Banking Corp shares declined 1.1% to A$32.96 after its chief executive Gail Kelly announced her retirement on Thursday after holding the top job since 2008. Mrs Kelly will finish up at Westpac on February 1 next year and will be replaced by the banks Australian financial services head Brian Hartzer.
Grains handler and marketer GrainCorp shares fell 1.1% A$8.45 following a 64% dive in full-year profits to $50.3 million, driven by $44 million worth of one-off charges. GrainCorp chief executive Mark Palmquist said the outlook remains tough.
Shanghai Composite drops 0.36% from 3-year high
Mainland China share market closed down in volatile trade, amid profit booking after hitting a fresh three-year high yesterday and as data today showed the nation's industrial output growth slowed in October. The benchmark Shanghai Composite Index, which tracks both A and B shares, closed at 2485.61, lower by 0.36% from yesterday's closure of 2494.48, the highest level since Nov. 15, 2011.
China's small-company shares fell as investors shifted funds away from some of the best-performing equities before the start of the exchange link with Hong Kong next week. Beijing Originwater Technology Co. slumped 1.8%. Bluefocus Communication Group Co., which has doubled since the start of 2013, plunged 6.1%.
Hang Seng extends gain for fourth day on stock connect news
Hong Kong share market closed higher for fourth consecutive session, propelled by optimism over next week start of the cross-trading link with Shanghai's exchange and reports that China central bank will inject cash into smaller banks. The Hang Seng Index rose 0.34%, or 81.76 points, to 24019.94. Turnover increased to HK$83.93 billion from HK$74.39 billion on Wednesday.
Macau gaming players were higher. Galaxy Ent ended up 3% to HK$54.45. Sands China (01928) added 1.7% to HK$46.9. Wynn Macau (01128) rose 3% to HK$28.15. MGM China (02282) added 1.2% to HK$24.4.
Oil majors were weaker as Brent crude price slipped below US$80 level overnight. PetroChina (00857) fell 2.4% to HK$8.83. Kunlun Energy (00135) dropped 1.8% to HK$9.33.
Tingyi (00322) rose 3.1% to HK$19.22 after Barclays Research upgraded the stock to "overweight". Tencent (00700) edged up 0.2% to HK$129.5 on lower-than-expected 3Q earnings. Mengniu Dairy (02319) slid 2% to HK$29.8.
Sensex fails to hold 28,000 level
Indian government's announcement of a hike in excise duty on petrol and diesel pulled key benchmark indices lower. Immense volatility was witnessed during the latter part of the trading session after news of the hike in excise duty on the two transportation fuels hit the market in mid-afternoon trade. The barometer index, the S&P BSE Sensex, fell below the psychological 28,000 level.
As per provisional closing, the S&P BSE Sensex was down 60.71 points or 0.22% to 27,948.19. The CNX Nifty was down 25.45 points or 0.3% at 8,357.85, as per provisional closing.
Consumer price inflation dropped further last month, data released by the government after trading hours yesterday, 12 November 2014, showed. Industrial production growth improved to 2.5% in September 2014, from a revised 0.5% growth in August 2014, another data released by the government after trading hours yesterday, 12 November 2014, showed. Meanwhile, Minister of State for Commerce and Industry Nirmala Sitharaman today, 13 November 2014, said that India and the US have successfully resolved their differences relating to the issue of public stockholding for food security purposes in the World Trade Organization (WTO) and this will end the impasse at the WTO and also open the way for implementation of the Trade Facilitation Agreement.
Foreign portfolio investors (FPIs) bought Indian shares worth a net Rs 459.47 crore yesterday, 12 November 2014, as per provisional data.
Shares of PSU OMCs dropped after the government raised excise duty on petrol and diesel by Rs 1.50 per litre each. Mangalore Refinery & Petrochemicals dropped after reporting reverse turnaround in Q2. Hindalco Industries edged higher in volatile trade after reporting strong Q2 results. Sesa Sterlite dropped in volatile trade after the company's board of directors approved development of Gamsberg-Skorpion integrated zinc project in South Africa and Namibia. Tata Steel advanced after strong Q2 earnings.
Elsewhere in the Asia Pacific region: Taiwan's Taiex index rose 0.7% to 8980.67. South Korea KOSPI fell 0.34% to 1960.51. New Zealand's NZX50 fell 0.46% to 5462.74. Singapore's Straits Times index rose 0.65% at 3304.93. Indonesia's Jakarta Composite index fell marginal 0.17 point to 5048.67. Malaysia's KLCI fell 0.02% to 1815.81.
A slew of data out of China on Thursday suggested continued slack in the world's second largest economy, which looks on track to undershoot the government's annual 7.5% growth target. As per media reports, China's leaders have discussed lowering the 2015 economic target and see the need for the goal to be below this year's level of about 7.5%.
Industrial output in China rose 7.7% in October from a year earlier, slowing from an 8% on year increase in September, the National Bureau of Statistics (NBS) said on Thursday. On a month-to-month basis, industrial production increased 0.52% in October from September. In September, it climbed 0.91% from the preceding month.
Separately NBS data showed fixed-asset investment in non-rural areas rose 15.9% in the January-October period compared with the same period a year earlier, slower than the 16.1% increase recorded in the January-September period. Meanwhile retail sales rose 11.5% in October from a year earlier, slowing slightly from an increase of 11.6% on year in September.
Among Asian bourses
Nikkei hits seven-year high on machinery orders data
Japanese share market closed at fresh seven-year high, as risk appetite buying propelled by surprise rise in Japan's machinery orders and speculation over the tax move. The Nikkei 225 Stock Average surged 1.14% to 17392.79, its highest closing mark since Oct. 11, 2007. The Topix index rose 0.9% to 1389.51, its highest since June 2008.
The Cabinet Office has released Japanese machinery orders on Thursday, showing core private-sector machinery orders unexpectedly rose 2.9% MoM to 831.6 billion yen in September, posting the fourth straight monthly rise after 4.7% in August. Core orders rose 7.3% YoY in September, posting the first rise in two months after -3.3% in the previous month.
Shares of exporters and other currency-sensitive companies advanced the most in Tokyo after yen depreciated against the greenback. Nissan gained 1.1% to 1,072 yen. Toyota Motor Corp. advanced 1.3% to 6,930 yen.
Toyo Tire jumped 7.7% to 1,994 yen after more than doubling its full-year profit forecast to 28 billion yen. Its nine-month net income almost tripled to 23.5 billion yen from a year earlier.
Takata advanced 3.3% to 1,231 yen after disputing a report it hid tests on its auto air bags that have been linked to four deaths in the U.S. and the recall of more than six million vehicles. The shares late in the day pared gains of as much as 9.4% as the company confirmed reports of a fatal accident in Malaysia related to its air bags.
Aussie market fall 0.37%
Australian share market closed down for fourth straight day, with energy, financial, realty, and consumer goods stocks being major losers. The benchmark S&P/ASX 200 Index declined 20.40 points to 5442.70 and the broader All Ordinaries Index fell by 19.50 points to 5423.50.
Energy producers were down on continued weakness in oil prices. There is growing speculation that some OPEC members may refuse to cut down production in an attempt to maintain market share and therefore creating a global surplus. Australia's biggest oil producer Woodside Petroleum erased 0.32% to A$40.11, Origin Energy shed 2.1% to A$13.63 and Santos fell 2.3% to A$12.17.
Financial stocks were down, with top four lenders leading losses amid profit taking and resignation of Westpac chief executive Gail Kelly. Among the major banks, National Australia Bank was lower by 0.8% to A$32.40. Commonwealth Bank shed 0.7% to A$81.27. ANZ backtracked 0.5% to A$32.05.
Westpac Banking Corp shares declined 1.1% to A$32.96 after its chief executive Gail Kelly announced her retirement on Thursday after holding the top job since 2008. Mrs Kelly will finish up at Westpac on February 1 next year and will be replaced by the banks Australian financial services head Brian Hartzer.
Grains handler and marketer GrainCorp shares fell 1.1% A$8.45 following a 64% dive in full-year profits to $50.3 million, driven by $44 million worth of one-off charges. GrainCorp chief executive Mark Palmquist said the outlook remains tough.
Shanghai Composite drops 0.36% from 3-year high
Mainland China share market closed down in volatile trade, amid profit booking after hitting a fresh three-year high yesterday and as data today showed the nation's industrial output growth slowed in October. The benchmark Shanghai Composite Index, which tracks both A and B shares, closed at 2485.61, lower by 0.36% from yesterday's closure of 2494.48, the highest level since Nov. 15, 2011.
China's small-company shares fell as investors shifted funds away from some of the best-performing equities before the start of the exchange link with Hong Kong next week. Beijing Originwater Technology Co. slumped 1.8%. Bluefocus Communication Group Co., which has doubled since the start of 2013, plunged 6.1%.
Hang Seng extends gain for fourth day on stock connect news
Hong Kong share market closed higher for fourth consecutive session, propelled by optimism over next week start of the cross-trading link with Shanghai's exchange and reports that China central bank will inject cash into smaller banks. The Hang Seng Index rose 0.34%, or 81.76 points, to 24019.94. Turnover increased to HK$83.93 billion from HK$74.39 billion on Wednesday.
Macau gaming players were higher. Galaxy Ent ended up 3% to HK$54.45. Sands China (01928) added 1.7% to HK$46.9. Wynn Macau (01128) rose 3% to HK$28.15. MGM China (02282) added 1.2% to HK$24.4.
Oil majors were weaker as Brent crude price slipped below US$80 level overnight. PetroChina (00857) fell 2.4% to HK$8.83. Kunlun Energy (00135) dropped 1.8% to HK$9.33.
Tingyi (00322) rose 3.1% to HK$19.22 after Barclays Research upgraded the stock to "overweight". Tencent (00700) edged up 0.2% to HK$129.5 on lower-than-expected 3Q earnings. Mengniu Dairy (02319) slid 2% to HK$29.8.
Sensex fails to hold 28,000 level
Indian government's announcement of a hike in excise duty on petrol and diesel pulled key benchmark indices lower. Immense volatility was witnessed during the latter part of the trading session after news of the hike in excise duty on the two transportation fuels hit the market in mid-afternoon trade. The barometer index, the S&P BSE Sensex, fell below the psychological 28,000 level.
As per provisional closing, the S&P BSE Sensex was down 60.71 points or 0.22% to 27,948.19. The CNX Nifty was down 25.45 points or 0.3% at 8,357.85, as per provisional closing.
Consumer price inflation dropped further last month, data released by the government after trading hours yesterday, 12 November 2014, showed. Industrial production growth improved to 2.5% in September 2014, from a revised 0.5% growth in August 2014, another data released by the government after trading hours yesterday, 12 November 2014, showed. Meanwhile, Minister of State for Commerce and Industry Nirmala Sitharaman today, 13 November 2014, said that India and the US have successfully resolved their differences relating to the issue of public stockholding for food security purposes in the World Trade Organization (WTO) and this will end the impasse at the WTO and also open the way for implementation of the Trade Facilitation Agreement.
Foreign portfolio investors (FPIs) bought Indian shares worth a net Rs 459.47 crore yesterday, 12 November 2014, as per provisional data.
Shares of PSU OMCs dropped after the government raised excise duty on petrol and diesel by Rs 1.50 per litre each. Mangalore Refinery & Petrochemicals dropped after reporting reverse turnaround in Q2. Hindalco Industries edged higher in volatile trade after reporting strong Q2 results. Sesa Sterlite dropped in volatile trade after the company's board of directors approved development of Gamsberg-Skorpion integrated zinc project in South Africa and Namibia. Tata Steel advanced after strong Q2 earnings.
Elsewhere in the Asia Pacific region: Taiwan's Taiex index rose 0.7% to 8980.67. South Korea KOSPI fell 0.34% to 1960.51. New Zealand's NZX50 fell 0.46% to 5462.74. Singapore's Straits Times index rose 0.65% at 3304.93. Indonesia's Jakarta Composite index fell marginal 0.17 point to 5048.67. Malaysia's KLCI fell 0.02% to 1815.81.
