Asian Markets End Mixed

Asian Markets End Mixed

Asian markets exhibited a mixed trend, amid largely stock-specific activity on Wednesday. Movements were a bit sluggish in most of the markets in the region, with traders refraining from making big moves ahead of U.S. Federal Reserve’s monetary policy statement, due later in the day.

In the Australian market, the benchmark S&P/ASX 200 ended at a fresh 1-month high, gaining 0.58 percent. The broader All Ordinaries index ended 0.6 percent up.

Information technology and consumer discretionary stocks moved up.

Qantas Airways surged more than 8 percent, Mineral Resources, ARB Corporation, Nine Entertainment and Fairfax Media gained 5.5 to 7.5 percent.

Nanosonics, Webjet, Wisetech Global, Challenger, A2 Milk Company, Mayne Pharmaceuticals, OZ Minerals, Lynas Corporation and Altium gained 3 to 5 percent.

Gateway Lifestyle, JB Hi-Fi, Retail Food Group, Syrah Resources, Harvey Norman Holdings and Amcor declined sharply.

In the currency market, the Aussie was up 0.11 percent at 0.7499 against the U.S. dollar.

In the Japanese market, technology stocks fared well but the benchmark Nikkei 225 ended marginally down. A slightly weaker yen limited the market’s downside.

With the market to remain closed on Thursday and Friday for public holidays, traders were reluctant to build up positions.

Inpex, Idemitsu Kosan and JXTG Holdings declined sharply.

Toyota Motor Corp shares edged lower after the company reported a 4.7 percent decline in vehicle sales in U.S.

Nissan Motor and Honda Motor too ended weak on drop in U.S. sale in the month of April.

Murata Manufacturing Co, TDK and Nitto Denko moved up. Advantest ended 2.2 percent up thanks to a weaker yen. Seiko Espon too moved up sharply.

In Shanghai, the benchmark ended down 0.01 percent. Whirlpool China climbed more than 10 percent. Tibet Rhodiola Pharmaceutical Holding, Oriental Energy and Shanghai Kaichuang Marine International also gained 10 percent.

Huayi Electric Co and Xihui Strong Year Co shares plunged 10 percent.

Hong Kong’s Hang Seng declined 0.42 percent.

The Indian market opened on a firm note, but gave up most of its gains subsequently, with investors reacting to disappointing factory activity data for March. After rising nearly 200 points in early trades, the Sensex slipped into negative territory before turning positive again. It is currently up by about 100 points or 0.3 percent at 35,261.00.

Indonesia, South Korea and Taiwan ended modestly lower. Malaysia ended nearly 1 percent down and Singapore closed flat, while New Zealand’s benchmark gained about 0.7 percent.

by RTTNews Staff Writer

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