Among Asian bourses
Australia Market ends softer
Australian share market ended softer on tracking a sell-off on Wall Street overnight, with the major financials, property trusts and realty stocks being major losers on concerns about earnings prospects, whilst small lift in commodity prices helped to buoy up miners and energy stocks. At close of trade, the benchmark S&P/ASX 200 index declined 13 points, or 0.24%, to 5359.30. The broader All Ordinaries fell 11.40 points, or 0.21%, to 5423.40. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 555 to 508 and 305 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 1.57% to 17.948.
The banks and financial stocks declined, with Westpac Banking Corp up 0.6% to A$31.30, National Australia Bank up 1.7% to A$28.92, Commonwealth Bank up 2.9% to A$78, and ANZ Banking Group up 1.3% to A$24.70.
Metal mining stocks advanced on the back of gains in commodity prices. Spot iron ore firmed 0.5 per cent to $US55.57 a tonne yesterday and Dalian iron ore futures were down one per cent today. Brent crude oil jumped 3.5 per cent following a bigger draw-down in US oil inventories thank forecast. BHP Billiton rose 0.2% to A$18.59 while Rio Tinto fell 0.2% to A$45.90. Fortescue Metals added 0.7% to A$2.93. Woodside Petroleum added 2.4% to A$27.09, Origin Energy 5.5% to A$5.36, and Santos 5.4% to A$4.28.
Department store operator Myer jumped 7.1% to A$1.205 after it reconfirmed its full-year guidance and reported a 2.1 per cent rise in third-quarter sales to A$675.5 million.
Gaming machine supplier Aristocrat Leisure rose 10.4% to A$11.58 after upgrading its profit guidance.
New Zealand stocks fall
Equities on the New Zealand share market joined a slide in equity markets that started on Wall Street and continued into Asia. Westpac Banking Corp, Air New Zealand and Xero dropping while Sky Network Television gained. Markets across Asia mostly traded lower this afternoon, following Wall Street's negative lead dragged down by disappointing results from retailers Disney and Macy's. By the provisional closing, the S&P/NZX50 Index dropped 21.17 points, or 0.3 percent, to 6,923.17. Within the index, 22 stocks rose, 19 fell and nine were unchanged. Turnover was $185.6 million.
Westpac Banking Corp fell 4.8 percent or $1.64 to $32.36. It gave up rights to a 94 cent dividend today.
Air New Zealand dropped 4.2 percent to $1.82. The national carrier has fallen 19.8 percent this year, having reached highs in January when oil was at record lows but has dropped back since then on concern it faces increased competition on key routes.
A2 Milk Co shed 4.2 percent to $2.28, while Meridian Energy declined 2.9 percent to $2.66.
Xero fell 1.7 percent to $15.42. The cloud-based accounting software firm said it has sufficient cash reserves to reach breakeven without having to raise more capital, after posting a 67 percent jump in full-year operating revenue and a wider net loss. Its net loss was $82.5 million in the 12 months ended March 31, from a loss of $69.5 million a year earlier.
Nuplex Industries rose 0.8 percent to $5.33. The company, whose independent directors are backing a $1.05 billion takeover offer from Allnex Belguim SA which values Nuplex at $5.55 a share, raised its 2016 earnings guidance, reflecting a stronger performance in the EMEA (Europe, the Middle East and Africa) and the Americas in March and April.
Nikkei rises on BOJ stimulus speculations
The Japan share market advanced for fourth straight session on the back of yen depreciation against the greenback after speculation began circulating that the central bank could further ease monetary policy as soon as next month. Total 23 out of 33 TSE sectors advanced, with gains were led by textiles and apparels, and iron and steel as well as mining issues. The 225-issue Nikkei Stock Average ended up 67.33 points, or 0.41%, to 16646.34. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 2.97 points, or 0.22%, higher at 1337.27.
The weaker yen boosted up export-oriented names. A weaker yen is usually a positive for exporters as it improves their overseas profit numbers when converted to local currency. Among exporters, Soy sauce maker Kikkoman Corp, which gets 47% of revenue from North America, added 0.4% to 3695 yen. Subaru automaker Fuji Heavy Industries, which relies on North America for 60% of sales, advanced 3.7% to 3881 yen. Sony Corp rose 4.4% to 2850 yen and Mazda Motor Corp grew 1.4% to 1777 yen. Alps Electric Co. jumped 1.3% to 1918 yen and TDK Corp 1.9% to 6020 yen. China-linked Factory robotics firm Fanuc Corp was up 0.4% to 16275 yen. Market heavyweight Fast Retailing, operator of the Uniqlo chain, was up 0.9% at 29020 yen.
Shares of Nissan Motor were down 1.4% to 988.10 yen as investors weighed its proposal to buy 34% of Mitsubishi Motors for 237.4 billion yen. The deal would make Nissan the largest shareholder of Mitsubishi Motors. The Mitsubishi Motors shares grew 16.2% to 575 yen.
China Market closes flat
Mainland China stock market finished the session marginally down on caution ahead of the release of fresh economic indicators out of China this week. But, losses were minimal, thanks to Beijing's $724 billion transport investment plan which bolstered infrastructure shares and eased worries about a shift in economic policies. The benchmark Shanghai Composite Index declined 1.18 points, or 0.04%, to 2835.86. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, added 7.33 points, or 0.24%, to 3090.14.
The confidence of investors had been hurt by a People's Daily article on Monday that hinted Beijing will no longer use rapid credit expansion and loose monetary policies to stimulate growth. The People's Daily, the communist party's mouthpiece, ran a front page article this week saying that China's economy is unlikely to achieve a V-shape rebound, but instead an L-shape growth. But they drew solace from a massive investment plan announced late on Wednesday. China will invest around 4.7 trillion yuan ($724 billion) in transport infrastructure projects over the next three years, the country's transport ministry said.
Investors were concerned about increased regulatory scrutiny of the initial-public-offering process. The China Securities Regulatory Commission said it would change delisting rules to better protect investors, according to the official Xinhua News Agency.
Shares of industrial companies declined, with Spring Airlines Co. down 3.9% and Shanghai Waigaoqiao Free Trade Zone Group Co. down 3.4%.
Shares of utility companies advanced, with Sichuan Chuantou Energy rallying 4% and Shanghai Electric Power Co. climbing 3.8%.
Hong Kong Market falls 0.7%
The Hong Kong stock market finished down in volatile trade on tracking weak lead from Wall Street overnight and concerns about the world's second largest economy. The benchmark Hang Seng Index declined 139.83 points, or 0.7%, to 19915.46 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, sank 29.95 points, or 0.35%, to 8413.72. Turnover reduced to HK$53.9 billion from HK$59.3 billion on Wednesday.
Shares of online game developer Boyaa Interactive International Ltd slumped to a record low after the company said its chairman is being investigated by judicial authorities in China.
Shares of Macau gambling stocks fell with MGM China leading the slide after the government of Macau said it would tighten regulations for junket operators.
Power Assets (00006) ended down 3% to K$74.9 after the company announced it decided not to declare special interim dividend.
Sensex, Nifty attain highest closing level in more than two weeks
The passage of the Insolvency and Bankruptcy Code, 2016 in Rajya Sabha and gains in European stocks triggered upmove on the domestic bourses. The barometer index, the S&P BSE Sensex, gained 193.20 points or 0.75% to settle at 25,790.22. The Nifty rose 51.55 points or 0.66% to settle at 7,900.40. The Sensex and the Nifty, both hit their highest closing level in more than two weeks.
Stocks of public sector banks edged higher after the Rajya Sabha passed the Insolvency and Bankruptcy Code, 2016 yesterday, 11 May 2016. Shares of oil exploration and production (E&P) firms edged higher after sharp surge in crude oil prices. Pharma major Dr Reddy's Laboratories (DRL) rose after announcing Q4 March 2016 results. Hindalco Industries extended previous trading session's gains triggered by its US subsidiary Novelis Inc reporting strong Q4 results. Asian Paints extended previous trading session's gains triggered by the company declaring good Q4 results.
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