Asia: Marts mixed as dealers take profits

05-Apr-2014 Intellasia | Business Times | Reuters | AFP | Bloomberg | AP | 10:34 AM Print This Post

Asian markets were mixed yesterday Friday April 04 with mild profit-taking following a healthy week of gains, with the focus now on the release of United States job data later in the day.
The euro extended losses seen in Europe and New York after the head of the European Central Bank said its board had talked about monetary easing and interest rate cuts, with the 18-nation zone threatened by deflation.
Tokyo’s benchmark Nikkei-225 index edged down 0.05 per cent to 15,063.77, while Sydney closed up 0.24 per cent at 5,422.8 and Seoul closed 0.28 per cent lower, or 5.61 points, at 1,988.09.
In the meantime, Shanghai added 0.74 per cent to 2,058.83.
Taipei was closed for a public holiday.
With few catalysts to drive trade, investors took the opportunity to cash in gains after a broad global rally this week that has been fuelled by upbeat data including on manufacturing and US private-sector jobs.
Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities, said: “Solid jobs data is welcome, but numbers too robust may spark fears that the Fed may actually accelerate stimulus tapering.”
That could result in “another roiling effect”, he said.

HONGKONG: SHARES fell 0.24 per cent on profit-taking yesterday at the end of a five-session winning streak, following losses on Wall Street ahead of the release of United States job data.
The benchmark Hang Seng Index shed 55 points to end at 22,510.08 on turnover of HK$62.04 billion.
On the index, Tencent tumbled 3.93 per cent to HK$525 and China Mobile slipped 1.11 per cent to HK$71.1 but Hong Kong Exchange jumped 2.84 per cent to HK$130.4.
CNOOC rose 1.69 per cent to HK$12.02, HSBC gained 0.13 per cent to HK$79.15 and Cathay Pacific added one per cent to HK$14.12.

SINGAPORE: THE Straits Times Index (STI) ended 7.34 points, or 0.23 per cent, lower to 3212.72 yesterday.
The FTSE ST Mid Cap Index gained 0.31 per cent while the FTSE ST Small Cap Index rose 0.29 per cent.
Of the actives, UOB lost 0.64 per cent, SingTel shed 0.55 per cent, DBS advanced 0.24per cent, Noble Group fell 2.66 per cent and OCBC Bank added 0.52 per cent.
The outperforming sector, FTSE ST Basic Materials, gained 2.28 per cent. Of its biggest stocks, Midas Holdings jumped up 2.20 per cent and SunVic Chemical went up 9.24 per cent.

KUALA LUMPUR: SHARE prices on Bursa Malaysia closed marginally higher supported by gains in selected finance stocks, dealers said.
The benchmark FTSE Bursa Malaysia KLCI index ended at 1,856.61, up 0.98 point, after hovering between 1,856.27 and 1,869.09 throughout yesterday.
Heavyweight Public Bank added 80 sen to RM20.80 and contributed 3.58 points to the index, followed by CIMB, which rose 17 sen to RM7.42 and accounted for 2.53 points rise to the index.
Gainers outpaced losers 431 to 418 with 318 counters unchanged, 442 untraded and 15 others suspended.
Turnover fell to 2.06 billion shares worth RM2.83 billion from 2.12 billion shares valued at RM2.81 billion on Thursday.
The Industrial Index decreased 39.7 points to 3,169.69, the Plantation Index erased 77.79 points to 8,873.78, but the Finance Index surged 218.72 points to 17,036.02.
The FBM Emas Index dipped 13.62 points to 12,842.78, the FBMT100 Index shed 12.24 points to 12,491.75, the FBM 70 Index erased 87.19 points to 13,966.17, but the FBM ACE Index rose 12.43 points to 6,782.78.
Among the actives, KNM Group gained nine sen to 86.5 sen, Hubline eased half-a-sen to 4.5 sen, while Ingenuity Consolidated and PDZ Holdings were flat at 8.5 sen and 12 sen, respectively.
Meanwhile, FBM KLCI futures contracts on Bursa Malaysia Derivatives ended higher in tandem with the cash market.
Spot month April 2014 ended 4.5 points better at 1856.5, May 2014 added two points to 1,850.5, June 2014 improved three points to 1,847, and September 2014 rose four points to 1,8444.5.
Turnover declined to 4,059 lots from 4,493 lots on Thursday, while open interest widened to 34,866 contracts from 34,478 contracts before.

In other markets:
* Mumbai closed down 0.66 per cent or 149.57 points at 22,359.50 points. Bharti Airtel shed 1.74 per cent or 5.60 rupees to 316.25 rupees.
* Jakarta ended down 0.68 per cent, or 33.38 points, at 4,857.94. Cigarette makers Hanjaya Mandala Sampoerna gained 0.65 per cent to 69,950 rupiah, while palm oil firm Wilmar Cahaya Indonesia fell 3.45 per cent to 1,400 rupiah.
* Bangkok added 0.06 per cent, or 0.79 points, to 1,392.01. Kasikornbank gained 1.65 per cent to 184.5 baht while telecoms company True Corp lost 2.16 per cent to 6.80 baht.
* Wellington was flat, edging 1.53 points higher to 5,123.90. Fletcher Building rose 0.74 per cent to N$9.59 and Air New Zealand was steady at NZ$2.03.
* Manila closed 0.39 per cent lower, shedding 25.88 points to 6,561.20. SM Prime Holdings fell 0.65 per cent to 15.40 pesos, Ayala Land lost 0.63 per cent to 31.40 pesos and parent Ayala Corp dipped 0.82 per cent to 605 pesos.

VIETNAM: Vietnamese stocks ended the last trading session in the week with a mixed note as investors picked up blue chips on bigger cap bourse while they sold shares in the smaller one.
The benchmark VN Index rose 3.6 points or 0.61% to 593.04. Volume rose 13% to 119.72 million shares worth of VND3.454 trillion.
Put-through trading contributed 27.4 million shares worth of VND1.746 trillion. We saw 22 million VIC shares changed hands at the floor price of VND68,500 each ; 0.84 million VNM shares and 1.38 million KDH shares changed hands.
The market breadth was negative with 100 gainers, 132 losers and 63 unchanged.
The VN30 added 2.45 points or 0.37% to 667.33. Among 30 constituents, 10 gained, 13 fell, 7 stood still.
On the Hanoi Stock Exchange, the HNX fell 0.87 point or 1% to 86.76. Trading volume fell 11% to 56.3 million shares worth VND625.12 billion.
The breadth was negative with 84 gainers, 145 losers, 69 unchanged and the rest untraded.
The HNX30 lost 1.93 points or 1.07% to 178.72.

EUROPE: Europe’s main stock markets crept higher yesterday as traders anticipated an upbeat non-farm payrolls report in the United States, dealers said.
Frankfurt’s DAX 30 rose 0.41 per cent to 9,668.58 points and Paris’ CAC 40 appreciated by 0.23 percent to 4,459.68 points.
London’s FTSE 100 won 0.09 per cent to stand at 6,653.26 compared with Thursday’s closing value.
“European indices are trading … higher yesterday ahead of the all important US jobs report,” said Alpari analyst Craig Erlam. “This kind of positivity ahead of the jobs report is unusual, with traders ordinarily being fairly risk averse.
The FTSEurofirst 300 index of top European shares rose 0.2 per cent to 1,347.59 points by 1021GMT. The index is on track to record nine straight gains and three consecutive weeks of higher closes.

AMERICA: A slump in Internet and other technology stocks pulled the broader market lower Friday, as traders turned on the same companies they flocked to earlier this year. Google, Netflix and other pillars of the Internet economy took a beating.

It was a bad day in an otherwise decent week. The Standard & Poor’s 500 index ended the week slightly higher.

Mixed signals in the government’s monthly jobs report gave investors little direction Friday. The government said that U.S. employers added more workers to their payrolls last month, but the overall report presented a mixed picture, and the unemployment rate remained at 6.7 percent.

The stock market crept higher to start, began losing steam at lunchtime and then turned lower in the afternoon. The jobs report wasn’t the culprit, said Uri Landesman, president of the hedge fund Platinum Management. It was likely the “momentum” traders, he said, people who chased high-flying stocks and are having a change of heart.

Tech stocks had soared over the past year, pushing the Nasdaq composite index up 28 percent, as traders piled into Internet and biotechnology companies. Netflix and Facebook, for instance, doubled in price over that time.

“It’s like (traders) took a look at some of these high-flying Internet companies and said, “How can I justify these prices?’” Landesman said.

The technology-heavy Nasdaq composite index plunged 110.01 points, or 2.6 percent, to close at 4,127.73, its biggest one-day drop since February.

The S&P 500 index fell 23.68 points, or 1.3 percent, to 1,865.09. The Dow Jones industrial average dropped 159.84 points, or 1 percent, to 16,412.71.

Utilities, which investors buy to play it safe and collect dividend payments, bucked the overall market and edged higher. Coca-Cola, Johnson & Johnson and other big corporations whose stocks are often less volatile than the broader market also made gains. Coca-Cola climbed 15 cents, or 0.4 percent, to $38.22.

Before the market opened Friday, the Labor Department reported that employers added 192,000 jobs in March. That’s less than economists had expected and also below February’s total of 197,000. On the bright side, employers added a combined 37,000 more jobs in February and January than the government first estimated. A half-million Americans started looking for work last month, and many of them found jobs.

Earlier in the week, a string of reports on manufacturing and hiring nudged the stock market to its record highs. Robert Pavlik, chief market strategist at Banyan Partners, said many investors have argued that tough winter weather held the economy back at the start of the year and that things would turn around as temperatures rose. The jobs report, Pavlik said, didn’t support their case. “A lot of what people have been saying about payrolls isn’t true,” he said.

Pavlik said he thinks the economy is likely to keep plodding along. With the market trading near record highs, it’s hard for him to see any good reason for stocks to climb much higher.

In the bond market Friday, traders pushed Treasury prices up and yields down. The yield on the 10-year Treasury note fell to 2.73 percent from 2.80 percent late Thursday. The price of crude oil rose 85 cents to settle at $101.14 a barrel. Gold gained $18.90 to close at $1,303.50 an ounce, its biggest gain in three weeks.

Among other companies making big moves:

— GrubHub jumped 31 percent in its first day of trading on the New York Stock Exchange. The online food delivery company, which runs the Seamless website, raised $192.5 million in its initial public offering late Thursday, selling shares at $26 each. GrubHub’s stock jumped $8 to $34.

— CarMax slumped after the seller of used cars said its quarterly income dropped as an accounting correction outweighed higher demand for cars. The company’s stock slumped $2, or 4 percent, to $45.56.

— News that a Swedish drug company rebuffed a merger offer from Mylan, the generic drugmaker, sent Mylan’s stock higher. Mylan rose 77 cents, or 2 percent, to $50.63. Meda AB, the Swedish company, didn’t explain why its board turned down the proposal.

Benchmark Currency Rates

 

USD

1.3705 0.0097 1.6575 1.1208 0.9107 0.9292 0.1289

EUR

0.7298 0.0071 1.2096 0.8179 0.6646 0.6781 0.0941

JPY

103.2900 141.5400 171.1950 115.7680 94.0650 95.9840 13.3170

GBP

0.6033 0.8268 0.0058 0.6763 0.5494 0.5606 0.0778

CHF

0.8921 1.2227 0.0086 1.4788 0.8124 0.8289 0.1150

CAD

1.0982 1.5050 0.0106 1.8201 1.2308 1.0203 0.1416

AUD

1.0762 1.4750 0.0104 1.7837 1.2063 0.9800 0.1387

HKD

7.7570 10.6300 0.0751 12.8557 8.6935 7.0639 7.2079

Source: Bloomberg

 


Category: FinanceAsia

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