Asian markets cautious as Singapore summit prepares to kick off

13-Jun-2018 Intellasia | | 6:02 AM Print This Post

Investors also awaiting central bank meetings this week

Asian stocks traded mostly higher in cautious trade Monday, with investors showing little reaction to the weekend’s volatile G-7 meeting and the hack of a South Korean cryptocurrency exchange.

With the Trump-Kim summit Tuesday and the world’s three most-important central banks the Federal Reserve, the European Central Bank and the Bank of Japan all meeting this week, investors are expected to only nibble at stocks for the next few days.

South Korea’s Kospi SEU, -0.14 percent gained nearly 0.8 percent, taking back broad regional declines from Friday.

Japan’s Nikkei NIK, +0.49 percent was up 0.5 percent, though shipping stocks took a hit amid continued trade tensions among some of the world’s biggest industrialised nations.

Elsewhere, Sekisui House 1928, +2.25 percent was the worst big-cap performer with a nearly 7 percent slide after a big profit drop last quarter due to a slump in domestic housing businesses. But domestic-focused demand stocks were outperforming, with medical-information platform operator M3 2413, +2.51 percent up 3.3 percent and beverage maker Yakult Honsha 2267, +1.65 percent climbing 2.4 percent.

Hong Kong stocks started the week gingerly. The Hang Seng HSI, +0.28 percent was up 0.3 percent after rising 1.5 percent last week. Energy was a noted laggard, with Cnooc 0083, -0.57 percent sliding about 1.4 percent. But financial and tech shares were slightly up, with heavyweight Tencent 0700, +0.05 percent advancing 1.1 percent and Hang Seng Bank 0011, -0.39 percent up 1 percent.

The Shanghai Composite SHCOMP, +0.46 percent was down 0.5 percent but the Shenzhen Composite 399106, +0.37 percent was just 0.6 percent lower. Some commentators pegged part of the selling to the looming start of Chinese depositary receipts and the need for investors to raise money to put into such equities.

Singapore’s stocks rose in early action as attention turns to the Trump-Kim summit the city-state will host. The Straits Times Index STI, -0.11 percent was up 0.2 percent, led by gains in commodities and banking stocks.

New Zealand’s benchmark NZ50GR, -0.08 percent was up 0.2 percent. Australia’s markets are closed for a holiday.


Category: FinanceAsia

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