Japanese stocks advanced Monday,
getting a lift from a weaker yen, but most other major Asian markets
moved lower after making gains late last week.
Hong Kong’s Hang Seng Index HK:HSI +0.0092% moved down 0.7%, and the Shanghai Composite Index CN:000001 -0.87% traded lower by 0.9%.
The South Korean Kospi KR:SEU -0.85% slipped 0.2%, while Australia’s S&P/ASX 200 index AU:XJO +0.74% traded down 0.1%.
However, Japan’s Nikkei Stock Average JP:100000018 +0.84% rose 0.5%, extending an advance from Friday, as a weaker yen helped lift the market to its highest level for more than three months.
“I think that the market is still lacking clear direction. … Future upward momentum will need further stimulus measures,” said Ben Kwong, chief operating officer at KGI Asia.
However, “in the absence of major news from overseas, investor focus is on company announcements. Results announcements haven’t been that good over the past few days,” Kwong said.
U.S. stocks had ended with mild gains Friday, notching a sixth straight weekly advance, helped by a rise in consumer sentiment and lingering optimism over Europe. Read more on Friday’s U.S. stock action.
Both the euro and the dollar held onto Friday gains against the Japanese yen in early trading on Monday, and Credit Agricole strategists said that they expect further selling of the Japanese currency this week, as a more risk-prone market exits the safe-haven Japanese yen.
Following the yen’s losses, exporters extended their steep gains from Friday, as Panasonic Corp. JP:6752 +2.97% PC +1.79% moved up by 1.2%, while Pioneer Corp. JP:6773 +4.19% PNCOF -35.19% rose 2.3%, and Honda Motor Co. JP:7267 +2.64% HMC +1.55% advanced 0.7%.
However, Tokyo trade also saw some notable declines, with Sharp Corp. JP:6753 -1.14% SHCAF 0.00% trading down 3.8%, extending a recent volatile ride amid investor uncertainty about the firm’s financing plans.
Dow Jones Newswires reported Friday that the firm is set to receive new bridge loans and is considering selling off some real-estate assets and stock holdings.
Also lower, Japanese energy firm JX Holdings Inc. JP:5020 -1.45% JXHGF -17.17% fell 1.2% after MUFJ Morgan Stanley cut its rating to neutral from outperform.
Energy companies also fell in Hong Kong, with China Petroleum & Chemical Corp. HK:386 -1.73% SNP +0.72% down 2% and PetroChina Ltd. HK:857 -1.01% PTR +0.13% down 0.9%.
Losses spread to the metals sector, with Aluminum Corp. of China Ltd. HK:2600 -2.40% ACH -0.84% down 2.4%, extending an earnings-related loss from Friday.
In Sydney, iron-ore producer Fortescue Metals Ltd. AU:FMG 0.00% FSUMF +0.92% fell 1.3% while diversified metals group Rio Tinto Ltd. AU:RIO -0.44% RIO -1.55% lost 1.4%.
Australian telecom group Telstra Corp. AU:TLS -4.62% TTRAF -0.68% retreated 1.1% as it began trading without rights to its latest dividend payments.
QBE Insurance Group Ltd. AU:QBE -5.67% QBEIF -2.97% fell another 1.2% in Sydney, after plunging 4.5% on Friday despite posting a gain in profit. The insurer lowered its dividend and reported a smaller margin than expected.
Likewise, BlueScope Steel Ltd. AU:BSL -2.00% BLSFF +5.00% dropped 1.3% after posting a wider-than-expected full-year loss. Read more on BlueScope results.
In South Korea, Samsung Electronics Co. SSNLF +5.36% also extended losses from last week with a 1.3% drop. The electronics giant fell 3.8% on Friday.
A judge hearing Samsung’s patent dispute litigation with Apple Inc. AAPL +1.85% reportedly said there were risks for both sides if the case went to verdict.
Hong Kong’s Hang Seng Index HK:HSI +0.0092% moved down 0.7%, and the Shanghai Composite Index CN:000001 -0.87% traded lower by 0.9%.
The South Korean Kospi KR:SEU -0.85% slipped 0.2%, while Australia’s S&P/ASX 200 index AU:XJO +0.74% traded down 0.1%.
However, Japan’s Nikkei Stock Average JP:100000018 +0.84% rose 0.5%, extending an advance from Friday, as a weaker yen helped lift the market to its highest level for more than three months.
“I think that the market is still lacking clear direction. … Future upward momentum will need further stimulus measures,” said Ben Kwong, chief operating officer at KGI Asia.
However, “in the absence of major news from overseas, investor focus is on company announcements. Results announcements haven’t been that good over the past few days,” Kwong said.
U.S. stocks had ended with mild gains Friday, notching a sixth straight weekly advance, helped by a rise in consumer sentiment and lingering optimism over Europe. Read more on Friday’s U.S. stock action.
Both the euro and the dollar held onto Friday gains against the Japanese yen in early trading on Monday, and Credit Agricole strategists said that they expect further selling of the Japanese currency this week, as a more risk-prone market exits the safe-haven Japanese yen.
Following the yen’s losses, exporters extended their steep gains from Friday, as Panasonic Corp. JP:6752 +2.97% PC +1.79% moved up by 1.2%, while Pioneer Corp. JP:6773 +4.19% PNCOF -35.19% rose 2.3%, and Honda Motor Co. JP:7267 +2.64% HMC +1.55% advanced 0.7%.
However, Tokyo trade also saw some notable declines, with Sharp Corp. JP:6753 -1.14% SHCAF 0.00% trading down 3.8%, extending a recent volatile ride amid investor uncertainty about the firm’s financing plans.
Dow Jones Newswires reported Friday that the firm is set to receive new bridge loans and is considering selling off some real-estate assets and stock holdings.
Also lower, Japanese energy firm JX Holdings Inc. JP:5020 -1.45% JXHGF -17.17% fell 1.2% after MUFJ Morgan Stanley cut its rating to neutral from outperform.
Energy companies also fell in Hong Kong, with China Petroleum & Chemical Corp. HK:386 -1.73% SNP +0.72% down 2% and PetroChina Ltd. HK:857 -1.01% PTR +0.13% down 0.9%.
Losses spread to the metals sector, with Aluminum Corp. of China Ltd. HK:2600 -2.40% ACH -0.84% down 2.4%, extending an earnings-related loss from Friday.
In Sydney, iron-ore producer Fortescue Metals Ltd. AU:FMG 0.00% FSUMF +0.92% fell 1.3% while diversified metals group Rio Tinto Ltd. AU:RIO -0.44% RIO -1.55% lost 1.4%.
Australian telecom group Telstra Corp. AU:TLS -4.62% TTRAF -0.68% retreated 1.1% as it began trading without rights to its latest dividend payments.
QBE Insurance Group Ltd. AU:QBE -5.67% QBEIF -2.97% fell another 1.2% in Sydney, after plunging 4.5% on Friday despite posting a gain in profit. The insurer lowered its dividend and reported a smaller margin than expected.
Likewise, BlueScope Steel Ltd. AU:BSL -2.00% BLSFF +5.00% dropped 1.3% after posting a wider-than-expected full-year loss. Read more on BlueScope results.
In South Korea, Samsung Electronics Co. SSNLF +5.36% also extended losses from last week with a 1.3% drop. The electronics giant fell 3.8% on Friday.
A judge hearing Samsung’s patent dispute litigation with Apple Inc. AAPL +1.85% reportedly said there were risks for both sides if the case went to verdict.
0 comments:
Post a Comment