RTTNews - Most of the Asian markets ended in the positive territory on Thursday , taking cues from the Chinese market, which surged up more than 4.5% and raised hopes that the third largest economy will sustain the growth momentum. However, the markets in Australia, Japan and India ended in the negatie territory amid thin trading as traders preferred to lock-in-gains and move to the sidelines awaiting direction.
In Japan, the benchmark Nikkei 225 Index ended at 10,215, representing a loss of 65.82 points, or 0.640%, while the broader Topix index of all first section stocks were down 7.04 points, or 0.74%, to 943.
Exporters and automakers led the declines after the local currency strengthened against the US dollar, as a stronger yen reduces the amount of realization of export proceeds in local currency and dents profit margins.
Among automakers, Suzuki Motor declined 3.20%, Honda Motor fell 2.41%, Isuzu Motors slumped 5.02%, Toyota Motor shed 1.79%, and Nissan Motor lost 2.50%. However, Mitsubishi Motor managed to end the session unchanged from previous close.
Shipping stocks also ended in negative territory, after Nomura Holdings revised the rating for Kawasaki Kisen, the third largest shipping line in the country. The stock declined 1.76%. Among others, Mitsui OSK Lines dropped 0.70% and Nippon Yusen fell 0.76%.
Financial stocks also ended weaker on concerns about the pace of economic recovery. Sumitomo Mitsui Financial fell 1.28%, Mizuho Financial lost 2.28%, Mitsubishi UFJ Financial declined 2.93% and Resona Holdings declined 1.11%.
Among oil stocks, Nippon Oil Corp fell 1.32%, Nippon Mining Holdings edged down 0.22% and Showa Shell slipped 0.73%.
Trading companies ended mixed. Mitsubishi Corp. gained 1.15%, Mitsui & Co., added 0.34%, and Sumitomo Corp. edged up 0.22%. However, Toyoto Tsusho Corp. ended in negative territory with a loss of 0.78%.
In Australia, the benchmark S&P/ASX200 Index declined 0.19% or 8.60 points to close at 4,430, while the All-Ordinaries Index ended at 4,433, representing a loss of 3.70 points, or 0.08%.
On the economic front, the Australian Bureau of Statistics announced that the country's trade deficit expanded more than expected in July, with the deficit being the largest reported since May 2008. The trade deficit was at a seasonally adjusted A$1.56 billion in July compared to a revised A$538 million deficit in the previous month. Economists were looking for a deficit of about A$880 million.
In a separate report, the Commonwealth bank of Australia and the Australia Industry Group revealed that the performance of services index, which is a measure of service industry activity, climbed 3.9 points on month to 48 in August.
Light sweet crude oil price for October delivery ended at $68.28 a barrel in electronic trading, up $0.23 from its previous close $68.05 a barrel in New York on Wednesday.
Gold stocks advanced on higher bullion prices, limiting the losses in the overall market. Lihir Gold surged up 7.19%, Newcrest Mining soared 7.67% and Sino Gold Mining climbed 10.69%.
Metals and mining stocks ended mixed. BHP Billiton edged up 0.16%, Fortescue Metals added 0.24%, Gindalbie Metals gained 0.61%, Iluka Resources rose 4.71% and Oz Minerals climbed 2.44%. However, Rio Tinto bucked the trend and lost 1.27%.
Oil stocks ended in the negative territory. Woodside Petroleum lost 1.71%, Santos fell 0.58%, Oil Search edged down 0.16% and Origin Energy shed 0.33%.
Banks also ended weaker. ANZ Bank slipped 0.14%, Commonwealth Bank of Australia declined 1.16%, National Australia Bank fell 2.30% and Westpac Banking edged down 0.12%.
In Hong Kong, the Hang Seng Index ended in positive territory with a gain of 239.68 points or 1.23% at 19,762, taking cues from mainland China, where the stock market surged more than 4.6%, raising hopes of recovery in the third largest economy at an early date. Of the 42 components in the index, as many as 40 stocks ended in the positive territory.
In South Korea, the benchmark KOSPI Index ended flat at 1,614, up 0.37 points, or 0.02% despite weak closing in Wall Street in the previous session. Positive trading in China and bargain hunting at lower levels by institutional investors helped the index offset the losses. Traders moved to the sidelines ahead of key economic data from the U.S on Friday.
The Indian market ended down for the 4th successive session despite positive cues from the rest of Asia and the European markets, as traders preferred to move to the sidelines ahead of key economic data in the U.S. tomorrow.. The BSE Sensex ended the session at 15,398, down 69 points or 0.45% and the S&P CNX Nifty fell 15 points or 0.32%.
Among the other major markets in the region, China's Shanghai Composite Index surged up 4.79% or 130.05 points, to 2,845, Indonesia's Jakarta Composite Index advanced 36.32 points, or 1.59% to close at 2,322, Singapore's Strait Times Index gained 28.43 points, or 1.11% to close at 2,598, and Taiwan's Weighted Index rose 0.92% or 64.88 points to 7,105.
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