RTTNews - The Asian markets ended in the negative territory on Tuesday, following flat closing on Wall Street in the previous session amid concerns about economic fundamentals. Profit taking following recent rally, softness in commodity prices and lack of direction also contributed to negative closing across the major markets. The markets in India, Indonesia and Singapore, however, managed to end in positive territory with minor gains.
In Japan, the benchmark Nikkei 225 Index ended at 10,497, representing a loss of 83.69 points, or 0.79%, while the broader Topix index of all first section stocks fell 5.16 points, or 0.5%, to 965.
Technology stocks and automakers declined following the strengthening of the local currency against the greenback.
Honda Motor declined 1.97%, Toyota Motor edged down 0.47%, Nissan Motor Corp. lost 1.60% and Mitsubishi Motor slipped 0.59%.
Exporters declined following the strengthening of the local currency against the US dollar. Canon Inc., declined 1.08%.
Oil related companies also ended in negative territory. Nippon Oil Corp declined 0.74%, Showa Shell edged down 0.20% and Nippon Mining slipped 0.61%.
Mixed trading was witnessed among trading companies. Toyota Tsusho Corp. edged down 0.07% and Marubeni Corp. slipped 0.62%. However, Mitsubishi Corp. gained 0.57%, Itochu Corp. advanced 0.74% and Sumitomo Corp. edged up 0.10%.
Banks ended in the negative territory on profit taking. Mitsubishi UFJ Financial declined 1%, Mizuho Financial fell 1.75%, Resona Holdings lost 1.09%, and Sumitomo Mitsui Financial shed 1.22%.
In Australia, the benchmark S&P/ASX200 Index lost 0.46% or 20.30 points to close at 4,406, while the All-Ordinaries Index ended at 4,418, representing a loss of 16.70 points, or 0.38%.
Woolworths, the biggest retailer in the country, has agreed to buy Danks Holdings, the second largest hardware distributor in the country, in an effort to expand into the hardware market. Also the company will team up with home-improvement chain in the U.S., Lowe's Co., to effectively challenge Wesfarmers Ltd, the leading retailer in the country.
Following the news, the share price of Woolworths gained 2.21%. However, Wesfarmers Ltd, which operates the Bunnings Stores in the country, slumped 5.74%.
Among other major retailers in the country, David Jones declined 2.51% and Harvey Norman lost 2.78%.
Metals and mining stocks ended weaker following drop in commodity prices in the international market. BHP Billiton declined 1%, Rio Tinto slipped 0.98%, Fortescue Metals fell 2.83%, Gindalbie Metals lost 1.83% and Oz Minerals shed 1.32%.
In energy space, Woodside Petroleum declined 1.73%, Santos lost 1.47% and Origin Energy fell 1.78%. However,Oil Search bucked the trend and surged up 4.31%.
Mixed trading was witnessed among bank stocks. ANZ Bank edged down 0.05%, Commonwealth Bank of Australia slipped 0.67% and Westpac Banking declined 1.35%. However, National Australia Bank bucked the trend and ended in positive territory with a gain of 1.12%.
Gold stocks also ended mixed. While Newcrest Mining fell 1.81%, Lihir Gold gained 2.81% and Sino Gold Mining advanced 0.84%.
In Hong Kong, the Hang Seng Index ended in negative territory with a loss of 100.70 points, or 0.49% at 20,435, following weakness in mainland China and other markets across the region, on concerns about the pace of economic recovery. Profit taking at higher levels following recent gains and valuation concerns also impacted trading. As many as 32 of the 42 components in the index ended in the red, with property stocks leading the decline.
In South Korea, the benchmark KOSPI Index ended at 1,601, down 10.84 points, or 0.76% amid volatile trading on concerns about the pace of economic recovery. Profit taking at higher levels also impacted trading as traders moved to sidelines looking for direction.
Bucking the weak sentiment across the region, the Indian market recovered sharply to finish modestly higher, helped by higher U.S. stock futures and short covering ahead of the settlement of current month derivative contracts on Thursday. The benchmark BSE Sensex finished at 15,688, up 60 points or 0.38% from its previous close, and the S&P CNX Nifty rose 17 points or 0.36% to 4,659.
Among the other major markets in the region, China's Shanghai Composite Index slipped 2.59% or 77.63 points, to 2,916 and Taiwan's Weighted Index declined 28.84 points, or 0.42% to close at 6,809. However, Indonesia's Jakarta Composite Index edged up 0.20% or 4.65 points to close at 2,380 and Singapore's Strait Times Index added 6.43 points, or 0.25% to close at 2,619.
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