Market Update
Asian stocks trading broadly higher, tracking gains on Wall Street.
However, the Shanghai Composite Index fell for the seventh straight day on concerns inflation may rise further. At the time of writing, the index was 0.1% lower, recording its biggest weekly drop in six months. The Nikkei and the S&P/ASX 200 traded up 0.1% and 0.5% respectively. The Hang Seng was up 1% while India's Sensex was up 0.9%.
In Japan, a number of economic reports released by the Internal Affairs and Communications ministry were mostly in line with expectations.
Stocks on the Move
Sony Corp. fell 2.9% after it guided for a lower-than-expected net profit for the current financial year.
Tech shares were up, helped by gains in the US. Toshiba was up 0.2% and Hitachi traded 0.9% higher. Auto-makers including Toyota and Honda were both lower by just under 0.2% each. Mazda was the only auto stock trading up 0.5%.
Banks also traded lower and Tepco was also in the red, down 1.2% on lingering doubts about the Fukushima plant.
Shanghai AJ Corp plunged 9.8% after resuming trade. The company said it cancelled a plan to acquire two property developers. The stock had been suspended from trading since May 2.
Wuhan Kaidi Electric Power Co also plummeted 8.7% after it announced a plan by its parent to cut its stake in the company by at least 5%.
But PetroChina Co gained 1.5% after it said its parent China National Petroleum Corp. bought a 0.017% stake in the company on May 25. CNPC owned approximately 86.3 percent of PetroChina after the purchase, according to the statement issued by PetroChina.
Banks and oil stocks lifted up the Sensex but Tata Motors dropped over 5% and was the top loser on the index despite posting a 247% rise in full year net profit. The stock had gained over 3% in the previous two sessions.
Other stocks that moved on quarterly earnings included Mphasis, down 3.6% after it posted a 17% decline in net profit for the second quarter. Aban Offshore's full year net profit fell 53% but this was better than the street estimates. The stock traded up 2.6%.
In Australia, materials stocks gained ground. BHP Billiton and Rio Tinto were both up 0.5% each. Fortescue was 1.6% higher, a day after it announced it dropped plans for a US$1 billion unsecured loan facility. Online gaming firm Centrebet shot up 5.4% on news it is to be acquired by UK's Sportingbet for $183 million.