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Market Update

Nikkei Surges as Asian Markets End Mixed

Asian markets ended mixed Tuesday with the Nikkei outperforming its regional peers, aided by a weaker yen.

The Nikkei gained 2.2%. The Shanghai Composite was up 0.8% while the Hang Seng fell 0.7%. The Sensex lost 1% and the All Ordinaries ended marginally higher, up 0.1%.

Earlier, data showed Australian business confidence fell last month and overall conditions remained weak. Business confidence declined to 5 points from 12 points in September, according to National Australia Bank’s monthly survey. Business conditions remained the same at -4 points.

In China, data showed lending hit a 10-month low in October. The markets awaited the announcement of reform measures after a crucial four-day meeting of the nation’s leaders that is expected to set the country’s economic agenda for the next decade.

Stocks on the Move

Index heavyweight Sony lifted 3.6% while Fanuc gained 2.4%.

Mazda accelerated 1.9%.

Dentsu surged 5.4% after the company upwardly revised its full-year net profit forecast.

Banks were mostly lower in Hong Kong but their mainland-listed shares all ended higher. Two stocks debuted on the Hang Seng, namely, Huishang Bank Corp., and tech gaming company Boyaa Interactive International.

In Mumbai, Tata Motors was down 4.5% on broker downgrades after it reported results.

SSLT fell 3.4% while Tata Power was down 2.7%. ICICI Bank and Tata Steel fell 2.2% and 2.2% each, respectively.

SBI, ONGC, BHEL, L&T, RIL, HDFC, Gail India, Coal India, and NTPC were all down in a range between 1% and 1.8%.

The four major banks were all down in a range between 0.2% and 0.8% in Sydney. BHP Billiton edged up 0.3% and Rio Tinto sank 0.6%.