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Market Update

Asian Markets Trade Mixed

Asian markets traded mixed Friday after a weak lead from Wall Street overnight.

The Nikkei edged up 0.1%. The Shanghai Composite fell 0.8% while the Hang Seng was up 0.9%. The Sensex declined 0.6% while the All Ordinaries slipped 0.1%.

Government data today showed household confidence in Japan remained unchanged last month.

Investors are also focused on Chinese GDP data due Monday.

Wall Street stocks ended weak after some earnings reports, including Citigroup’s, fell short of market expectations.

Stocks on the Move

Panasonic was down 1.3% on a Nikkei newspaper report the company will sell three chip-production facilities.

Index heavyweight Sony also fell 1.3%.

However, Toshiba and Sharp were up 1.8% and 2.2% each, respectively.

In auto, Honda Motor backed down 1.1% while Toyota was also a percent lower.

ICBC was down 0.6% in Hong Kong while its mainland listed shares edged 0.5% lower. Shares fell on speculation the bank would be forced to repay investors for a troubled off-balance-sheet investment product that it helped to market. The bank has said it has no plans to use its own money to repay the investors.

AgBank was down 0.9%.

China COSCO Holdings was up 4.5% after it said it expected to return to profit in 2013 and possibly avoid a delisting in Shanghai.

China Mobile was up 0.6%.

TCS was down over 5% on the Sensex after reporting results after the close of market hours yesterday. Net profit topped estimates while sales was a little below projections. TCS also predicted a "stronger" year ahead and said it was looking for "inorganic" growth opportunities in Japan and the U.S.

Wipro fell 3.2% while HDFC was down 2.2%. Axis Bank gave up 1.9%.

Reliance Industries is also in focus ahead of its results later today. The stock was up 0.9%.

Airtel edged 0.2% lower, extending yesterday’s losses.

ONGC was up 0.3%. The government today approved selling 10% of its stake in Indian Oil Corp. to ONGC and Oil India.

Miners extended gains in Sydney with index leader BHP Billiton up 2.9% and Rio Tinto 1.1% higher after Citi upgraded the sector and picked the two as its favourite stocks.

Rouhan Sharma does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.