Market Update
Asian markets ended mixed Tuesday with markets in Japan closed and otherwise low volumes ahead of the Labour Day Holiday.
The Nikkei was shut for Showa Day, commemorating Emperor Hirohito.
The Shanghai Composite gained 0.8% while the Hang Seng closed 1.5% higher. The Sensex declined 0.7% while the All Ordinaries fell 0.9%.
The U.S. on Monday slapped fresh sanctions on Russia – the third time it has done so since the crisis escalated – this time targeting seven individuals and 17 companies. The sanctions barely registered as violence continued in eastern Ukraine.
Chinese markets were also boosted by news the PBOC is set to inject a net 91 billion yuan into the money market this week through its open market operations, offering liquidity.
Gold prices fell as the dollar firmed up after a better-than-expected home sales report in the U.S. Monday.
Stocks on the Move
Property developer Gemdale Corp. plunged 10% in Shanghai after reporting results. The company posted a 76% drop in its first-quarter net profit.
China Vanke closed down 2.2% after the company posted a more modest 5.2% fall in profit.
Casino players were all lower in Hong Kong. Wynn Macau fell 1.1% while Galaxy Entertainment fell 4.6%. Sands China was down 2.4% while MGM China Holding dropped 3.9%.
China Merchants Bank ended flat, paring intra-day losses of about 2% after results. Also after results, Bank of Communications gained 1.9% while ICBC gained 1.1%.
Jiangxi Copper melted half a percent while Aluminum Corporation of China fell 1.4%.
Over in Seoul, Samsung closed 2% lower after results.
The Sensex fell for a third straight session, down from record highs last Friday.
Tata Steel was the top loser, down 4.8%, followed by Tata Power and HUL, both down 3% each.
Hindalco fell 2.9% while Maruti Suzuki reversed 2.2%.
SBI and Bajaj Auto were down 1.9% each, respectively.
Airtel fell 0.8% ahead of results due later.
In Sydney, Wesfarmers was down 2%. The retailer reported an improvement in its supermarket and home improvement stores but said it faced difficulties in attracting customers to its Target discount stores as it cut back on promotional deals.
Oil Search climbed a percent after the company raised production guidance for the year.
Roc Oil was up initially but fell 1.1% at the time of writing. Earlier, reports said the company is buying Horizon Oil in an all-shares deal just under $400 million.
Index leader BHP Billiton ended 0.7% lower.
Fortescue Metals fell 2.3% while Atlas Iron weakened 2.2% after a drop in iron-ore prices.