Market Update
Asian markets ended mostly lower Tuesday with thin trading volumes due to holidays in the U.S. and in the U.K.
The Nikkei edged up 0.2%. The Shanghai Composite was down 0.3% while the Hang Seng slipped 0.1%. The Sensex was down 0.7% while the All Ordinaries closed flat.
The corporate services price index for April in Japan slightly beat expectations as it rose 3.4% versus hopes for a 3.3% gain.
In Ukraine, after a day of heavy fighting, the army took back control of the terminal at Donetsk airport from pro-Russian separatists. Media reports said as many as 30 pro-separatists were killed. The renewal of violence came after weekend elections that saw billionaire Petro Poroshenko win a decisive victory.
Stocks on the Move
Among the gainers, Sony edged up 0.1% at close while Panasonic gained 0.4%. Japan Display was down 2.3%. A Wall Street Journal article said the three companies are in talks to form a smartphone and tablet-panel joint venture.
Olympus scaled 2.2% while Fuji Heavy lifted 1%.
Textile firm Unitika plunged 19.3% after a Nikkei report that the company plans to issue new shares to raise funds from partner banks.
Chinese markets were mostly flat as investors awaited cues from the U.S.
Among the heavyweight banks, ICBC was down 0.2% while AgBank and China Construction Bank both edged down 0.8% and 0.2% each.
Property stocks were mixed with Wharf Holdings down 3.2% and China Overseas Land & Investment 0.2% lower. New World Development was up 0.1% while Hang Lung Properties added 0.4%.
CSPC Pharmaceutical Group fell 6.7% after shareholder Joyful Horizon said it would sell its shares at a discount.
Le Saunda Holdings gained 6.7% after the company reported results.
In Mumbai, the Sensex closed lower with Gail India down 7.6%, followed by BHEL, down 5.3%, M&M, down 2.9%, Tata Power, down 2.7%, SBI, down 2.5%, and ONGC, down 2.4%.
Coal India, HDFC, Tata Motors, Maruti Suzuki, Axis Bank, NTPC, Cipla, RIL, and TCS were all up in a range between 1.1% and 1.9%.
In Sydney, Rio Tinto ended 0.4% higher as it gained approval for jointly mine for iron ore with Aluminum Corp. of China in Guinea’s Simandou deposite, Africa’s biggest mining project.
Suncorp Group closed down 2% after it said it is writing down about $460 on its life insurance business.