Market Update
Asian markets were up Wednesday tracking positive cues from Wall Street overnight as the S&P 500 closed at a record high for the second straight session after the U.S. resumed trading following an extended weekend.
Asian markets made modest gains as the Nikkei edged up 0.2%. The Shanghai Composite and the Hang Seng were both up 0.8% each. The Sensex traded flat while the All Ordinaries was up 0.3%.
Earlier today, China released its monthly report on industrial profit which showed a 1.1% rise in April earnings in the country’s top industrial companies.
In Australia, data showed the value of construction work completed in the country in the first quarter rose 0.3% compared with the fourth quarter last year.
Stocks on the Move
Real estate firm Mitsui Fudosan fell 4.7% after the company said it would raise up to 325 billion yen via a share offering, its first in three decades.
Renesas Electronics was up 4.9% after a Reuters report the company is to sell its stake in iPhone display chipmaker Renesas SP Driver to U.S.-based Synaptics.
Toshiba was up 2% after the company unveiled its new Excite Go tablet.
Toyota was up half a percent even as it said it has no plans to build new plants for at least the next two years.
Index heavyweight Sony was down 1.8%.
In Hong Kong, Tencent Holdings gained 1.5% even as reports said government agencies are to conduct a month-long “special operation” to monitor the WeChat application owned by the company as well as other companies that provide similar messaging services. The state-owned Xinhua news agency wrote “some people have used this platform as a means to spread objectionable, illegal and harmful information to the public.”
However, tech stocks were among the better performers following a strong finish for the Nasdaq overnight. Lenovo was up 1.5% while Kingdee International Software added 2.8%.
SANDS China fell 2.2% on a Wall Street Journal report that Waddell & Reed plan to sell stake at a discount to Tuesday’s closing price.
Indian markets were taking a breather again following an election fuelled rally that has seen the Sensex emerge as the best performer among its emerging market peers this year.
M&M was down 2.7%, followed by Tata Motors, down 2.4%, Coal India, down 2.3%, and Gail India, down 2%.
In Sydney, Paladin Energy surged 3.9% after the company said it was temporarily closing a key mine in Malawi to even out the weak prices for uranium by crimping supply.
QBE Insurance gained 2.6% after a broker upgrade while BlueScope Steel also strengthened 3.3% after a positive call.
Woolworths fell 1.2% after the company confirmed reports it may sell its hotels and liquor stores.