Market Update
The Nikkei fell Monday on the back of a stronger yen as Asian markets ended mixed.
The Nikkei was down 1.1%. The Shanghai Composite gave up 0.7% while the Hang Seng slipped 0.1%. The Sensex was down 0.2% while the All Ordinaries edged up 0.1%.
Oil prices rose over concerns in Iraq and the yen grew strong as investors bought into the safe-haven currency.
Stocks on the Move
Honda Motor was down 1.3% after on a report the company was considering a recall.
Toyota and Nissan were down slightly over half a percent while tire-maker Bridgestone skidded 1.6%. Softbank fell 1.2% while KDDI Corp. ended 2.3% lower.
NEC and Fujitsu were down 1.8% and 1.9% each, respectively.
In Hong Kong, CNOOC was up 0.6% while Sinopec ended flat.
ICBC edged down 0.2% on media reports it is set to become the first Chinese lender to receive a British banking license. ICBC shares ended 1.1% higher on the mainland.
Airline stocks were mostly lower across the region after higher oil prices. China Southern Airlines was down 1.2% while China Eastern flew 2.8% lower. Air China also dropped 1.1%.
China Mobile edged down 0.3%. Hang Lung Properties advanced 1.7%.
In Mumbai, TCS gained 2.4% as the company said over the weekend in an analysts’ meet it was on track in the first quarter although it would face some currency headwinds. The top gainers were Gail India and Sun Pharma, up 4% and 2.5% each, respectively.
Axis Bank was the top loser on the Sensex, down a further 2.6%, following an almost 8% fall in the previous week after a stake sale by LIC.
M&M fell 2.3% while L&T ended 2.1% lower.
In Sydney, Atlas Iron and Arrium ended 4.2% and 4.8% lower each, respectively after broker downgrades. Echo Entertainment rallied 7.6% after an upgrade.
Gold digger St. Barbara was up as much as 6.9% earlier but ended 3.5% lower.
Qantas was down 1.5%.