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Market Update

Asian Markets End Mostly Lower

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Asian markets ended mostly lower Friday after a weak lead from Wall Street overnight.

The Nikkei edged down 0.1%. The Shanghai Composite fell 0.9% while the Hang Seng bucked the trend and ended up 0.6%. The Sensex fell 0.9% 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 1.2% on a Nikkei newspaper report the company will sell three chip-production facilities.

Index heavyweight Sony fell 1.3%. Toshiba and Sharp were up 1.8% and 1.9% each, respectively.

In auto, Honda Motor and Toyota both reversed a percent each.

ICBC was down a percent in Hong Kong while its mainland listed shares edged 0.3% 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 fell 1.2% while Chine Merchants Bank dropped 1.5%.

China COSCO Holdings pared intra-day gains but still rallied 3% after it said it expected to return to profit in 2013 and possibly avoid a delisting in Shanghai.

China Mobile also pared earlier gains and ended just 0.2% higher.

TCS fell 5.8% on the Sensex following its results after the close of market hours yesterday and ended the top loser of the day. 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 followed with losses of 3.2% while HDFC was down 2.6%. ICICI Bank and Axis Bank gave up 2.4% and 2.1% each, respectively.

Hindalco and Airtel ended 1.4% lower each while NTPC lost 1%.

Reliance Industries edged 0.1% lower ahead of its results later due later this evening.

ONGC was up 0.2%. 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.

Fortescue Metals added 2.7% while OZ Minerals gained 2.5%.

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