Skip to Content
Market Update

Asian Markets End Lower; Sensex Bucks Trend

Asian markets all ended lower Thursday barring the Sensex.

The Nikkei was down 0.6%. The Shanghai Composite slipped 0.2% while the Hang Seng declined 0.4%. The Sensex added 0.4% while the All Ordinaries gave up 0.5%.

Earlier, data showed Japanese machinery orders fell in April from March although the drop was smaller than expected. Orders fell 9.1%, better than expectations for a fall of 11.9%.

In Australia, data showed the unemployment rate held steady at a seasonally adjusted 5.8% in May. The number of employed people fell by 4,800, confounding expectations for a rise of 10,000.

Stocks on the Move

Toyota Motors edged up 0.1%. The company announced another vehicle recall in the U.S.

Fanuc dropped 2.2% after the data on machinery orders. Kawasaki Heavy Industries fell 0.8%. However, Mitsubishi Heavy gained 1.3% on a news report the company will join a consortium with Germany’s Siemens to bid against GE for Alstom’s power assets. Hitachi fell a percent after a company executive said Thursday it too would work with Mitsubishi for the bid.

Tokyo Dome fell 3.1% after its results.

Also among the gainers, Japan Tobacco was up 2.2% after the company announced a deal to buy British group Zandera for an undisclosed amount.

In Hong Kong, China Mengniu Diary dropped almost 3% after a broker downgrade.

Property stocks were the other big losers as Hang Lung Properties retreated 1.7% and Cheung Kong Holdings fell 1.3%. Wharf Holdings edged down 0.2%.

China Innovationpay Group fell 3.3% after the country’s central bank late Wednesday in its 2013 annual report warned about "increasing risks" in internet financing activities.

In Mumbai, the top gainers were Hindalco, up 3.8%, followed by Sun Pharma, up 2.8%, HDFC, up 2.6%, and HDFC Bank, up 2.4%.

Infosys ended 0.4% lower after gaining as much as 3.3% earlier as the company announced a new CEO – Vishal Sikka – a former SAP AG executive. This is the first time Infosys will have a non-founder as its CEO. Sikka joins at a time when almost a senior dozen executives have left the company in the recent past – ever since co-founder N.R. Narayana Murthy returned as chairman last year.

Over in Sydney, Mineral Resources sank 4.3% after the company admitted buying a large stake in iron-ore prospector Aquila Resources but squashed rumours it was planning a rival takeover bid against China’s Baosteel Group. Aquila shares were down 1.9%.

Fortescue Metals was down 4.6% while Atlas Iron weakened 3.9%. BHP Billiton and Rio Tinto were down 0.6% and 1.1% each, respectively.