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Hong Kong Stocks rebound 1.31%
Jun 29,2016

The Hong Kong stock market closed higher on Wednesday, 29 June 2016, as worries about the UKs decision to leave the European Union abated and investors began buying up badly beaten sectors, including properties, financials, and resources. The benchmark Hang Seng Index grew 263.66 points, or 1.31%, to 20436.12 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, rose 35.28 points, or 0.41%, to 8571.44. Turnover decreased slightly to HK$63.6 billion from HK$65.8 billion on Tuesday.

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US stocks rise for first time in three sessions
Jun 29,2016

U.S. stocks rose for the first time in three sessions on Tuesday, 28 June 2016 recovering some of their brutal losses seen in the aftermath of the U.K.s vote to quit the European Union. The gains come after a brutal, two-day rout in global equities that resulted in months of gains washed away following Britains referendum to leave the EU, known as Brexit. Rattled investors feared that Brexit would destabilize the European trading bloc.

The Dow Jones Industrial Average, which over the past two sessions lost 900 points, jumped 269.48 points, or 1.6%, to 17,409.72. The Nasdaq Composite Index added 97.42 points, or 2.1%, to 4,691.87. The broader S&P 500 index added 35.55 points, or 1.8% to 2,036.09, with all 10 main sectors finishing higher. Energy, financials and technology sectors lead the gains, rising more than 2%.

However, investors appeared to turn cautiously optimistic on Tuesday.

Market reaction to economic reports was largely muted. The U.S. economys annual growth rate in the first quarter was raised again to 1.1% in line with expectations. However, the pace of growth was still one of the weakest performances in the past several years.

Separately, U.S. house prices rose 1.1% in April, according to a closely watched price gauge released Tuesday. Meanwhile, U.S. consumer confidence took a step higher in June n++ although the survey was taken before Britains vote to leave the European Union.

Meanwhile, bank shares rose sharply. Citigroup shares jumped 5.1% and JPMorgan Chase & Co climbed 3.3%.

Asia markets also rebounded after getting slammed in the wake of last weeks Brexit vote.

Oil futures finished higher for the first time in three sessions on Tuesday, 28 June 2016 at Nymex rebounding from a Brexit-fueled selloff that sent crude futures to a seven-week low on concerns of a slowdown in the global economy. The threat of a union strike by Norwegian oil-and-gas workers and weakness in the U.S. dollar also provided support to prices.

August West Texas Intermediate crude climbed $1.52, or 3.3%, to settle at $47.85 a barrel on the New York Mercantile Exchange, while August Brent crude gained $1.42, or 3%, to $48.58 a barrel.

Oil supply issues also factored into Tuesday trading as up to 7,500 oil-and-gas workers in Norway, which is one of Europes major producers, may be affected by a strike starting Saturday. The workers are demanding a new wage deal before midnight 1 July.

The Energy Information Administration will release its weekly report early Wednesday. Market expects to see a fall of 2.4 million barrels in crude-oil inventories, along with declines of 600,000 for gasoline supplies and 1 million barrels for distillates, which include heating oil.

Bullion prices ended in a mixed mode on Tuesday, 28 June 2016 at Comex. In precious metals, gold witnessed an afternoon of consolidation, snapping its 2-session streak of gains to close lower.

August gold ended Tuesdays session down $6.80 (-0.5%) to $1317.80/oz. Silver traded sideways in afternoon trade, inching higher into the close as the dollar weakened. July silver closed the session $0.08 higher (+0.5%) at $17.83/oz.

The Treasury complex finished modestly lower as the yield on the 10-yr note rose two basis points to 1.46%.

Todays participation was above the recent average as more than one billion shares changed hands on the NYSE floor.

Tomorrows economic data will include the 7:00 ET release of the weekly MBA Mortgage Index. Meanwhile, Personal Income (consensus 0.3%), Personal Spending (consensus 0.3%), and Core PCE Prices (consensus 0.2%) for May will cross the wires at 8:30 ET. Finally, the days data will be capped off with Pending Home Sales for May (consensus -1.4%), which will be released at 10:00 ET.

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US stocks plunged on Friday following Brexit vote outcome
Jun 27,2016

U.S. stocks plunged on Friday, 24 June 2016 closing slightly above session lows, a day after U.K. citizens voted to end the countrys membership in the European Unionn++a historic rejection of Europes political order. Investors fear the unprecedented decision could destabilize the regions economy, slowing global growth and threatening financial stability. Wall Street joined a global equity rout that saw even sharper plunges in Europe, move that come after global markets rallied a day earlier on a bet that Britons would vote to remain in the trading bloc.

On Friday, the main U.S. indexes all closed down more than 3%, wiping out year-to-date gains for both the S&P 500 and the Dow, while adding to the 2016 loss for the Nasdaq. The Dow plunged 611.21 points, or 3.4%, to close at 17,399.86, all 30 blue-chip stocks finishing lower, led by bank stocks. J.P. Morgan Chase & Co dropped 7% and Goldman Sachs Group dove 7.1%. Earlier, the average was down by as many as 655 points. The S&P 500 dropped 75.91 points, or 3.6% to close at 2,037.41, following an earlier 81-point deficit. The Nasdaq Composite plummeted 202.06 points, or 4.1%, to finish at 4,707.98, for its worst one-day percentage drop since August 2011.

Nine of the 10 main sectors closed sharply lower. Financials, materials, and tech stocks led the losses. Utilities closed fractionally higher due to heightened demand for safer, defensive plays.

On Friday, the Fed said it was prepared to provide dollar liquidity through its existing swap lines with central banks, as necessary, to address pressures in global funding markets, which could have adverse implications for the U.S. economy.

Global equity markets tumbled overnight as participants reacted to a surprise result from yesterdays Brexit vote. The Leave camp carried the referendum after receiving 51.9% of vote. In response, European indices paced the retreat as investors looked ahead to the multi-year legal process of withdrawing the UK from the EU. Additionally, foreign exchange markets were in focus as the pound sank to a three-decade low (1.3231) against the dollar.

In the wake of the shocking Brexit vote, U.K. Prime Minister David Cameron said Friday morning he will resign. Cameron has been campaigning for the n++remainn++ camp.

On the data front, economic data was overshadowed by the Brexit vote. Market reaction to durable-goods orders was muted. Consumer sentiment sank to 93.5 in June, according to the University of Michigan.

Bullion prices ended higher at Comex on Friday, 24 June 2016. Gold futures rallied on Friday to finish at their highest level in nearly two years as investors rushed to buy the metal in the wake of the U.K.s decision to exit from the European Union. Gold tends to rally in times of economic, market or political uncertainty because precious metals are considered a haven asset. As might be expected, riskier assets, including U.S. stocks, tumbled.

August gold jumped $59.30, or 4.7%, to settle at $1,322.40 an ounce with prices marking the largest single-session dollar and percentage climb since September 2013. Gold futures traded as high as $1,362.60. Thats nearly $100 an ounce above Thursdays settlement, which marked a fifth-straight session decline. For the week, gold was up 2.1% after settling last Friday at $1,294.80.

July silver rallied by 43.6 cents, or 2.5%, to $17.789 an ounce, with prices set for the highest settlement since late April. The metal saw a 2.2% weekly gain.

The U.S. Dollar Index, the measure of the buck against a basket of currencies, ended up 2%. The dollar and gold often move inversely, but as other vote-sensitive currencies moved lower against the dollar, the greenback logged short-term gains that unhooked the currency from its typically inverse relationship with gold.

Oil futures dropped nearly 5% on Friday, 24 June 2016 to their lowest level in about a week, after the U.K.s vote to leave the European Union in a nationwide referendum triggered a selloff across markets. The U.K.s vote to end its membership in the EU has spooked investors, sapping appetite for assets viewed as risky, including stocks and commodities, amid the uncertainty surrounding the next step for Europes trade bloc.

August West Texas Intermediate crude dropped $2.47, or 4.9%, to settle at $47.64 a barrel on the New York Mercantile Exchange. Prices logged their largest one-day percentage decline since early February. Prices lost 0.7% from last Fridays $47.98 settlement for the front-month July contract, which expired Tuesday. The August WTI contract itself, was down 1.9% for the week.

The Treasury complex settled off its session high as the yield on the 10-yr note finished lower by 17 basis points at 1.57%.

Fridays participation was above the recent average as more than 1.1 billion shares changed hands on the NYSE floor.

Mondays economic data will be limited to the International Trade in Goods Report for May, which will be released at 8:30 ET.

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Mild losses for US stocks at wall Street
Jun 23,2016

U.S. stocks finished slightly lower on Wednesday, 22 June 2016 as polls showed the outcome of a U.K. referendum on whether to leave the European Union remained too close to call a day ahead of the vote.

After switching between gains and losses all session, the S&P 500 shed 3.45, or 0.2%, to close at 2,085.45. The Dow Jones Industrial Average fell 48.90 points, or 0.3%, to end at 17,780.83, and the Nasdaq Composite Index dropped 10.44 points, or 0.2%, to close at 4,833.32.

Equity indices began the day on a higher note as investors responded to a positive bias in global equity markets. Global bourses ticked up overnight as investors looked to largely even polls between the Brexit camps and an uptick in crude oil. However, support from the oil pit faded through the session as the Department of Energys weekly inventory report surprised to the downside.

Referendum results from the first counting areas are expected around 7:30 p.m. Eastern Time on Thursday, or 12:30 a.m. London time on Friday.

Investors mostly shrugged off a second day of congressional testimony from Federal Reserve Chairwoman Janet Yellen on the economy and monetary policy. On Tuesday, Yellen said a possible Brexit and other risks justify a cautious policy approach. But on Wednesday, the Fed chief focused on the U.S. fundamentals, noting that economy is picking up in the second quarter and she is n++hopefuln++ there will be a commensurate pickup in job growth.

Among economic data expected for the day, existing-home sales rose 1.8% to a seasonally adjusted annual rate of 5.53 million, the highest level in nearly a decade.

Oil futures seesawed between minor losses and gains on Wednesday, 22 June 2016 trading back under $50 a barrel after the U.S. Energy Information Administration reported a much smaller-than-expected decline in U.S. crude supplies. I

August West Texas Intermediate crude fell by 72 cents, or 1.4%, to settle at $49.13 a barrel on the New York Mercantile Exchange. Before the supply data, it was trading at around $50.18 and had tapped a high of $50.54 overnight.

EIA reported that inventories fell by 900,000 for the week ended June 17. The American Petroleum Institute late Tuesday had reported a 5.2 million-barrel drop, while analysts polled by S&P Global Platts expected a decline of 1.4 million barrels. Gasoline supplies rose by 600,000 barrels, while distillate stockpiles edged up by 200,000 barrels last week, according to the EIA.

Bullion prices fell for a fourth straight session on Wednesday. 22 June 2016 to settle at their lowest level in two weeks ahead of a highly anticipated referendum on the U.K.s membership in the European Union.

Gold for August delivery declined by $2.50, or 0.2%, to finish at $1,270 an ounce, with prices logging their lowest settlement since June 8. July silver shed less than penny to end at $17.312 an ounce.

The ICE U.S. Dollar Index was down 0.2% on Wednesday.

The Treasury complex ended its day higher with the yield on the 10-yr note slipping three basis points to 1.68%.

Todays participation was below the recent average as fewer than 804 million shares changed hands on the NYSE floor.

Tomorrows economic data will include weekly initial claims (consensus 273k) and New Home Sales for May (consensus 560k), which will be released at 8:30 ET and 10:00 ET, respectively.

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US stocks register modest gains
Jun 22,2016

U.S. stocks closed slightly higher on Tuesday, 21 June 2016 after trading within a narrow range after Federal Reserve Chairwoman Janet Yellen cautioned that the U.K. leaving the European Union posed a risk while new polls showed support for the n++stayn++ camp growing.

The Dow Jones Industrial Average which traded within a 78-point range, advanced 24.86 points, or 0.1%, to close at 17,829.73. The Nasdaq Composite Index declined 6.55 points, or 0.1%, to finish at 4,843.76, after trading within a 26-point range. The S&P 500 rose 5.65 points, or 0.3%, to close at 2,088.90, led by gains in energy and telecom shares.

Four of the S&Ps 10 sectors were in negative territory, with materials stocks leading the losses.

Dow gainers were led by Microsoft Corp while Boeing led the Dow decliners.

In her testimony to the Senate Banking Committee, Yellen said a victory for the n++leave campn++ in this weeks U.K. referendum on membership in the EU would pose a significant risk to the U.S. economy and global financial market stability, and reiterated the cautious approach to raising interest rates that the Federal Open Market Committee signaled last week when it stood pat on U.S. interest rates.

A U.K. referendum on whether Britain will exit the EUn++known as Brexitn++will be held Thursday, and while polls have been mixed, some have leaned toward the U.K. remaining a member of Europes trade bloc, which has dulled haven demand for metals.

Global markets have been bracing for the possibility that a Brexit would unsettle markets, even temporarily. Surveys gauging the likelihood of a Brexit have been volatile, with polls in early June showing gains in the pro-leave camp driving investors into assets perceived as safe, including the Japanese yen.

Bullion prices ended lower at Comex on Tuesday, 21 June 2016. Gold futures finished at their lowest level in almost two weeks on Tuesday, suffering a third-straight session decline as some investors bet that the U.K. will vote to remain in the European Union.

Gold for August delivery shed $19.60, or 1.5%, to settle at $1,272.50 an ouncen++the lowest settlement since 8 June 2016. July silver fell 19.5 cents, or 1.1%, to $17.319 an ounce.

Oil futures finished with a loss on Tuesday, 21 June 2016 pulling back from their highest level in more than a week as investors weighed continued uncertainty ahead of the U.K. referendum on European Union membership and its potential impact on energy demand. The moves came ahead of weekly data that are expected to show a decline in U.S. crude supplies.

July West Texas Intermediate crude lost 52 cents, or 1.1%, to settle at $48.85 a barrel on the New York Mercantile Exchange after touching a low of $48.16. It had climbed over the past two trading sessions to settle Monday at the highest level since June 9. The July contract expired at the settlement. August WTI crude which became the front-month contract, settled at $49.85, down 11 cents, or 0.2%.

There was no economic data of note released at Wall Street today.

The Treasury complex settled lower as the yield on the 10-yr note rose one basis point to 1.70%.

Todays volume was below the recent average as fewer than 831 million shares changed hands on the NYSE floor.

Tomorrows data will include the weekly MBA Mortgage Index and the FHFA Housing Price Index, which will be released at 7:00 ET and 10:00 ET, respectively. Finally, Existing Home Sales for May (consensus 5.50 million) will cross the wires at 10:00 ET.

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Asia Pacific Market: Stocks hold gains on optimism Britain to stay in EU
Jun 21,2016

Asia Pacific share market closed mostly higher on Tuesday, 21 June 2016, amid increasing hopes that Britons would vote to remain in the European Union in Thursdays referendum. But gains were limited ahead of testimony from Federal Reserve Chair Janet Yellen and the outcome of the June 23 referendum on Britains European Union membership. The MSCI Asia Pacific Index advanced 0.8% to 129.83

Investors were waiting for U.S. Federal Reserve chair Janet Yellens congressional testimony later in the day for hints on when the central bank may start raising interest rates.

Recent polls have shown that more British people are shifting toward remaining in the European Union before Thursdays referendum following the fatal shooting of British Parliamentarian Jo Cox, an advocate of Britain remaining in the 28-nation bloc.

The Organization for Economic Cooperation and Development (OECD) has warned that Britains leaving the EU -- the so-called Brexit -- could send shocks through global financial markets. The OECD said on 1 June 2016 that a United Kingdom vote to leave the EU would trigger negative economic effects on the UK, other European countries and the rest of the world. Brexit would lead to economic uncertainty and hinder trade growth, with global effects being even stronger if the British withdrawal from the EU triggers volatility in financial markets, the OECD said. By 2030, post-Brexit UK GDP could be over 5% lower than if the country remained in the European Union, the OECD said.

Among Asian bourses

Australia Market extends gain

Australian share market advanced for second day in row, as investors grew increasingly optimistic the United Kingdom will vote to stay in the European Union. At close of trade, the benchmark S&P/ASX 200 index added 17.60 points, or 0.33%, to 5274.40. The broader All Ordinaries climbed up 17.70 points, or 0.33%, to 5353.30. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 511 to 486 and 374 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 0.98% to 19.865.

Shares of materials and resources companies declined in line with weaker commodities prices. BHP Billiton slipped 1% to A$18.69 and Rio Tinto lost 1.3% to A$44.21. Iron ore miner Fortescue Metals Group dropped 3% to A$3.26. Energy stocks lost ground after the oil price fell. Woodside Petroleum declined 3.5% to A$26.50, Santos 3.2% to A$4.85, and Origin 1.2% to A$5.78.

Shares of banks and financial companies traded stronger. ANZ Banking Group inclined 1.6% to A$24.25, Commonwealth Bank 1.2% to A$75.08, and Westpac Banking Corp 0.7% to A$29.68, while National Australia Bank shed 0.3% to A$25.67.

Shares of healthcare companies were in positive territory. Blood plasma products company CSL rose 0.7% to A$108.89, while Sonic Health added 2.2% to A$21.26 and ResMed rose 2.6% to A$8.16.

The minutes of June RBA meeting, when cash rate was held at 1.75%, were released. RBA noted that an appreciation of the exchange rate could complicate the adjustment of the economy to the lower terms of trade. Meanwhile, short-term measures of inflation expectations - from consumers, market economists, union officials and inflation swaps - had remained below average. Long-term inflation expectations had also remained below average. And, following the reduction in the cash rate in May, the board judged that leaving the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and inflation returning to target over time. Also from Australia, house price index dropped -0.2% qoq in Q1 versus expectation of 0.8% qoq rise.

Nikkei jumps 0.51%

The Japan share market advanced for third straight session on Tuesday, 21 June 2016, thanks to a pause in the yens appreciation against greenback amid bets the U.K. will opt to stay in the European Union in Thursdays vote. But gains were limited ahead of testimony from Federal Reserve Chair Janet Yellen and the outcome of the June 23 referendum on Britains European Union membership. The 225-issue Nikkei Stock Average gained 203.81 points, or 1.28%, to 16,169.11. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 14.71 points, or 1.15%, to 1,293.90.

Daiichi Sankyo Co. surged 7.9% after a pharmaceutical company announced it will buy back as many as 28 million shares.

Japan Steel Works slumped 5.3% after Morgan Stanley MUFG Securities Co. cut its rating on the stock.

The finance ministry said on Monday that Japan fell into a trade deficit in May, the first since January, as export declines accelerated while imports dropped. Japan logged a deficit of 40.72 billion yen ($389 million), compared with a trade surplus of 823.18 billion yen in April, as exports of steel and semiconductors declined, the ministry said. However, it was smaller than the deficit of 215.35 billion yen seen in May 2015. For the latest month, exports fell 11.3%, marking the eighth straight monthly decline. The value of steel shipments dropped 24.1%, while electronic parts such as semiconductors shrank 20%. Imports, meanwhile, also fell 13.8%, largely due to sharp declines in energy prices, such as crude oil and liquefied natural gas.

China Stocks fall 0.35%

Mainland China stock market closed down, despite global rally, with technology, materials, and consumer goods stocks being major losers. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.2%, to 3106.32, while the Shanghai Composite Index dropped 0.35%, to 2878.56 points.

Shares materials and resources companies dropped on tracking pullback in base metal prices. Jiangxi Copper dropped 1.1%, while Yunnan Copper Co. slid 1.4%.

Shanghai Jinqiao Export Processing Zone Development Co. surged 10% before its shares were suspended, on reports its base was the front-runner to become Tesla Motors Inc.s Chinese production site. The company said in a statement on Tuesday it didnt sign an agreement with the U.S. car maker.

Chinas foreign exchanged regulator said on Monday that pressure on the countrys cross-border capital outflows had gradually eased, after data showed commercial banks foreign exchange sales dropped in May. Chinese banks sold a net $12.5 billion worth of foreign exchange in May, versus net sales of $23.7 billion in April, data from the State Administration of Foreign Exchange showed.

Hong Kong Market surges 1.7%

The Hong Kong stock market finished higher, amid growing optimism that the United Kingdom will vote to stay in the European Union later this week. The benchmark Hang Seng Index grew 158.24 points, or 0.77%, to 20668.44 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, jumped 64.89 points, or 0.75%, to 8704.40. Turnover decreased to HK$53.9 billion from HK$55 billion on Monday.

The PBoC said in its Weibo that the central bank is studying to help commercial banks to participate offshore forex market. This aims at higher level of two-way openness of forex market. Chinese banks were generally higher. CITIC Bank (00998) put on 2.4% to HK$4.65. ICBC (01398) added 2% to HK$4.29. ABC (01288) gained 2.1% to HK$2.93. CCB (00939) rose 0.8% to HK$5.2 despite Singapores state-owned investment firm Temasek Holdings has recently reduced its stake in the lender.

China Telecom (00728) said its May net mobile user adds increased 1.34 million, while 4G users net adds grew 5.03 million. The stock advanced 2.4% to HK$3.46. China Mobile (00941) shot up 1.4% to HK$86.55. China Unicom (00762) edged up 0.7% to HK$8.17.

Oil prices have risen for two days in a row. CNOOC (00883) and Sinopec (00386) put on 2% to HK$9.59 and HK$5.43.

Tencent (00700) was up 1.3% at late trade to HK$172.9 on talks that it has reached agreement to acquire mobile game developer Supercell.

Hong Kongs overall consumer prices rose 2.6% in May over the same month a year earlier, slightly smaller than the corresponding increase of 2.7% in April, according to the Census and Statistics Department. Netting out the effects of all Governments one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in May was 2.2%, also slightly smaller than Aprils 2.3% rise, mainly due to the smaller increases in the prices of fresh vegetables.

Indian indices snap two-day winning streak

The two key benchmark indices snapped a two-day winning streak in what was a lacklustre trading session. The barometer index, the S&P BSE Sensex, fell 54.14 points or 0.2% to settle at 26,812.78. The Nifty 50 index fell 18.60 points or 0.23% to settle at 8,219.90.

Bank of India shed 0.57%. Bank of India today, 21 June 2016, announced said the bank has decided to sell its 18% stake in Star Union Dai-ichi Life Insurance Company (SUD) to Dai-ichi Life Insurance Company Limited (DILIC). After the completion of the transaction, the shareholding of Bank of India in SUD will be reduced to 30% from 48% and the shareholding of DILIC will rise to 44% from 26%. Union Bank of India will continue to hold 26% stake in the life insurance joint venture. The announcement was made during market hours today, 21 June 2016.

Meanwhile, the finance ministry in its quarterly revision on interest rates on small savings schemes has kept the rates unchanged for Q2 September 2016. The government now announces revision in interest rates on small saving schemes on quarterly basis as against the earlier practice of annual revision. The decision to shift to quarterly revision from annual revision was taken to ensure that interest rates under small savings schemes are more dynamically related to the prevailing market rates. It may be recalled that the finance ministry had in March 2016 announced reduction in interest rates on small savings schemes for Q1 June 2016 in a move to bring the rates in line with the prevailing money market rates.

Tata Power lost 2.33%. The company announced during trading hours today, 21 June 2016, that its 100% subsidiary, Tata Power Renewable Energy (TPREL) has won solar grid connected photovoltaic project of 30 megawatts (MW) in Maharashtra. The project has been awarded in the DCR category under the Jawaharlal Nehru National Solar Mission (JNNSM). TPREL has received the Letter of Intent to develop the project and will sign a 25-year power purchase agreement (PPA) with NTPC Vidyut Vyapar Nigam. The JNNSM, launched in January 2010, is a major initiative of the Government of India that aims to establish India as a global leader in solar energy by creating favourable policy conditions for its diffusion across the country.

Elsewhere in the Asia Pacific region: New Zealands NZX50 fell 0.4% to 6839.40. South Koreas KOSPI index rose 0.1% to 1982.70. Taiwans Taiex index grew 0.7% to 8684.85. Malaysias KLCI added 0.2% to 1637.39. Indonesias Jakarta Composite index rose 0.3% to 4878.71. Singapores Straits Times index fell 0.4% to 2789.45.

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Hong Kong Market surges 0.77%
Jun 21,2016

The Hong Kong stock market finished higher on Monday, 20 June 2016, amid growing optimism that the United Kingdom will vote to stay in the European Union later this week. The benchmark Hang Seng Index grew 158.24 points, or 0.77%, to 20668.44 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, jumped 64.89 points, or 0.75%, to 8704.40. Turnover decreased to HK$53.9 billion from HK$55 billion on Monday.

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China Stocks fall 0.35%
Jun 21,2016

Mainland China stock market closed down on Tuesday, 21 June 2016, despite global rally, with technology, materials, and consumer goods stocks being major losers. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.2%, to 3106.32, while the Shanghai Composite Index dropped 0.35%, to 2878.56 points.

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Australia Market extends gain
Jun 21,2016

Australian share market advanced for second day in row on Tuesday, 21 June 2016, as investors grew increasingly optimistic the United Kingdom will vote to stay in the European Union. At close of trade, the benchmark S&P/ASX 200 index added 17.60 points, or 0.33%, to 5274.40. The broader All Ordinaries climbed up 17.70 points, or 0.33%, to 5353.30. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 511 to 486 and 374 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 0.98% to 19.865.

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Nikkei jumps 0.51%
Jun 21,2016

The Japan share market advanced for third straight session on Tuesday, 21 June 2016, thanks to a pause in the yens appreciation against greenback amid bets the U.K. will opt to stay in the European Union in Thursdays vote. But gains were limited ahead of testimony from Federal Reserve Chair Janet Yellen and the outcome of the June 23 referendum on Britains European Union membership. The 225-issue Nikkei Stock Average gained 203.81 points, or 1.28%, to 16,169.11. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 14.71 points, or 1.15%, to 1,293.90.

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US stocks end with strong gains
Jun 21,2016

U.S. stocks closed up on Monday, 20 June 2016 but off their session highs, following the lead of European markets as polls showed support swinging back toward the U.K. remaining a member of the European Union ahead of a referendum. The so-called Brexit vote is set for Thursday and investors have been following it closely for fear that Britains exit from Europes trading block could unsettle global markets.

The Dow Jones Industrial Average which had climbed as much as 271 points earlier in the session, closed up 129.71 points, or 0.7%, at 17,804.87. The Nasdaq Composite Index advanced 36.88 points, or 0.8%, to close at 4,837.21, after being up as much as 82 points. The S&P 500 index gained 12.03 points, or 0.6%, to close at 2,083.25, with a broad swath of sectors climbing.

Of the 10 main sectors, four were up 1% or more, led by the energy sector, while utilities was the only lagging sector. The gains were led by a rally in shares of Boeing, Goldman Sachs and 3M.

The stock market began its week on a higher note as investors eyed a rally in global equities following a reversal in Brexit polls. However, the equity indices finished off their highs due to a sell off in the final hour. Global investors shed their risk-off posture overnight as participants eyed a shift towards the Remain camp in the latest round of Brexit polling.

Equities continued to slip through the afternoon. The fading conviction in the final hour of trade was likely related to concerns that there could be another shift in Brexit polling overnight, as well as the recognition that Fed Chair Yellen will be providing the first day of her semiannual monetary policy testimony on Tuesday in front of the Senate Banking Committee.

Crude oil futures finished at their highest level in more than a week on Monday, 20 June 2016 as global stock markets soared as opinion polls indicated the U.K. was more likely to remain in the European Union. Natural-gas futures, meanwhile, rallied to their highest level since September as warmer weather forecasts for the next several days pointed to higher demand for the commodity.

July West Texas Intermediate tacked on $1.39, or 2.9%, to settle at $49.37 a barrel on the New York Mercantile Exchange. The July contract expires at Tuesdays settlement and August will become the front month for WTI. August Brent crude rose $1.48, or 3%, to $50.65 a barrel on Londons ICE Futures exchange.

Bullion metals finished higher on Monday, 20 June 2016 as global stock markets soared as opinion polls indicated the U.K. was more likely to remain in the European Union. A weak dollar also boosted prices.

In precious metals, gold closes near highs of the day, just shy of the previous sessions closing price as the dollar shows marked weakness. August gold ended todays session down $2.70 (-0.2%) to $1292.20/oz. Silver trades flat in the afternoon after a modest early morning rally, closing higher on the dayJuly silver closed todays session $0.09 higher (+0.5%) at $17.51/oz.

The Treasury complex settled near its lows. The yield on the 10-yr note rose six basis points to 1.67% as some of last weeks safe-haven positioning trades were unwound.

There was no economic data of note released today.

Tomorrows economic calendar is again noticeably light, but Fed Chair Yellen is scheduled to begin her biannual testimony before Congress at 10:00 ET. Ms. Yellen will be addressing the Senate Banking Committee and the House Financial Services Committee on Tuesday and Wednesday, respectively.

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Asia Pacific Market: Stocks recharge as Brexit jitters ease
Jun 20,2016

Asia Pacific share market surged on Monday, 20 June 2016, as sentiment improved significantly following different polls suggesting that the remain camp is leading regarding UKs 23 June referendum on membership of the European Union.

Stocks drew active buying across the board from the beginning of Mondays trading. Investor concerns about Brexit eased as a weekend poll showed that the proportion of British people hoping to see the country stay in the EU outpaced that of those who seek its departure. The survey result came ahead of Thursdays national referendum in Britain on whether to leave the EU.

Among Asian bourses

Australia Market rises 1.5%

Australian share market finished sharply higher, as fears of a Brexit, the departure of the UK from the European Union, eased. Nine out of ten sectors added weight today with the major banks and the big miners leading the charge. At close of trade, the benchmark S&P/ASX 200 index surged 94.10 points, or 1.82%, to 5256.80. The broader All Ordinaries climbed up 87.30 points, or 1.66%, to 5335.60. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 531 to 473 and 351 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 2.84% to 20.218.

Shares of miners and energy companies surged on tracking rebound in commodity prices. The global benchmark Brent was up 1.22 percent at $49.77 a barrel, while U.S. crude added 1.13 percent to $48.52. Woodside Petroleum advanced 5.9% to A$27.47, Santos 9.6% to A$4.70, and Origin 9.4% to A$5.84. BHP was more than 4.3% higher at A$18.87 and Rio Tinto 3.1% at A$44.79.

Shares of heavy-weight gold miners declined after spot gold, another safe-haven asset, fell some 1.11 percent to $1,283.76 an ounce on the back of easing Brexit concerns. Gold miners in Australia finished lower, with Newcrest shares down 2.54 percent and Evolution Mining down 2.97 percent.

Nikkei bounces over 2%

The Japan share market spurted, thanks to a pause in the yens appreciation on the back of receding Brexit exit after polls showed support for Britain staying in the EU regaining momentum before Thursdays referendum. Every industry category on the main section gained ground, led by marine transportation, mining as well as iron and steel issues. The 225-issue Nikkei Stock Average ended up 365.64 points, or 2.34 percent, from Friday at 15,965.30. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 28.36 points, or 2.27 percent, higher at 1,279.19. Rising issues far outnumbered falling ones 1,776 to 134 on the TSEs first section, while 49 issues were unchanged. Volume fell to 1.8 billion shares from Fridays 2.3 billion shares.

Shares of major exporters, including automakers Toyota, Fuji Heavy and Mazda, electronics parts producer Murata Manufacturing and machinery maker Komatsu posted sharp gains. Shipping firm Nippon Yusen, Oil Company Inpex and Kobe Steel also surged. Other major winners included mega-banks Mitsubishi UFJ and Sumitomo Mitsui, clothing store chain operator Fast Retailing and mobile phone carriers SoftBank Group, KDDI and NTT Docomo.

Organic light-emitting diode display suppliers rose after reports that Samsung could supply Apple Inc. with organic OLED panels for iPhones next year, raising hopes of a boost in demand.Nissin Electric and Hodogaya Chemical gained.

Nissan Motor climbed after the Nikkei business daily reported Monday that the automaker will launch an electric vehicle in China that is roughly 30 percent cheaper than existing models.

By contrast, Mitsubishi Motors lost after the automaker said Friday that it will book 50 billion yen in costs for customer compensation over its fuel economy data manipulation as a special loss for the fiscal year through March 2017.

China Stocks closes in green

Mainland China stock market closed slight higher, following regional rally, on hopes Britain will decide to remain in the European Union. But market upward move was limited amid concerns of yuan depreciation and a fresh regulatory crackdown on speculative trading. The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.07%, to 3112.67, while the Shanghai Composite Index rose 0.13%, to 2888.81 points.

Last week, U.S. publisher MSCI decided not to add yuan-denominated Chinese shares to its emerging market index. Many watchers say the decision at least partly reflected fund managers unease about allocating more to yuan assets. Responding to yuan depreciation fears, the Financial News, the PBOCs mouthpiece newspaper, reaffirmed on Monday that there was no basis for the yuan to depreciate over the long term, but more two-way volatility is unavoidable while reforms proceed.

Market sentiment was also hit by a weekend announcement from Chinas securities regulator that it would tighten rules on major restructurings by listed companies to curb speculation around shell companies used for backdoor listings.

Sector performance was mixed. Real estate shares strengthened after data showed Chinas home prices rose faster in May as smaller cities joined the rally in bigger cities.

Hong Kong Market surges 1.7%

The Hong Kong stock market finished higher on the back of receding worries about Britains possible exit from the European Union, or n++Brexit.n++ The benchmark Hang Seng Index grew 340.22 points, or 1.69%, to 20510.20 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, jumped 153.64 points, or 1.81%, to 8639.51. Turnover decreased to HK$55.1 billion from HK$62.5 billion on Friday.

Companies with UK exposures were higher, with Standard Chartered Bank (02888) and HSBC (00005) advancing 8% and 3% to HK$61.6 and HK$49.35 respectively. Power Assets (00006) surged 4% to HK$73.85. It was the top blue-chip gainer today.

CNOOC (00883) gained 4% to HK$9.36 after UBS Research upgraded its rating and said its time to accumulate the stock. As oil prices rebounded 4%, other oil majors were also higher. PetroChina (00857) and Sinopec (00386) rose 2% and 3% to HK$5.28 and HK$5.32.

China Vanke (02202) announced that it will purchase 100% of Qianhai International from Shenzhen Metro at Rmb45.6bn. CLSA was bearish on the acquisition. Vanke fell 3% to HK$17.

SHKP (00016) gained 2% to HK$89.4 after Goldman Sachs lifted its target price for the stock. Wheelock (00020) also jumped 4% to HK$35.25, while its associate Wharf (00004) added 2% to HK$45.15.

Indian market attains highest closing level in nearly two weeks

The governments announcement of a further liberalization of foreign direct investment (FDI) rules in some sectors and gains in global stocks aided the upmove on the domestic bourses at the onset of the week. The barometer index, the S&P BSE Sensex, rose 241.01 points or 0.91% to settle at 26,866.92. The Nifty rose 68.30 points or 0.84% to settle at 8,238.50.

The Indian government today, 20 June 2016, announced liberalization of foreign direct investment (FDI) rules in aviation, pharmaceutical, defence, trading in food products and single brand retail trading. The government said in a statement that with the latest liberalization of the FDI regime in the country, most of the sectors would be under automatic approval route, except a small negative list. With these changes, India is now the most open economy in the world for FDI, it said.

IT shares edged higher as the rupee edged lower against the dollar. Aviation stocks were in demand after the government liberalized the foreign direct investment norms in the civil aviation sector. Shares of defence equipment companies rose after the government raised the ceiling on foreign direct investment (FDI) in defence sector to 100% from 49%. Metal and mining stocks rose as copper prices edged higher in the global commodities markets. Gammon India rose by its maximum permissible daily limit of 20% to Rs 14.89 after the company reported turnaround Q4 March 2016 results.

Elsewhere in the Asia Pacific region: New Zealands NZX50 added 0.3% to 6869.54. South Koreas KOSPI index rose 1.4% to 1981.12. Taiwans Taiex index grew 0.7% to 8625.92. Malaysias KLCI added 0.6% to 1634.23. Indonesias Jakarta Composite index rose 0.6% to 4863.53. Singapores Straits Times index added 1.4% to 2800.87.

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Australia Market rises 1.5% as Brexit jitters ease
Jun 20,2016

Australian share market finished sharply higher on Monday, 20 June 2016, as fears of a Brexit, the departure of the UK from the European Union, eased. Nine out of ten sectors added weight today with the major banks and the big miners leading the charge. At close of trade, the benchmark S&P/ASX 200 index surged 94.10 points, or 1.82%, to 5256.80. The broader All Ordinaries climbed up 87.30 points, or 1.66%, to 5335.60. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 531 to 473 and 351 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 2.84% to 20.218.

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Nikkei bounces over 2% on Brexit polls
Jun 20,2016

The Japan share market spurted on Monday, 20 June 2016, thanks to a pause in the yens appreciation on the back of receding Brexit exit after polls showed support for Britain staying in the EU regaining momentum before Thursdays referendum. Every industry category on the main section gained ground, led by marine transportation, mining as well as iron and steel issues. The 225-issue Nikkei Stock Average ended up 365.64 points, or 2.34%, from Friday at 15,965.30. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 28.36 points, or 2.27%, higher at 1,279.19. Rising issues far outnumbered falling ones 1,776 to 134 on the TSEs first section, while 49 issues were unchanged. Volume fell to 1.8 billion shares from Fridays 2.3 billion shares.

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China Stocks closes in green
Jun 20,2016

Mainland China stock market closed slight higher on Monday, 20 June 2016, following regional rally, on hopes Britain will decide to remain in the European Union. But market upward move was limited amid concerns of yuan depreciation and a fresh regulatory crackdown on speculative trading. The CSI300 index of the largest listed companies in Shanghai and Shenzhen rose 0.07%, to 3112.67, while the Shanghai Composite Index rose 0.13%, to 2888.81 points.

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