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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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Hong Kong Market surges 1.7%
Jun 20,2016

The Hong Kong stock market finished higher on Monday, 20 June 2016, 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.

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US stocks end five day losing streak
Jun 17,2016

U.S. stocks erased early losses to close modestly higher on Thursday, 16 June 2016 ending a five-day streak of losses. For the past several sessions, a British referendum scheduled for June 23 to decide whether the U.K. will remain in the European Union had been weighing on risky assets like equities. On Thursday, stocks seemed to find some support after both sides in the referendum debate suspended campaigning for the day after British lawmaker Jo Cox died following a shooting attack.

The Dow Jones Industrial Average erased a triple-digit loss to close with a gain of 92.93 points, or 0.5%, at 17,733.10. The Nasdaq Composite ended the session up 9.98 points, or 0.2%, at 4,844.91. The S&P 500 closed 6.50 points, or 0.3%, higher at 2,078, after trading as low as 2,050.27 earlier in the session.

Nine out of the S&Ps 10 sectors ended in positive territory, with telecom stocks leading the gains.

The main indexes advanced even as oil futures dropped to a five-week low, weighing on energy stocks, which was the only sector on the S&P that closed in negative territory. Meanwhile, the financial sector was hit earlier in the day by the prospect of interest rates staying lower for longer, after the Fed signaled Wednesday that it will delay interest rate increases, demonstrating its not overly confident in the economy.

But investors across the world were fretting about the potential consequences of a Brexit vote, particularly after three major central banksn++the Federal Reserve, the Bank of England and the Bank of Japann++raised concerns about the U.K. potentially leaving the EU in the June 23 referendum.

Meanwhile, the Japanese central bank on Thursday made no changes to its asset-purchase program or interest rates. The lack of action was interpreted as caution ahead of the June 23 Brexit referendum. On Thursday, the Bank of England also kept its key interest rate unchanged at a record low of 0.5% and made no changes to its 375-billion-pound ($530 billion) asset-purchase program. The BOE said in a statement that a potential vote to leave the EU could materially alter the outlook for output and inflation in the U.K.

On the U.S. economic front, a flurry of fresh data offered a mixed picture of the U.S. economy. A reading on U.S. inflation missed expectations on Thursday, while initial jobless claims rose. But rent rose at the fastest monthly pace since 2007 last month, a reminder that one of the biggest expenses for most Americans isnt easing up. The Philadelphia Fed manufacturing index showed mild improvement in June, logging its second positive reading in the past 10 months. And a closely watched index of home builder sentiment rose to its highest reading since January.

Crude Oil futures settled lower for a sixth straight session on Thursday, 16 June 2016, their longest losing streak since Februaryn++and marked their lowest settlement in about five weeks. Market jitters over the looming U.K. referendum on whether to leave the European Union, a so-called Brexit, fueled concerns about a potential slowdown in energy demand and a recent rise in the number of U.S. rigs drilling for oil pointed to a possible uptick in crude production levels.

On the New York Mercantile Exchange, July West Texas Intermediate crude fell $1.80, or 3.8%, to finish at $46.21 a barrel. August Brent crude fell $1.78, or 3.6%, to settle at $47.19 a barrel on Londons ICE Futures exchange.

Bullion prices ended higher at Comex on Thursday, 16 June 2016. Gold futures rose for a seventh straight session Thursday, but settled back below the closely watched $1,300 mark, finding support as the Federal Reserve stirred already percolating global growth concerns and developments surrounding the U.K. referendum fueled further economic uncertainty. But gold prices significantly pared their gains on Thursday following news that British lawmaker Jo Cox died following a shooting attack, prompting both sides in the referendum debate to suspend campaigning for the day.

August gold rose $10.10, or 0.8%, to settle at $1,298.40 an ounce, trading well below the intraday high of $1,318.90. July silver rose 10.4 cents, or 0.6%, to $17.607 an ounce.

The Treasury complex ended on a mixed note with the yield on the 10-yr note finishing flat at 1.57%.

Todays participation was above the recent average as more than 865 million shares changed hands on the NYSE floor.

Tomorrows data will be limited to Housing Starts (consensus 1,150k) and Building Permits (consensus 1,150k) for May, which will be released at 8:30 ET.

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Asia Pacific Market: Stocks drop after policy actions by Fed, BoJ
Jun 16,2016

Asia Pacific share market closed down on Thursday, 16 June 2016, as investors fled equities for safe-haven assets like gold amid fresh worries about economic growth and market turmoil. The US and Japanese central banks both kept monetary policy unchanged and signalled caution amid uncertainty ahead of Britains vote on EU membership next week.

The US Federal Reserve on Wednesday also kept interest rates unchanged and signalled a slower pace of future rate hikes, citing uncertainties in the global economy and concerns about a pending vote by Britons on EU membership next week. The Fed officials also lowered their projections for US growth in 2016 to 2% from 2.2%. n++The worrying drop in non-farm payrolls employment last month and concerns about the upcoming Brexit vote appear to have driven this dovish tone of the Fed.

The Bank of Japan left its policy unchanged at its meeting Thursday, adding to a host of concerns investors have grappled with in recent sessions, including a coming U.K. referendum on European Union membership, an unclear path for U.S. interest rates, and mixed data on the world economy. In its policy statement, the BOJ said risks to the economic outlook include uncertainties in emerging and commodity-exporting economies, particularly China, impact of monetary policy response from the US on global financial markets, prospects regarding Europes debt problem and economic activity, as well as geopolitical risks. The BOJ decided a status quo at the June meeting to avoid criticism for a collusive relationship with the government facing the July Upper House election and to save its scarce ammunition before the U.K. referendum next week.

Among Asian bourses

Australia Market closed mixed

Australian share market finished mixed, as gains in bullion, retailers, and utilities stocks were offset by losses in energy, financial, and healthcare stocks. At close of trade, the benchmark S&P/ASX 200 index declined 1.10 points, or 0.02%, to 5146. The broader All Ordinaries rose 1.30 points, or 0.02%, to 5231.70. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 532 to 477 and 345 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 2.79% to 19.932.

Energy shares lost ground on tracking drop in crude oil prices. Crude oil for delivery in July fell 0.96% or 0.46 to hit $47.55 a barrel, while the August Brent oil contract fell 0.86% or 0.42 to trade at $48.55 a barrel. Woodside Petroleum fell 0.5% to A$25.97 and Origin lost 0.9% to A$5.34.

The rally in the gold price pushed listed miners to a three-year high, driving the All Ordinaries Gold Index up as much as 3.5%. Shares of heavy-weight gold miners Newcrest Mining, Evolution Mining and Northern Star Resources all gained, with Newcrest up 2.9% to A$22.54, Evolution 4.7% to A$2.43, and Northern Star 5.1% to A$5.09.

Crown Resorts rocketed 13.2% to A$12.75 after James Packer announced audacious plans to split the underperforming company. Crown will split its international business into a new listed vehicle and explore a potential IPO of a property trust including the bulk of its Australian hotels after admitting its poorly performing Macau business had dragged down value for shareholders.

Nikkei tanks 3.05%

The Japan share market finished steep lower, dragged down by yen appreciation against basket of major currencies after the Bank of Japan (BOJ) kept monetary policy steady. Selloff pressure also intensified amid uncertainty around US and Chinese growth, Britains future in the European Union. All 33 groups on the equity gauge declined, with real estate, nonferrous metals, rubber products, and machinery issues being major losers. The benchmark Nikkei 225 index tanked 3.05%, or 485.44 points, to 15,434.14. The Topix index of all first-section issues finished down 35.55 points, or 2.78%, at 1,241.55.

Exporters were the biggest drags on the Topix after yen soared to its highest level against the dollar in nearly two years after Japans central bank left its policy unchanged. A strong yen makes life harder for Japanese exporters. Isuzu Motors Ltd. fell 4.6% and Nissan Motor Co. dropped 4.3%.

Nitto Denko Corp. fell 7.2%, after Mitsubishi UFJ Morgan Stanley Securities Co. cut its rating on the chemical maker, citing deterioration in the polarizing film market.

China Stocks fall 0.5%

Mainland China stock market closed down, as selloff resumed a day after MSCIs decision to keep mainland-listed shares out of its key emerging markets index. The downward pressure on the market witnessed due to the potential withdrawal of funds that had been buying A shares in the past few weeks betting on a positive decision by MSCI on A shares. The CSI300 index of the largest listed companies in Shanghai and Shenzhen dropped 0.7%, to 3094.67, while the Shanghai Composite Index fell 0.5%, to 2872.82 points.

Global index provider MSCI Inc yesterday said it would delay including A shares into one of its flagship indexes as concerns about market accessibility and capital mobility linger. MSCI highlighted the 20% monthly repatriation limits as a n++significant hurdlen++ for investors, while anti-competitive clauses adopted by Chinese exchanges that restrict the launching of financial products linked to A shares in overseas markets also impeded the integration of A shares. The delay marks the third failure to add A shares in MSCIs widely followed emerging market index, which is tracked by money managers who manage US$1.7 trillion in assets. In 2015, MSCI rejected A shares due to concern about the quota allocation process, curbs on capital mobility and beneficial ownership of investments. MSCI said it would retain the A shares inclusion proposal for the 2017 Market Classification Review and it did not rule out a potential off-cycle announcement should further significant positive developments occur before June 2017.

Most of SSE sectoral indices declined, with infrastructure and financials stocks being major losers. Oil stocks tanked after crude futures settled lower overnight in New York for a fifth straight session. Refining giant Sinopec fell 1.3% to 4.68 yuan, while PetroChina was down 0.7%.

Bucking the trend, resources shares rose on news that China will strictly control newly added production capacity, and accelerate a reduction of overcapacity in the non-ferrous metals sector. Gold miners were higher, as August gold climbed to US$1,311.9 an ounce today, up 1.5% from Wednesdays close of regular trading in New York. Gold futures for August delivery settled at US$1,288.3 an ounce overnight, marking its sixth straight advance. Gold miner Zijin Mining Group was limit-up 10% to close at 3.48 yuan in Shanghai. Rival Shandong Gold Mining leapt 8% to 38.7 yuan and Zhongjin Gold jumped 5.6% to 11.31 yuan.

Hong Kong Market tanks 2.1%

The Hong Kong stock market finished deeply in red, as investors fled equities for safe-haven assets like gold amid fresh worries about US economic growth after the Federal Reserve lowered its economic growth forecasts for this year and on caution ahead of the Britains June 23 national referendum on whether to leave the European Union. The benchmark Hang Seng Index tumbled 429.10 points, or 2.1%, to 20038.42 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, retreated 199.78 points, or 2.32%, to 8409.81. Turnover increased to HK$62.8 billion from HK$58.5 billion on Wednesday.

Developers were generally lower. CK Property (01113) and Sino Land (00083) fell 2% to HK$46.35 and HK$11.84. Wheelock (00020) declined 3% to HK$34.

Banking stocks were also lower as they may follow the US to keep rate steady. Standard Chartered (02888) dropped 3% to HK$54.95. HSBC (00005) sank 2% to HK$46.4. Bank of East Asia (00023) slipped 2% to HK$27.75 after Goldman Sachs tipped smaller family-controlled banks in HK may become target of acquisition. The research house also raised its target price for BEA.

Tencent (00700) dipped 2% to HK$168.8 even though a newswire cited insiders reporting that the internet giant is close to reach a deal to buy mobile game developer Supercell.

Shanghai Disney theme park opened today, but relevant stocks have yet to benefit from the euphoria. Jinjiang Hotels (02006) plunged 5% to HK$2.77. Air China (00753) fell 3% to HK$5.07. China East Air (00670) slid 5% to HK$3.99 after it reported May passenger traffic growth of 5.6% and cargo volume decline of 4.9%.

Indian market drops on weak offshore lead

Weak global cues triggered a fresh selling on the domestic bourses today, 16 June 2016. However, key indices managed to settle off their intraday lows as European stocks trimmed intraday losses. The barometer index, the S&P BSE Sensex lost 200.88 points or 0.75% to settle at 26,525.46. The Nifty 50 index lost 65.85 points or 0.8% to settle at 8,140.75.

Shares of Bharti Infratel fell 4.71% on reports that a foreign brokerage has downgraded the stock to underperform from buy and also slashed its 12-month target price to Rs 232 from Rs 440 earlier. According to reports, the foreign brokerage has downgraded the Bharti Infratel stock as it expects slower than expected telecom data growth. The brokerage firm sees risk of rental renewals that may lead to telecom firms being offered discounts. The brokerage has reportedly slashed its projected earnings per share (EPS) for Bharti Infratel by 5-9% for a period of three years from FY 2017 to FY 2019 factoring in higher-than-expected inflation in rental costs.

Indias merchandise exports fell 0.79% at $22.17 billion in May 2016 over May 2015. Imports fell 13.16% at $28.44 billion in May 2016 over May 2015. The trade deficit fell to $6.27 billion in May 2016 from $10.41 billion in May 2015. Non-petroleum exports rose 1.01% at $20.19 billion in May 2016 over May 2015. Oil imports fell 30.45% at $5.93 billion. Non-oil imports fell 7.06% at $22.50 billion. The commerce ministry released the trade data on provisional basis for May 2016 after trading hours yesterday, 15 June 2016.

Elsewhere in the Asia Pacific region: New Zealands NZX50 added 0.28% to 6888.57. South Koreas KOSPI index fell 0.9% to 1951.99. Taiwans Taiex index slipped 1.3% to 8494.14. Malaysias KLCI sank 0.8% to 1614.90. Indonesias Jakarta Composite index dropped 0.01% to 4814.39. Singapores Straits Times index slipped 0.82% to 2751.56.

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Australia Market closed mixed
Jun 16,2016

Australian share market finished mixed on Thursday, 16 June 2016, as gains in bullion, retailers, and utilities stocks were offset by losses in energy, financial, and healthcare stocks. At close of trade, the benchmark S&P/ASX 200 index declined 1.10 points, or 0.02%, to 5146. The broader All Ordinaries rose 1.30 points, or 0.02%, to 5231.70. Rising stocks outnumbered declining ones on the Australia Stock Exchange by 532 to 477 and 345 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 2.79% to 19.932.

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