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Nikkei extends gain as yen weakens
May 10,2016

The Japan share market advanced for second straight session on Tuesday, 10 May 2016, as investors continued hunting for recently battered stocks, thanks to yen depreciation against the greenback. The Japanese currency weakened against the greenback after Japanese Finance Minister Taro Aso statement on Monday that the government is ready to intervene in the currency market if the yen continues to rise or falls rapidly against other currencies. The minister reiterated those views again on Tuesday, saying that the yens rise was one-sided, further unwinding the currencys strength. Total 31 out of 33 TSE sectors advanced, led by financial stocks, insurance, and glass and ceramic product issues. The 225-issue Nikkei Stock Average ended up 349.16 points, or 2.15%, from Monday at 16,565.19. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 28.24 points, or 2.16%, higher at 1,334.90. On the First Section, advancing issues outnumbered declining ones 1,663 to 240, while 48 ended the day unchanged.

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Hong Kong Market rises 0.43%
May 10,2016

The Hong Kong stock market finished higher in volatile trade on Tuesday, 10 May 2016. The benchmark index opened down 194 points at 19,962, which marked the intra-day low. It then gradually recovered its losses as Chinas April PPI contraction eased. . The benchmark Hang Seng Index gained 85.87 points, or 0.43%, to 20242.68 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, grew 35.44 points, or 0.42%, to 8486.16. Turnover increased to HK$59.8 billion from HK$54.6 billion on Monday.

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Australia Market closes in green
May 09,2016

Australian share market closed higher after volatile trade on Monday, 09 May 2016, on the back of strength in 9 out of 10 ASX sectors, with consumer staples, energy, healthcare, and property trusts issues being major gainers. At close of trade, the benchmark S&P/ASX 200 advanced 28.70 points, or 0.54%, to 532070. The broader All Ordinaries grew 29.20 points, or 0.54%, to 5387.80.

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Japan Market rises for the first time in seven sessions
May 09,2016

The Japan share market ended higher for the first time in seven sessions on Monday, 09 May 2016, on the back of yen depreciation against the greenback and positive lead from Wall Street on Friday. Total 22 out of 33 TSE industry sectors were with, with gainers were led by retail, real estate as well as fishery, agriculture and forestry issues. The 225-issue Nikkei average advanced 109.31 points, or 0.68%, to close at 16216.03. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 8.34 points, or 0.64%, higher at 1,306.66. On the First Section, advancing issues outnumbered declining ones 1,283 to 567, while 101 ended the day unchanged.

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Asia Pacific Market: Stocks weaker after soft U.S. jobs, China trade data
May 09,2016

Asia Pacific share market ended mostly down on Monday, 09 May 2016, after a disappointing U.S. jobs report and worse-than-expected trade numbers out of China raised questions about the underlying strength of the worlds biggest economies.

The weaker-than-expected U.S. jobs report fanned expectations that the Federal Reserve would have to hike interest rates at a very slow pace. U.S. non-farm payrolls increased by 160,000 in April, the smallest gain since September, and below the 200,000 economists had expected. It prompted some financial institutions to lower their expectations of an interest rate hike for this year to just one from two before the report.

Investor sentiment toward Chinese economy has turned more bearish after a weak Chinese trade figures that reinforced concerns over the state of the worlds second largest economy. Chinas exports rose sharply slower while imports fell by a wider margin in April month on month amid a still weak recovery momentum. Exports in yuan-denominated terms rose 4.1% year on year last month to 1.13 trillion yuan, slower than the 18.7% jump in March, data from the General Administration of Customs showed yesterday. Imports fell 5.7% year on year to 827.5 billion yuan, falling for the 18th straight month and the drop widened from the 1.7% decrease in March. But Chinas trade surplus grew to 298 billion yuan in April, up from 194.6 billion yuan in March.

Sentiments were also hit by spike in crude oil prices on supply woes stemming from devastating wildfires in Canada. U.S. crude was up 1.9% at $45.51 a barrel and Brent crude rose 1.4% to $46.02 a barrel as a wildfire raged through Canadas oil sands region, shutting half of the countrys vast oil sands capacity. The oil market was also pondering weekend news of Saudi Arabias appointment of a new energy minister to take over from veteran oil minister Ali al-Naimi. The new appointee, Khalid al-Falih, is a believer in reform in the oil market.

Among Asian bourses

Australia Market closes in green/B>

Australian share market closed higher after volatile trade on the back of strength in 9 out of 10 ASX sectors, with consumer staples, energy, healthcare, and property trusts issues being major gainers. At close of trade, the benchmark S&P/ASX 200 advanced 28.70 points, or 0.54%, to 532070. The broader All Ordinaries grew 29.20 points, or 0.54%, to 5387.80.

The banks and financial stocks closed stronger, with Westpac Banking Corp up 1% to A$31.11, National Australia Bank up 0.9% to A$28.45, and Commonwealth Bank up 1.9% to A$75.78, but ANZ Banking Group declined 3% to A$24.38.

Energy stocks were up after oil prices picked up 0.8% before the session. But the sector pared some gains from the open after rating agency Fitch warned of worsening credit metrics as Australias LNG output continued to increase. Santos was 1.7% higher at A$4.18, while Woodside gained 1.4% to A$27.34 and Origin Energy rose 2.4% to A$5.20.

Metal mining stocks were down due to weaker than expected Chinas exports and imports data for the month of April. The figures showed Chinese exports were down 1.8% from a year ago, below expectations of flat growth, while imports were 10.9% worse off year-on-year, against expectations of a negative 4% figure. BHP Billiton declined 0.3% to A$18.41 and Rio Tinto was down 2.1% to A$46.74.Fortescue Metals fell 2.3% to A$3.04. Orica fell 12.3% to A$13.53, the days worst performing stock, after the explosives maker posted a 33% plunge in net profit, citing the deterioration in the global mining industry.

Japan Market rises for the first time in seven sessions

The Japan share market ended higher for the first time in seven sessions, on the back of yen depreciation against the greenback and positive lead from Wall Street on Friday. Total 22 out of 33 TSE industry sectors were with, with gainers were led by retail, real estate as well as fishery, agriculture and forestry issues. The 225-issue Nikkei average advanced 109.31 points, or 0.68%, to close at 16216.03. The broader Topix index of all First Section issues on the Tokyo Stock Exchange finished 8.34 points, or 0.64%, higher at 1,306.66. On the First Section, advancing issues outnumbered declining ones 1,283 to 567, while 101 ended the day unchanged.

IHI rose 3.8% to 245 yen on reports that the major comprehensive heavy machinery manufacturer is set to book roughly 60 billion yen ($557 million) in group operating profit for fiscal 2016 ending next March.

Yoshinoya Holdings increased 0.9% to 1,386 yen after the gyudon (rice and seasoned beef bowl) restaurant chain reported on Friday that sales rose in April from a year earlier on a same-store basis, helped by the popularity of its pork bowl, which was re-introduced last month.

Fast Retailing gained 2.1% to 28,610 yen after the operator of Uniqlo casual wear stores also reported that sales rose in April from a year earlier on a same-store basis helped by brisk campaign sales.

Marine constructor Toa shed 22.1% to 169 yen after the company said on press conference on Friday that it submitted falsified data to the transport ministry on its seismic reinforcement runway work at Tokyos Haneda airport.

China Market tumbles on disappointing trade data

Mainland China stock market finished the session steep lower, as risk aversion selloff triggered after weak Chinese trade figures reinforced concerns over the state of the worlds number 2 economy. Risk sentiments also dampened by the Communist Partys mouthpiece report that the nations economy is headed for an n++L-shapedn++ recovery, stoking worries among investors that growth in the worlds second-largest economy will moderate further. All10 SSE sectors declined, with shares of materials and resources and financial issues being major losers. The benchmark Shanghai Composite Index tumbled 81.14 points, or 2.79%, to 2832.11. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, sank 64.73 points, or 2.07%, to 3065.62.

Shares of major resource producers were struggled on weak base metal prices. Baoshan Steel fell 4.62%, Baotou Steel fell 5.69% and Aluminium Corp of China was down 4.41%. Jiangxi Copper Co. fell 3.8%, while Aluminum Corp. of China Ltd. retreated 4.4%.

Coal companies led declines for energy shares, with Shanxi Xishan Coal & Electricity Power Co. and Yanzhou Coal Mining Co. tumbling 10%.

Citic Guoan Wine and Citic Guoan Information Industry, which have been considered as targets for backdoor listing, plunged 10% and 9.7%, respectively. Both shares had plunged on Friday too, by the 10% daily limit allowed by authorities.

Hong Kong Market rises 0.23%

The Hong Kong stock market finished in positive zone, registering first gain in six consecutive sessions, on following gains in the US markets on last Friday. But, market gains were limited after China reported its exports and imports fell more than expected in April, refueling concerns about the health of the worlds second-largest economy. The benchmark Hang Seng Index gained 46.94 points, or 0.23%, to 20156.81 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, sank 20.98 points, or 0.25%, to 8450.72. Turnover reduced to HK$54.6 billion from HK$67.7 billion on Friday.

China Iron and Steel Association announced that crude steel daily output for the last 10 days in April rose 1.86% to 1.72 million tonnes. Worries of falling steel prices pressured steel counters. Angang Steel (00347) plunged 7% to HK$3.17. Maanshan Iron (00323) fell 3% to HK$1.58. Chongqing Iron (01053) slipped 3.4% to HK$1.15.

Li & Fung (00494) said its long term customer Aeropostale has filed for bankruptcy protection. UBS Research expects the impact is immaterial. Li & Fung dipped 1% to HK$4.41.

Wharf (00004) was the top blue-chip winner today, rising 3% to HK$41.8. JP Morgan estimated the companys shopping malls may gradually improve their performance.

Indian Market jumps on optimism over progress of key legislation in parliament

Optimism over the progress of key legislation in parliament and gains in European stocks triggered rally on the domestic bourses. The barometer index, the S&P BSE Sensex, rose 460.36 points or 1.82% to settle at 25,688.86. The Nifty gained 132.60 points or 1.71% to settle at 7,866.05. The Sensex, and the Nifty, both, hit their highest closing level in almost two weeks.

The latest rally on the domestic bourses was triggered by optimism over the progress of key legislation in parliament after the the Lok Sabha, last week, passed a key economic bill viz. the Insolvency and Bankruptcy Code, 2015. Once the bill becomes a law, it will help creditors recover bad debt faster. The bankruptcy bill aims to provide single unified law for timely resolution of insolvency and bankruptcy related cases in India. The Lok Sabha passed the Insolvency and Bankruptcy Code, 2015 on 5 May 2016. The bill will now go to the Rajya Sabha for its passage.

The focus now shifts to another key economic bill pending for its passage in Rajya Sabha viz. the Goods and Services Tax (GST) bill. The constitutional amendment bill for the implementation of GST, which subsumes all indirect taxes to create a unified market across the country, has been cleared by the Lok Sabha and is awaiting legislative passage in the Rajya Sabha. For the bill to become a law, the GST bill also needs to be approved by half the state assemblies.

Elsewhere in the Asia Pacific region: New Zealands NZX50 was down 0.2% to 6885.05. South Koreas KOSPI index fell 0.45% to 1967.81. Taiwans Taiex index slid 0.2% to 8131.83. Malaysias KLCI de-grew 1% to 1632.19. Indonesias Jakarta Composite index declined 1.5% to 4749.31. Singapores Straits Times index rose 1.3% to 2766.06.

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China Market tumbles on disappointing trade data
May 09,2016

Mainland China stock market finished the session steep lower on Monday, 09 May 2016, as risk aversion selloff triggered after weak Chinese trade figures reinforced concerns over the state of the worlds number 2 economy. Risk sentiments also dampened by the Communist Partys mouthpiece report that the nations economy is headed for an n++L-shapedn++ recovery, stoking worries among investors that growth in the worlds second-largest economy will moderate further. All10 SSE sectors declined, with shares of materials and resources and financial issues being major losers. The benchmark Shanghai Composite Index tumbled 81.14 points, or 2.79%, to 2832.11. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, sank 64.73 points, or 2.07%, to 3065.62.

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Hong Kong Market rises 0.23%
May 09,2016

The Hong Kong stock market finished in positive zone on Monday, 09 May 2016, registering first gain in six consecutive sessions, on following gains in the US markets on last Friday. But, market gains were limited after China reported its exports and imports fell more than expected in April, refueling concerns about the health of the worlds second-largest economy. The benchmark Hang Seng Index gained 46.94 points, or 0.23%, to 20156.81 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, sank 20.98 points, or 0.25%, to 8450.72. Turnover reduced to HK$54.6 billion from HK$67.7 billion on Friday.

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Asia Pacific Market: Stocks down ahead of crucial US jobs data
May 06,2016

Asia Pacific share market declined on Friday, 06 May 2016, amid lingering concerns about the health of the global economy in the wake of weak data from China and caution ahead of crucial US jobs data.

Investors turned cautious before the release of the influential US monthly non-farm payroll data later today for more clues about the interest rate outlook in the worlds largest economy.

The US government will release the non-farm payroll data for April 2016 later in the global day today, 6 May 2016. The non-farm payroll data could provide more clues about the timing and quantum of future interest rate increases from the US Federal Reserve. The job data has implications for the US monetary policy. The US central banks mandate centers on maximizing employment and keeping inflation at a 2% target level. The Federal Open Market Committee (FOMC) next undertakes monetary policy review at a two-day meeting on 14-15 June 2016.

Among Asian bourses

Australia Market closes in green

Australian share market ended higher after recouping early losses, with sentiment fuelled by the prospect more rate cuts after the RBA downgraded its inflation forecasts. Most of the ASX sectors advanced with gains were led by bullion, IT, consumer staples, materials, and energy stocks. At close of trade, the benchmark S&P/ASX 200 rose 12.90 points, or 0.24%, to 5292. The broader All Ordinaries grew 14.10 points, or 0.26%, to 5358.60.

RBA has cut inflation forecasts. Underlying inflation is now seen at 1.5% by the end of the current quarter, down from 2% in February, and inflation will stay below 2% for all of next year, indicating that the bank does not expect a near-term rebound in inflationary pressures. The RBAs new forecast that underlying inflation will stay below its 2 to 3% target range until mid-2018 warrants another interest rate cut to 1.5%.

Metal mining stocks were mostly higher, with gold miner Newcrest Mining up 3.8% to A$19.79, while BHP Billiton grew 0.2% to A$18.46 on bargain hunting following heavy losses in past two sessions. Rio Tinto was down 0.7% to A$47.75.

The banks and financial ended mixed, with Westpac Banking Corp up 1% to A$30.80 and National Australia Bank up 1.3% to A$28.19, while Commonwealth Bank declined 0.7% to A$74.3 and ANZ Banking Group shed 0.8% to A$25.14.

Macquarie shares closed 0.3% down at $65.10. Macquarie bank posted a 29% rise in full year net profit to $2.063 billion, smashing the banks previous record of $1.8 billion in 2008.

Japan Stocks slip after 3-days holiday

The Japan share market ended lower, extending selloff streak for sixth straight session, after resuming trade after a three-day holiday, as traders played catch-up with losses on global equity markets during a long public holiday. But losses were limited amid a wait-and-see mood ahead of a U.S. jobs report due out later in the day. Total 23 out of 33 TSE industry sectors were down, with Mining, Iron & Steel, Marine Transportation, Securities & Commodities Futures, Nonferrous Metals, and Oil & Coal Products stocks being major losers. The 225-issue Nikkei average declined 40.66 points, or 0.25%, to close at 16106.72. The Topix index of all first-section issues ended down 1.64 points, or 0.13%, at 1298.32.

Sharp Corp. plunged 8.5% after reports the struggling display-maker will post a net loss of 300 billion yen for the year through March. Takata Corp. tumbled 8.6% after the U.S. widened recalls of the companys faulty airbags.

By contrast, domestic demand-oriented names drew brisk purchases. Among them were railway operator JR East, daily goods maker Kao, mobile carrier KDDI and drug manufacturer Takeda. Other major winners included automakers Toyota, Honda and Mitsubishi Motors. Japan Airlines Co. climbed 2% in response to a drop in oil prices during Japans holidays.

China Market tumbles on bond default woes

Mainland China stock market tumbled, as risk aversion selloff triggered on worries about looming corporate bond defaults and regulatory concerns. All10 SSE sectors declined, with IT, telecom, energy, material, and consumer staple issues being major losers. The benchmark Shanghai Composite Index tumbled 84.59 points, or 2.82%, to 2913.25. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, sank 83.77 points, or 2.6%, to 3130.35.

Investors are mostly concerned about contagion risk emanating from a series of bond defaults, after Inner Mongolia Nailun Group Inc., a fertilizer producer, said on Thursday that it defaulted on its bonds because it was unable to meet interest and early redemption payments.

Traders were also focused on rumors that Chinas securities regulator could suspend the process of Chinese firms that want to de-list their shares in the U.S. and re-list them in either Shanghai or Shenzhen.

All industry groups fell on the CSI 300 index, with Tsingtao Brewery Co. slumping to pace declines in a measure of consumer-staple stocks.

Shares of metal and resources were also lower. Shaanxi Coal lost 6.4 percent, while Wuhan Iron & Steel Co. slid 4.6 percent. PetroChina Co. declined 2%.

FIH Mobile slumped 21 percent, after the company said it expects six-month profit to sink as much as 92 percent.

Hong Kong Market falls 1.66%

The Hong Kong stock market finished lower, reflecting the fifth consecutive day of losses, on tracking steep losses in Mainland A-share market which tumbled on concerns about looming bond defaults. The benchmark Hang Seng Index dropped 339.95 points, or 1.66%, to 20109.87 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, lost 155.03 points, or 1.8%, to 8471.70 points. Turnover increased to HK$67.7 billion from HK$56.6 billion on Thursday.

Wynn Macau (01128) dipped 3% to HK$10.62 even though its 1Q earnings decreased 27%. Investors were also worried about the phone betting ban imposed by Macau government. Galaxy Ent (00027) was the worst blue-chip loser. It ended down 4% to HK$24.45. Sands China (01928) fell 2% to HK$26.95.

ZTE (00763) dived 11% to HK$10.44, and Lenovo (00992) dropped 2% to HK$5.64. News reports say that ZTE, Lenovo and Samsung will be investigated by the US authorities over alleged patent infringement.

Only four blue chips rose today. Tencent (00700) added 0.5% to HK$153.9 on hopes of better quarterly results following Alibabas strong earnings. CLP (00002) reports its earnings next Monday. It closed up 0.1% to HK$72.25.

Sensex registers tiny losses

Amid a divergent trend for various index constituents, the Nifty 50 index ended near the flat line. The barometer index, the S&P BSE Sensex, registered small losses. The Sensex lost 33.71 points or 0.13% to settle at 25,228.50. The Nifty fell 2.05 points or 0.03% to settle at 7,733.45.

Stocks of public sector banks edged higher after the Lok Sabha passed the Insolvency and Bankruptcy Code, 2016 yesterday, 5 May 2016. Shares of public sector oil marketing companies (PSU OMCs) edged higher on decline in crude oil prices. Index heavyweight and cigarette major ITC trimmed losses triggered by the companys announcement of temporary closure of manufacturing of cigarettes at all its cigarette manufacturing units. Bharti Airtel rose after its subsidiary Bharti Airtel International (Netherlands) BV announced an agreement for the divestment of approximately 950 telecom towers in the Democratic Republic of Congo (DRC) to and Helios Towers Africa (HTA).

Eicher Motors rose in the wake of the companys announcement of strong financial performance for the quarter ended 31 March 2016 and management commentary of positive outlook for the motorcycle business. Hero MotoCorp dropped in volatile trade as its fourth quarter results came in line with market expectations. Bharat Heavy Electricals (Bhel) rose after the company announced that it has added another coal-based power plant to the grid by successfully commissioning a 500 megawatts (MW) thermal unit in Jharkhand.

Elsewhere in the Asia Pacific region: New Zealands NZX50 was up 0.3% to 6876.48. South Koreas KOSPI index fell 0.5% to 1976.71. Taiwans Taiex index slid 0.3% to 8146.43. Malaysias KLCI grew 0.3% to 1649.36. Indonesias Jakarta Composite index added 0.2% to 4822.60. Singapores Straits Times index shed 1.3% to 273.80.

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Hong Kong Market falls 1.66%
May 06,2016

The Hong Kong stock market finished lower on Friday, 06 May 2016, reflecting the fifth consecutive day of losses, on tracking steep losses in Mainland A-share market which tumbled on concerns about looming bond defaults. The benchmark Hang Seng Index dropped 339.95 points, or 1.66%, to 20109.87 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, lost 155.03 points, or 1.8%, to 8471.70 points. Turnover increased to HK$67.7 billion from HK$56.6 billion on Thursday.

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China Market tumbles on bond default woes
May 06,2016

Mainland China stock market tumbled on Friday, 06 May 2016, as risk aversion selloff triggered on worries about looming corporate bond defaults and regulatory concerns. All10 SSE sectors declined, with IT, telecom, energy, material, and consumer staple issues being major losers. The benchmark Shanghai Composite Index tumbled 84.59 points, or 2.82%, to 2913.25. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, sank 83.77 points, or 2.6%, to 3130.35.

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Japan Stocks slip after 3-days holiday
May 06,2016

The Japan share market ended lower on Friday, 06 May 2016, extending selloff streak for sixth straight session, after resuming trade after a three-day holiday, as traders played catch-up with losses on global equity markets during a long public holiday. Total 23 out of 33 TSE industry sectors were down, with Mining, Iron & Steel, Marine Transportation, Securities & Commodities Futures, Nonferrous Metals, and Oil & Coal Products stocks being major losers. The 225-issue Nikkei average declined 40.66 points, or 0.25%, to close at 16106.72. The Topix index of all first-section issues ended down 1.64 points, or 0.13%, at 1298.32.

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Hong Kong Market falls 0.37%
May 05,2016

The Hong Kong stock market finished lower in volatile trade on Thursday, 05 May 2016, as risk sentiment was soured by overnight weakness on Wall Street and amid fresh signs that the Chinas nascent economic recovery is resting on weak foundations. The benchmark Hang Seng Index dropped 76.01 points, or 0.37%, to 20449.82 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, lost 70.64 points, or 0.81%, to 8626.73 points. Turnover reduced to HK$56.5 billion from HK$61.4 billion on Wednesday.

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China Market recovers
May 05,2016

Mainland China stock market ended tad higher after recouping losses late afternoon on Thursday, 05 May 2016, after private survey data showed that activity in Chinas services sector expanded in April, but the gains were slightly less robust than in March. Most of the SSE sectors declined, but airline stocks surged after Chinas central government on Wednesday unveiled plans to promote airline transportation by pledging to open up low-altitude air space. The benchmark Shanghai Composite Index advanced 6.57 points, or 0.22%, to 2997.84. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, grew 4.46 points, or 0.14%, to 3213.92.

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Japan Stock Market closed for public holiday
May 05,2016

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Asia Pacific Market: Stocks drop amid economy fears
May 04,2016

Asia Pacific share market declined on Wednesday, 04 May 2016, on renewed uncertainty about the global economic outlook and policy settings among the major jurisdictions after weaker manufacturing in China and a cut in the eurozones growth forecast.

The Caixin China general manufacturing purchasing managers index fell to 49.4 in April 2016 from 49.7 in March 2016. A reading below 50 indicates economic contraction. The data was released during trading hours in Asia yesterday, 3 May 2016. Chinas official manufacturing PMI, a competing gauge, came in at 50.1 in April 2016 compared with 50.2 in March 2016, according to data released by the National Bureau of Statistics on 1 May 2016. The Chinese economy is the worlds second biggest economy after the United States.

A surprise interest-rate cut by Australias central bank has added to global economic jitters. The Reserve Bank of Australia yesterday, 3 May 2016, cut its benchmark interest rate by 25 basis points to record low of 1.75% in a bid to combat record-low inflation and a strong local currency. The decision was announced during trading hours in Asia.

Among Asian bourses

Australia Market tumbles after unexpectedly low inflation data

Australian share market ended down, giving back most of yesterdays gains on tracking steep losses on the Wall Street overnight and unexpectedly low Australian inflation data. Selloff pressure intensified on doubt over growth sustainability in the world second largest economy after moderation in Chinas manufacturing activities. Most of ASX industry group advanced with shares in the metal & mining, energy, and consumer goods being major losers. At close of trade, the benchmark S&P/ASX 200 declined 82.70 points, or 1.54%, to 5271.10. The broader All Ordinaries sank 79.40 points, or 1.47%, to 5335.60.

Quarterly central bank data put the inflation rate in March - after stripping out volatile items - at 1.7%, down from 2.1% in December, while the Melbourne Institutes own gauge of inflation on Monday suggested price growth had eased to 1.5% in April from 1.7%.

Shares of metal mining companies were the biggest loser of the sectors of the ASX today, with BHP Billiton leading losses, down 9.4% to A$18.79 after the company told the market it is facing a massive compensation case over the Samarco mine disaster in Brazil. The company said federal prosecutors are seeking about A$57 billion in compensation. BHP spinoff South 32 also saw big losses, diving 10% to A$1.54. Rio Tinto had a bad day as well, losing 7.5% to A$47.85.

Energy stocks were also lower after crude oil pulled back last night. Benchmark U.S. crude oil lost 46 cents to trade at $44.32 a barrel in electronic trading on the New York Mercantile Exchange, while Brent, the international standard, fell 24 cents to $45.59 a barrel. Shares of Santos finished down 8.7% to A$4.20, Woodside Petroleum 5.3% to A$27.10, and Origin Energy 4.3% to A$5.08.

China Market ends softer

Mainland China stock market ended tad lower, as risk sentiments subdued on worries over the state of the domestic economy after weak manufacturing survey data. Most of the SSE sectors declined, with shares of materials and energy players being major losers. The benchmark Shanghai Composite Index declined 1.37 points, or 0.05%, to 2991.27. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, de-grew 4.08 points, or 0.13%, to 3209.46.

Shares of resource and energy companies declined on tracking tumbling oil prices combined with resurfacing global growth concerns. China Petroleum & Chemical Corp. and PetroChina Co. paced losses for energy companies.

The Chinese yuan deprecated against the dollar on Wednesday, after the Peoples Bank of China set the yuan fixing against the U.S. dollar at 6.4943 on Wednesday, down sharply by 0.59% over Tuesday, its biggest one-day drop since the one-off 1.86% devaluation move on August 11 last year. Wednesdays weaker fixing was largely due to the dollar indexs 0.51% gain overnight

Hong Kong Market falls 0.73%

The Hong Kong stock market finished the session lower, following the weaker tone of overseas markets, weighed by poor economic data from both China and Europe. The benchmark Hang Seng Index dropped 151.11 points, or 0.73%, to 20525.83 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, lost 51.33 points, or 0.59%, to 8697.37 points. Turnover reduced to HK$61.44 billion from HK$77.5 billion on Tuesday.

Shares of energy companies tanked after crude oil prices fell for the second consecutive trading day as crude output keeps rising. Benchmark U.S. crude oil lost 46 cents to trade at $44.32 a barrel in electronic trading on the New York Mercantile Exchange, while Brent, the international standard, fell 24 cents to $45.59 a barrel. CNOOC (00883) slid 3.3% to HK$9.12. PetroChina (00857) fell 1% to HK$5.57. Sinopec (00386) slipped 2.6% to HK$5.25.

CICC Research said the opening of Shanghai Disney theme park will benefit Chinese airlines the most. It expects full-year tourist visitations to reach 15 million. China East Air (00670) put on 7% to HK$4.49. Air China (00753) added 4% to HK$5.74. China South Air (01055) gained 5.8% to HK$5.08.

Senses falls on weak global lead

Indian stock market declined after data showing slowdown in growth in the services sector and weakness in global stocks. The barometer index, the S&P BSE Sensex, fell 127.97 points or 0.51% to settle at 25,101.73. The Nifty 50 index fell 40.45 points or 0.52% to settle at 7,706.55.

Metal and mining stocks edged lower in the wake of weaker-than-expected Chinese manufacturing data for April 2016. Shares of oil exploration and production (E&P) firms declined on lower crude oil prices. Index heavyweight and cigarette major ITC edged lower on reports that the Supreme Court today, 4 May 2016, told the tobacco industry to adhere to rules requiring stringent health warnings on cigarette packs. Index heavyweight and housing finance major HDFC edged higher, with the stock extending post-result gains. Yes Bank dropped after the private sector bank announced reduction in lending rate by 10 basis points across tenors.

Adani Ports and Special Economic Zone (APSEZ) fell 11.98% in a single trading session on equity dilution worries after the companys board of directors decided to seek shareholders approval to raise funds by way of issue of equity shares/convertible bonds up to Rs 10000 crore. Tata Motors tumbled after the company revised downward the rate of growth in sales volume for April 2016 from the figures announced previously.

Meanwhile, the outcome of a monthly survey showed that growth in Indias services sector eased last month due to a slower expansion in new business inflows. The seasonally adjusted Nikkei Services Business Activity Index dropped to 53.7 in April 2016 from 54.3 in March 2016. April data highlighted a general lack of pressure on the capacity of Indian service providers, as unfinished business declined. Services firms sentiment weakened slightly in April, with the degree of optimism being modest by historical standards.

Elsewhere in the Asia Pacific region: New Zealands NZX50 was down 0.3% to 6824.50. South Koreas KOSPI index fell 0.5% to 1976.71. Taiwans Taiex index slid 1.3% to 8185.47. Malaysias KLCI gained 0.4% to 1657.58. Indonesias Jakarta Composite index added 0.2% to 4822.6. Singapores Straits Times index shed 1.4% to 2773.07. Japans stock market was closed in observance of public holiday.

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