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China Stocks fall on regulatory intervention woes
Jul 11,2017

The Mainland China equity market finished session softer after swinging between gains and losses on Tuesday, 11 July 2017, due to state media reports that the stock market regulator was clamping down on stock buying by fund managers ahead of purchases by their funds. Banking and consumer stocks led the advance, while material firms took a breather after recent strong gains amid an industry recovery and a weaker dollar. The blue-chip CSI300 index rose 0.5% to 3,670.81 points, while the benchmark Shanghai Composite Index was down 0.3% to 3,203.04 points. The Shenzhen Composite Index, which tracks stocks on Chinas second exchange, declined 0.72% to 1,891.60. The ChiNext Index, Chinas NASDAQ-style board of growth enterprises, lost 1.07% to close at 1,783.91 points.

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Nikkei extends gain on yen depreciation
Jul 11,2017

The Japan share market finished session higher on Tuesday, 11 July 2017, on the back yen depreciation against greenback. However, market gain was capped as investors waited for fresh clues on the global economy and US central bank policy with Federal Reserve boss Janet Yellens testimony later in the week in focus. Most of TSE sectors inclined, with marine transportation, electric appliance, and information and communication-linked stocks being notable gainers, while power and gas utilities were downbeat. The Nikkei 225 average rose 114.50 points, or 0.57%, to end at 20,195.48, while the Topix index of all first-section issues finished 11.66 points, or 0.72%, higher at 1,627.14. Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 2284 to 880 and 292 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 10.88% to 14.42.

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Australia Market ends higher for second day
Jul 11,2017

Australian equity market finished session higher for second straight session on Tuesday, 11 July 2017, aided by fresh signs that local business conditions are improving. However, gains were capped as investors awaited the start of major second-quarter U.S. earnings reports and Federal Reserve Chair Janet Yellens congressional testimony later this week. The S&P/ASX 200 index ended up 0.1% or 4.5 points at 5728.90.

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Mixed finish for US stocks
Jul 11,2017

US stocks finished in a mixed mode on Monday, 10 July 2017 at Wall Street. The Nasdaq and the S&P 500 finished higher Monday as a pair embattled sectors, technology and energy, drew bidders, while the Dow industrials closed fractionally lower,

The Dow Jones Industrial Average after clinging to modest gains over the session, finished with a loss of 5.82 points, or less than 0.1%, at 21,408.52. The S&P 500 index advanced 2.25 points, or 0.1%, to close at 2,427.43, with the tech sector helping to lead the advance. Meanwhile, the Nasdaq Composite Index was the sessions best performing benchmark, closing up 23.31 points, or 0.4%, to 6,176.39, as the tech-heavy gauge added to its Friday rally following a solid reading of U.S. jobs.

Dow was weighed down by a 2.8% drop in Wal-Mart Store shares, offsetting gains of 1% or more from Visa and Nike. The lesser-weighted materials sector rose 0.6%, and the energy sector was up 0.3%.

Looking ahead to this week, a trio of banks are expected to report quarterly results, including J.P. Morgan Chase, Wells Fargo and Citigroup.

Last week, the Dow, S&P 500 and the Nasdaq Composite ended modestly higher. The three gauges have all tacked on 8% or more so far this year, but theyre trading below their record peaks hit in June.

On Friday, the closely watched nonfarm-payrolls report showed 222,000 jobs were added to the U.S. economy in June, easily beating expectations. That helped to cement views that the Federal Reserve is likely to tighten monetary policy again later in 2017. Higher interest rates can lift the appeal of holding dollars. That also means that a stronger dollar undercuts the benefit of investing in gold that is priced in the currency and doesnt offer a yield.

Reviewing Mondays economic data, it was limited to May Consumer Credit. The Consumer Credit report for May showed an increase of $18.4 billion while the consensus expected growth of $12.7 billion. The prior months credit growth was revised to $12.9 billion from $8.1 billion. Provided consumers werent making greater use of revolving credit lines to cover basic needs due to a shortfall in income, this report can ostensibly be looked upon as a good sign for the economy since the expansion of credit is an integral contributor to economic growth.

Bullion prices ended higher at Comex on Monday, 10 July 2017 at Comex. Gold saw a modest bounce back on Monday, rising after a solid U.S. jobs report issued late last week contributed to a drop in prices to their lowest level in about four months.

Gold for August delivery tacked on $3.50, or 0.3%, to settle at $1,213.20 an ounce. The metal lost 1.1% on Friday to end the session at $1,209.70. On Monday, silver for September rose 20.4 cents, or 1.3%, to end at $15.629 an ounce. The metal on Friday had briefly tumbled almost 10% in a n++flash crash,n++ likely due to a trading error.

Oil ended modestly higher on Monday, 10 July 2017 at Nymex as news that Libya and Nigeria have been invited to join OPECs meeting with other major producers later this month provided support to futures prices, which suffered from a drop of nearly 4% last week. The two countries had been exempted from the pact among major oil producers, led by the Organization of the Petroleum Exporting Countries, to limit global production and ease a glut of oil that has plagued the industry.

On the New York Mercantile Exchange, August West Texas Intermediate crude tacked on 17 cents, or 0.4%, to settle at $44.40 a barrel, after tapping a low of $43.65. September Brent on Londons ICE Futures exchange, also added 17 cents, or 0.4%, to $46.88.

The ICE Dollar Index traded flat at 95.998 on Monday as gold prices settled.

Economic data will be limited again on Tuesday with investors receiving just two reports--May Wholesale Inventories (consensus 0.3%) and May JOLTS. Both reports will be released at 10:00 ET.

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Asia Pacific Market: Stocks follow Wall Street rally
Jul 10,2017

Asia Pacific share market inclined on Monday, 10 July 2017, on tracking positive lead from the Wall Street on Friday on the heels of US jobs data that gave investors further evidence that the U.S. economy is gaining strength. Sentiment was also aided by fresh Chinese data that showed Chinas factory gate prices stabilised in June after slowing for three straight months.

Regional markets rallied on a strong lead from Wall Street which posted gains on Friday after strong employment data boosted confidence in the US economy. Wall Street stocks ended higher on Friday after US Labour Department data showed the worlds biggest economy added 222,000 jobs last month, exceeding expectations of an addition of 179,000.

The positive sentiments further received boost from the key Chinas consumer and producer prices data which logged steady growth in June, as stable prices reinforced the view that the worlds second-largest economy is firming up. The Consumer Price Index rose 1.5% year on year in June, data from the National Bureau of Statistics showed. That was the same as May and the fifth consecutive month it remained below 2%, the bureau said. The Producer Price Index, which measures costs for goods at the factory gate, rose 5.5% year on year, the same as in May and was the lowest since December.

Among Asian bourses

Australia Market ends higher

Australian equity market finished session higher for the first time in four straight session, helped by positive lead from Wall Street Friday after further evidence that the U.S. economy is gaining strength and signs that Chinese inflation is stabilizing. Most of ASX sectors gained with the major financials and consumer stocks leading the across-the-board gains. The benchmark Australian index finished up 0.4%, or 20.83 points, at 5,724.4.

Financial stocks, tracking profits in US peers, were the biggest gainers on the benchmark. Commonwealth Bank of Australia, the markets biggest constituent, rose by 0.8% to A$82.81 while Australia & New Zealand Banking Group edged up 0.4% to A$28.74.

The consumer cyclicals and durables sectors also contributed handily to the overall gains, with retailing giants Woolworths and Wesfarmers rising 1.2% and 0.5% respectively.

Energy stocks were mixed, despite oil prices rebounding from declines on Friday amid a stronger U.S. dollar and persistent oversupply worries. Nymex crude for delivery in August was up 0.8% at US$44.57 a barrel in the Globex electronic session, while Brent crude for delivery in September rose by 0.8% to US$47.07. Woodside Petroleum gained 0.1% to A$29.41, but Santos fell by 1.4% to A$2.91.

Shares of resources companies were weak as base metals prices saw some weakness, while iron ore prices rose. The most-traded iron ore on the Dalian Commodity Exchange gained on Friday after port data from Australia showed iron ore shipments to China from Australias Port Hedland terminal dropped to 36.6 million tonnes in June from 38 million tonnes the month before. Port Hedland is used by three of Australias top four iron ore miners, BHP Billiton, Fortescue Metals Group and Gina Rineharts Hancock Prospecting. Fortescue was down about 0.4% each, while Rio Tinto was flat.

BHP Billiton fell by 0.3% to A$24.52, even as Credit Suisse signaled that its U.S. onshore oil and gas assets werent being appropriately valued by investors. The brokerage used a new algorithm to test how much the shale acreage was worth and came up with a US$11 billion valuation. Credit Suisse noted that hedge fund Elliott Management Corp., which is agitating for BHP to sell the assets, has put consensus valuations at US$6.5 billion.

AGL Energy advanced 0.2% to A$25.00 after Macquarie upgraded the stock to neutral from underperform. Still, the brokerage was hardly upbeat on the electricity retailer and generator, saying shrinking power demand continues to be an ill wind.

CSL closed 0.6% lower at A$133.32 after a competitor claimed in a U.S. lawsuit that Australias biggest drug maker had infringed three of its patents. The legal action centers on CSLs Idelvion treatment for hemophilia, which was approved in the U.S. in March last year.

Nikkei regains 20K level

The Japan share market finished session up, helped by positive lead from the Wall Street on Friday and yen depreciation against greenback on the heels of US jobs data that gave investors further evidence that the U.S. economy is gaining strength. Tokyos benchmark Nikkei 225 index rose 0.76%, or 151.89 points, to close at 20,080.98, while the Topix index of all first-section issues was up 0.52%, or 8.42 points, to end the day at 1,615.48.

The Tokyo market rallied on a strong lead from Wall Street which posted gains on Friday after strong employment data boosted confidence in the US economy. Wall Street stocks ended higher on Friday after US Labour Department data showed the worlds biggest economy added 222,000 jobs last month, exceeding expectations of an addition of 179,000. The positive sentiments further received boost from the key Chinas consumer price index, which rose by 1.5% compared with a year ago in June after several months of falls.

The marine transport sector was the best sectoral performer after the three major shippers established a holding company and an operating company to integrate their container shipping businesses. Nippon Yusen KK gained 1.4%, Kawasaki Kisen Kaisha surged 2.9% and Mitsui OSK Lines jumped 5%.

Shares of exporters were higher, with tech players being major gainers, thanks to yen weakening against greenback which boosts exporters profitability. Japanese currency weakened after the Bank of Japan governor Haruhiko Kuroda said Monday that the economy is turning to a gradual expansion but stressed policymakers will keep the current easing programme until it achieves its two% inflation target. The dollar firmed to 114.21 yen from 113.91 yen in New York and 113.73 yen in Tokyo earlier Friday. Advantest Corp rose 1.9%, Tokyo Electron climbed 2.3% and Panasonic Corp added 1.8%. Nintendo jumped 3.73% to 36,470 yen, Sony rallied 1.71% to finish at 4,318 yen and Panasonic advanced 1.84% to 1,491.5 yen. Toyota rose 0.49% and Honda gained 0.55% to close at 3,104 yen.

Japanese banking shares languished, with Mitsubishi UFG Financial Group and Mizuho Financial Group both dropping 0.6%.

China Stocks end softer

The Mainland China equity market finished session lower, amid worries over market liquidity after the securities regulator approved more initial public offerings (IPOs) over the weekend. Markets shrugged off Chinas June inflation data, which were in line with expectations but did little to alter the view that economic growth is cooling after a solid first quarter. Sector performance was mixed on Monday, with energy and coal shares dropping, while consumer shares rose following last weeks correction. The blue-chip CSI300 index fell 0.1%, to 3,653.69 points, while the Shanghai Composite Index slipped 0.2% to 3,212.63 points and the Shenzhen Composite declined 0.665% to end at 1,905.3680.

Trading sentiment was largely subdued as investors awaited fresh catalysts ahead of a burst of data due over the next week China will release second-quarter gross domestic product(GDP) on July 17, along with June industrial output, retail sales and January-June fixed asset investment.

Steelmakers were among the gainers. Xinjiang Ba Yi Iron & Steel Co surged 8.6% and Maanshan Iron & Steel climbed 5.11%.

Financial shares showed mixed results. Bank of Construction was down 0.49% to 6.08 yuan and China Life Insurance retreated 1.17% to 27.12 yuan while Southwest Securities jumped 2.33%.

Hong Kong Market follows Wall Street rally

The Hong Kong stock market ended higher, as upbeat US and Chinese data buoyed investor sentiment. Sentiment was also aided by a surge in COSCO Shippings and Hong Kongs Orient Overseas International (OOIL) shares after the Chinese shipping giant made a $6.3 billion offer for its smaller rival on Sunday. The Hang Seng index rose 0.6%, to 25,500.06 points, while the China Enterprises Index lost 0.4%, to 10,214.58 points. Turnover increased to HK$80.2 billion from HK$70 billion on Friday.

OOIL (00316), a shipping company owned by family of former HK Chief Executive Tung Chee-hwa, confirmed stake selling to COSCO Shipping Holdings (01919) for HK$33.8 billion. COSCO Shipping Holdings soared 5.4% to HK$4.29. OOIL surged 20% to HK$72.

Nomura has published research report saying Chinese life insurers have outperformed property and casualty segment by 30% over the past 12 months. Ping An (02318) rose 1.3% to HK$54.8. PICC P&C (02328) added 4% to HK$14.82. HSBC (00005) rose 2% to HK$74.6.

China Vanke (02202) slipped 3.6% to HK$22.7 on market talks that an institutional investor was looking to sell 92 million H-shares in the Chinese developer for HK$2.13 billion.

Link REIT (00823) jumped 3.3% to HK$60.85 after UBS Research raised its target price to HK$70.08 and upgraded its rating to buy.

Sensex attains at record closing high

Indian stock market logged strong gains on first trading day of the week on steady buying in TCS, Infosys and Bharti Airtel. The barometer index, the S&P BSE Sensex, rose 355.01 points or 1.13% to settle at 31,715.64. Trading was halted temporarily in both cash and derivatives segment of NSE due to technical reasons.

Drug maker Lupin gained 2.96% to Rs 1,149.75 after the company said it has received approval from the US health regulator for generic Ancobon Capsules. The announcement was made during market hours today, 10 July 2017. Lupin received final approval for its Flucytosine Capsules USP, 250 mg and 500 mg from the United States Food and Drug Administration (FDA) to market a generic version of Valeant Pharmaceuticals International Incs Ancobon Capsules, 250 mg and 500 mg.

Tata Motors gained 2.28% to Rs 446.75 after the company said that the sales of its British luxury unit Jaguar Land Rover (JLR) rose 11% to 51,591 units in June 2017 over June 2016, driven by healthy China market. Jaguar sales grew by 16.4% to 15,343 units in June 2017 over June 2016. Land Rover sales rose 8.9% to 36,248 units in June 2017 over June 2016. The announcement was made after market hours on Friday, 7 July 2017.

Shares of IDFC and Shriram Group companies were trading lower after Shriram group and IDFC unveiled their intent to merge the two entities. IDFC (down 5.68%), Shriram Transport Finance Corporation (down 3.33%) and Shriram City Union Finance (down 6.41%) edged lower. IDFC Bank rose 0.69%. The boards of IDFC Group and Shriram Group on 8 July 2017 approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination of certain businesses and subsidiaries / affiliates/associate companies of the Shriram Group engaged in the credit and non-credit financial services sector with the IDFC Group. The agreement primarily provides for a mutually agreed exclusivity period for due diligence and discussions between the relevant parties in relation to the potential combination. The proposed potential combination would be subject to due diligence, definitive documentation and applicable board, shareholder, statutory/ regulatory and other third party approvals, as may be applicable.

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Hong Kong Market follows Wall Street rally
Jul 10,2017

The Hong Kong stock market ended higher on Monday, 10 July 2017, as upbeat US and Chinese data buoyed investor sentiment. Sentiment was also aided by a surge in COSCO Shippings and Hong Kongs Orient Overseas International (OOIL) shares after the Chinese shipping giant made a $6.3 billion offer for its smaller rival on Sunday. The Hang Seng index rose 0.6%, to 25,500.06 points, while the China Enterprises Index lost 0.4%, to 10,214.58 points. Turnover increased to HK$80.2 billion from HK$70 billion on Friday.

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China Stocks end softer
Jul 10,2017

The Mainland China equity market finished session lower on Monday, 10 July 2017, amid worries over market liquidity after the securities regulator approved more initial public offerings (IPOs) over the weekend. Markets shrugged off Chinas June inflation data, which were in line with expectations but did little to alter the view that economic growth is cooling after a solid first quarter. Sector performance was mixed on Monday, with energy and coal shares dropping, while consumer shares rose following last weeks correction. The blue-chip CSI300 index fell 0.1%, to 3,653.69 points, while the Shanghai Composite Index slipped 0.2% to 3,212.63 points and the Shenzhen Composite declined 0.66% to end at 1,905.36.

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Nikkei regains 20K level
Jul 10,2017

The Japan share market finished session up on Monday, 10 July 2017, helped by positive lead from the Wall Street on Friday and yen depreciation against greenback on the heels of US jobs data that gave investors further evidence that the U.S. economy is gaining strength. Tokyos benchmark Nikkei 225 index rose 0.76%, or 151.89 points, to close at 20,080.98, while the Topix index of all first-section issues was up 0.52%, or 8.42 points, to end the day at 1,615.48.

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Australia Market ends higher
Jul 10,2017

Australian equity market finished session higher for the first time in four straight session on Monday, 10 July 2017, helped by positive lead from Wall Street Friday after further evidence that the U.S. economy is gaining strength and signs that Chinese inflation is stabilizing. Most of ASX sectors gained with the major financials and consumer stocks leading the across-the-board gains. The benchmark Australian index finished up 0.4%, or 20.83 points, at 5,724.4.

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US stocks end in the red
Jul 07,2017

U.S. stocks closed lower on Thursday, 06 July 2017. The major averages were bearish from the jump on Thursday, quickly turning their opening losses into sizable declines within the first few minutes of action. However, the bears reclaimed control in the afternoon, sending the benchmark index, and its peers, to a fresh session low. A round of economic data, including readings on private-sector payrolls and weekly layoffs, did little to soothe worries about the expected muted pace of the Federal Reserves policy plans.

The Dow Jones Industrial Average dropped 158.13 points, or 0.7%, to close at 21,320. The S&P 500 dropped 22.79 points, or 0.9%, to finish at 2,409.75 with all 11 sectors ending in negative territory. Telecoms and real-estate shares led the declines. The Nasdaq Composite Index fell 61.39 points, or 1%, to close at 6,089.46.

General Electric and Intel led the pack of Dow decliners.

Minutes from the ECB released Thursday indicated that it discussed abandoning a vow to accelerate its QE program and worried about expressing confidence in the eurozone economy.

The ICE U.S. Dollar Index which gauges the buck against a basket of six rival currencies, was off 0.5%, with the slide in greenback underpinned by strengthening in the euro up 0.6% against the dollar. The euro represents the biggest component in the dollar gauge. A weaker dollar tends to make commodities priced in the currency more attractive to buyers using other monetary units.

On the data front, a read on private-sector jobs and weekly layoffs came in slightly weaker than expected, but likely not weak enough to change the pace of interest-rate increases. Private-sector employers added a seasonally-adjusted 153,000 jobs during the month, below the 180,000 that a consensus of economists had forecast. Meanwhile, initial jobless claims in the period running from June 25 to July 1 increased 4,000 to a seasonally adjusted 248,000, while the Institute for Supply Managements nonmanufacturing index rose to 57.4% in June from 56.9% in May.

Bullion prices ended higher at Comex on Thursday, 06 July 2017 at Comex. Gold prices ended higher on Thursday for a second straight session, as the dollar slumped and global equities took a turn lower amid signals that an era of easy-money policies adopted by central banks during the financial crisis may be nearing an end. Thursdays action in metals appeared to be largely driven by the jitters around the more hawkish stance from global central banks, which were sending yields higher, and driving weakness in the dollar.

August gold rose $1.60, or 0.1%, to settle at $1,223.30 an ounce, after settling higher on Wednesday. September silver also added 8.7 cents, or 0.6%, to $15.983 an ounce.

Crude oil prices finished modestly higher on Thursday, 06 July 2017, a day after their worst loss in a month, as U.S. government data revealed that domestic supplies of crude registered their largest fall in five weeks. The Energy Information Administration data, however, also showed a rise in total U.S. crude production, on the heels of a fall the previous weekn++prompting oil prices to pare much of the days earlier gains and to settle off the sessions best levels.

August West Texas Intermediate crude tacked on 39 cents, or 0.9%, to settle at $45.52 a barrel on the New York Mercantile Exchange, well below the sessions high of $46.53. On Wednesday, the contract settled $1.94, or 4.1%, lower, posting its first loss in nine sessions and its biggest dollar and percentage drop since 7 June 2017.

The U.S. Energy Information Administration report released Thursday showed that domestic crude supplies dropped by 6.3 million barrels for the week ended 30 June 2017. Supply data were released a day late because of Tuesdays Independence Day holiday. The decreasen++the largest since the 6.4 million-barrel drop reported by the EIA for the week ended May 26n++topped forecasts for a decline of 1.6 million barrels. Gasoline stockpiles also fell by 3.7 million barrels, while distillate stockpiles decreased by 1.9 million barrels last week. Market had forecast a fall of 1 million barrels for gasoline, but expected a rise of 500,000 barrels for distillates, including heating oil.

On Friday, investors will receive the Employment Situation Report for June, which the consensus expects will show the addition of 173,000 nonfarm payrolls. The report will be released at 8:30 ET.

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Hong Kong Market ends lower
Jul 06,2017

The Hong Kong stock market ended down on Thursday, 06 July 2017, as profit booking triggered after minutes from the Federal Reserves last meeting showed a lack of consensus on the pace of U.S. future interest rate increases. Sector performance was mixed, with gains were lead by consumer and industrial stocks, and losses were seen in telecommunications and energy firms. Hong Kongs benchmark Hang Seng Index edged down 0.2%, or 56.75 points, to close at 25,465.22. The Hang Seng China Enterprises Index, which tracks the performance of Hong Kong-listed Chinese companies, dropped 0.3%, or 34.41 points, to close at 10,346.32. Turnover decreased to HK$78 billion from HK$84.33 billion on Wednesday.

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China Stocks end up, resource, insurance firms leap
Jul 06,2017

The Mainland China equity market finished session higher after recouping early losses on Thursday, 06 July 2017, as strong gains in resource firms and insurers were more than offset by losses in consumer and health care firms. But market gain was capped as Chinas central bank skipped open market operations for the 10th day in a row on Thursday, citing relatively high liquidity levels in the banking system. The blue-chip CSI300 index was unchanged at 3,660.10, while the Shanghai Composite Index added 0.2% to 3,212.44 points. On the Shenzhen Stock Exchange, the Shenzhen Composite Index and the ChiNext index both finished up 0.1%, at 1,914.59 and 1,839.99 respectively.

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Nikkei closes below 20K level on profit-taking, geopolitical concerns
Jul 06,2017

The Japan share market finished session down on Thursday, 06 July 2017, as profit taking triggered on tracking negative lead from Wall Street overnight, with a dour market mood compounded by ongoing geopolitical concerns centered on the Korean Peninsula. Oil and coal product, mining and rubber product-linked issues comprised those that declined the most by the close of play. The 225-issue Nikkei Stock Average dropped 87.57 points, or 0.44%, to 19,994.06, marking the first closing below the psychologically important 20,000 line since June 16. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, lost 3.10 points, or 0.19%, to finish the day at 1,615.53.

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Asia Pacific Market: Stocks starts month with mixed note
Jul 03,2017

Asia Pacific share market closed mixed on Monday, 03 July 2017, as investors digested key economic indicators out of China and the Bank of Japans quarterly tankan survey, with energy producers advanced on oils rally and technology shares tracked declines of their U.S. peers. The MSCI Asia Pacific Index slipped 0.2% to 154.29. The MSCI Asia Pacific Energy Index advanced 0.4%, while the regions technology gauge lost 0.4%

A highly influential manufacturing survey has showed that Chinas economy is picking up at a faster pace than analysts predicted. Caixin manufacturing PMI for the month of June came in at 50.4. The official manufacturing purchasing managers index, a key gauge of factory activity, released on last Friday came in at 51.7% in June, which was better than expected and was higher than Mays figure of 51.2 and marked the 11th consecutive month of expansion, according to data released by the National Bureau of Statistics on Friday. New orders accelerated for the domestic sector as well as for the export market. New orders in June, as shown in a sub index of the PMI, increased to 53.1 from Mays 52.3, while export orders jumped to 52, 1.3 percentage points higher than in May.

In a closely-watched Bank of Japan Tankan survey released on Monday, showing business confidence among Japans large manufacturers strengthened to its highest level in more than three years in the second quarter, as a pickup in the global economy and renewed strength in stocks brightened the outlook for corporate Japan. The main index measuring large manufacturers confidence rose to plus 17 in the April-June period from plus 12 previously. The improvement in business sentiment adds to recent encouraging data for Prime Minister Shinzo Abes administration, pointing to renewed strength in Japans economy after the longest expansion since 2006. Sentiment at large non-manufacturing firms also rose, for a second straight quarter, and is now at its highest since December, 2015. The tankan index for large non-manufacturers came to plus 23 in the June survey compared with plus 20 in the previous quarter. The outlook part of the survey found large manufacturers hopeful, rising to a score of 15 from the previous quarters 11. Large manufacturers expect the dollar will trade at an average 108.31 yen this financial year. The tankans indexes are derived by simply subtracting the number of respondents who say conditions are bad from those who say they are good, with any positive reading meaning that the optimists are winning.

Among Asian bourses

Australia Market falls on first day of new Australian fiscal year

Australian equity market finished session lower, marking a cautious start to the new Australian fiscal year, with weakness led by biotech giant CSL, the biggest drag on the benchmark, while Fairfax Media tumbled after two private equity firms withdrew rival takeover bids. Market losses were, however, capped after survey that showed that Australias manufacturing and service sectors both enjoyed strong activity in June with upbeat demand encouraging more hiring. The S&P/ASX 200 index fell 0.7%, or 36.99 points, to 5,684.5 at the close of trade.

The Healthcare sector was the biggest drag on the index, with biotech firm CSL falling 2% to a near one-month closing low on profit booking after biotech firm hits an all-time record high.

Real estate stocks also weighed on the benchmark with Scentre Group and Stockland Corp Ltd slipping more than 1% each. Among the other big losers was Fairfax Media, which slumped more than 10% to its lowest since March after it said two private equity firms withdrew from rival takeover bids worth up to A$2.9 billion.

Commonwealth Bank of Australia dropped by 0.5%, Westpac Banking shed 0.4% and Australia & New Zealand Banking and National Australia Bank each slipped 0.2%. The regional banks fared better, with Bendigo & Adelaide Bank picking up 0.5% and Bank of Queensland rising 0.8%.

At the other end, the energy sector eked out a minor gain as crude-oil prices built on recent gains in Asian trade supported by the first fall in US drilling activity in months, although rising output from Opec despite a pledge to cut supplies capped gains. Oil producer Santos was up 0.8% while Beach Energy jumped 3.5%. Diversified miners BHP Billiton and Rio Tinto diverged, with the former losing 0.2% but Rio gaining 0.5%. Gold producer Newcrest Mining fell 0.6% and Oz Minerals declined 1.5%.

Virgin Australia Holdings gained more than 6% after the carrier said it expects to report positive cash flow for the 2017 fiscal year.

Nikkei gains after upbeat Tankan sentiment data

The Japan share market finished session higher, buoyed by positive lead from Wall Street Friday, an upbeat Bank of Japans quarterly tankan business confidence survey and a stable dollar-yen exchange rate, but defeat for Japans ruling party in a Tokyo poll checked investor risk appetite and capped the upside. The benchmark Nikkei 225 average gained 22.37 points, or 0.11%, to close at 20,055.80. The Topix, including all first-section issues, finished up 2.51 points, or 0.16%, at 1,614.41. Rising issues outnumbered falling ones 1,117 to 767 in the TSEs first section, while 138 issues were unchanged. Volume fell to 1.601 billion shares, from Fridays 1.968 billion shares.

Exporters were mostly solid on Monday, as the dollar gained 0.2% to 112.58 yen. Toyota Motor Corp rose 1.0%, Subaru Corp climbed 1.7% and Panasonic Corp gained 0.7%. Auto parts maker Ashimori Industry surged on speculation that it may take over demand for Takata products.

Daiseki Co jumped 6.9% after industrial waste disposal business operator said its operating profit surged 25.2% to 2.3 billion for the March-May quarter.

China Stocks up as PMI strengthens

The Mainland China equity market eked out small gains, buoyed by positive economic data showing manufacturing expansion and demand, and optimism about companies interim results after strong guidance in sectors, including non-ferrous metals, electronics, property, light manufacturing and chemicals. But, concerns of economic slowdown in the second half and lingering fears of monetary tightening checked investor risk appetite and capped the upside. Financial and consumer stocks fell on profit-taking but commodity shares rose on the back of higher raw material prices triggered by recent dollar weakness. The Shanghai Composite Index edged up 0.11% to 3,195.91 points.

Infrastructure companies, coal and steel providers and non-ferrous metal shares were among the biggest gainers on the bourse. Maanshan Iron & Steel Co Ltd jumped 9.89% to 3.89 yuan (US$0.57), Shaanxi Coal Industry Co Ltd added 5.66% to 7.47 yuan and Huaxin Cement Co rose 3.99% to 9.91 yuan.

Hong Kong Market gains on start of China, Hong Kong Bond Connect scheme

The Hong Kong stock market ended higher, mirroring gains on the Wall Street Friday and on the back of a new bond trading link between Hong Kong and China. At the close, the Hang Seng index rose 0.1%, to 25,784.17 points, while the China Enterprises Index gained 0.5%, to 10,412.48 points. Turnover decreased to HK$75 billion from HK$81.3 billion on Friday.

Index heavyweight HSBC Plc - which on Monday conducted the first deal under the n++Bond Connectn++ - added 1.2% to HK$73.55, while BOC Hong Kong, another beneficiary of the scheme that allows foreign investors to buy China bonds, jumped 1.5% to HK$37.9. Hong Kong Exchanges and Clearing (00388) barely rose 0.5% to HK$202.8.

Hong Kongs small-caps and mid-caps rose after Beijing on Friday allowed insurers to buy the citys stocks under the Shenzhen-Hong Kong Stock Connect, potentially boosting demand for smaller companies. But the services index in Hong Kong was down 1.5%.

Country Garden (02007), China Vanke (02202) and China Evergrande (03333) were top three Chinese developers in terms of sales for the first half of 2017. Country Garden shot up 3.9% to HK$9.4. China Vanke soared 5.7% to HK$23.35. China Evergrande surged 9.2% to HK$15.3.

Geely Automobile (00175) was top blue-chip winner today. It rose 4% to HK$17.52 after some Chinese research houses investment upgrades.

Strong gains on Indian bourses as investors cheer GST rollout

Trading for the second quarter and July month started on a positive note as key benchmark indices settled with good gains as firmness in global stocks perked up sentiment. The barometer index, the S&P BSE Sensex rose 300.01 points or 0.97% to settle at 31,221.62. The Nifty 50 index advanced 94.10 points or 0.99% to settle at 9,615. The Sensex closed above the psychological 31,000 level. The sentiment was also boosted after the biggest tax reform, the Goods and Services Tax came into force from 1 July 2017. The gains were supported by a sharp jump in index heavyweight ITC. Bank and metal sector stocks advanced.

Index heavyweight and cigarette maker ITC jumped 5.7% at Rs 342.30 on reports that taxation for cigarettes under the goods and services tax regime is around 5-6% lower compared to the previous tax structure. Under the GST regime, cigarettes have been put in the highest tax slab of 28%. Basic excise duty and additional excise duty are repealed and only national calamity duty is continuing under the GST regime for cigarettes.

Mahindra & Mahindra (M&M) was up 1.21%. The companys total auto sales fell 8% to 35,716 units in June 2017 over June 2016. Total tractor sales rose 9% to 32,933 units in June 2017 over June 2016. The announcement was made on Saturday, 1 July 2017.

Maruti Suzuki India rose 1.96% after the companys total sales rose 7.6% to 1.06 lakh units in June 2017 over June 2016. Domestic sales grew by 1.2% to 93,263 units in June 2017 over June 2016. Export sales jumped 95.8% to 13,131 units in June 2017 over June 2016. The announcement was made on Saturday, 1 July 2017.

Meanwhile, Maruti Suzuki India on Saturday, 1 July 2017 announced that the company has passed on the entire benefit of GST rates on vehicles to its customers. The ex-showroom prices of Maruti Suzuki India models have come down by up to 3%. The rate of reduction varies across locations depending on the VAT rates applicable prior to GST, the company said.

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Hong Kong Market gains on start of China, Hong Kong Bond Connect scheme
Jul 03,2017

The Hong Kong stock market ended higher on Monday, 03 July 2017, mirroring gains on the Wall Street Friday and on the back of a new bond trading link between Hong Kong and China. At the close, the Hang Seng index rose 0.1%, to 25,784.17 points, while the China Enterprises Index gained 0.5%, to 10,412.48 points. Turnover decreased to HK$75 billion from HK$81.3 billion on Friday.

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