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Asia Pacific Market: Stocks tumble on Trump policy concerns
Mar 22,2017

Asia Pacific share market closed notably lower on Wednesday, 22 March 2017, on mirroring the sharp overnight fall on Wall Street, after investors saw the Trump administrations struggles to push through the healthcare overhaul as a sign he may also face setbacks delivering promised corporate tax cuts.

U.S. equities had the worst day of the year for stocks on Tuesday, as banks struggled with falling yields and over concerns that President Donald Trump faces legislative roadblocks in passing a healthcare overhaul. Trump has suggested the GOP cannot move forward with tax reform plans until lawmakers keep the promise to repeal and replace Obamacare. The Dow Jones industrial average dropped 1.14% to close at 20,668.01, the S&P 500 tumbled 1.24% to end at 2,344.02 and the Nasdaq composite dropped 1.83% to close at 5,832.53.

Since Trumps presidential victory last November, there have been expectations for deregulation, tax reform and an increase in fiscal spending. But the Trump administration has indicated that healthcare reform would take precedence over tax reform. House Republicans are expected to vote on repealing and replacing the Affordable Care Act on Thursday with the votes needed for passage in doubt.

The markets also noted comments from Cleveland Federal Reserve President Loretta Mester on Tuesday in the U.S. that if economic data holds up she would support a reduction in the Feds $4.5 trillion balance sheet.

Stocks globally and the U.S. dollar have broadly rallied in the wake of President Donald Trumps election in November, buoyed by his talk of a tax overhaul and infrastructure investment. However, roadblocks have risen ahead of Thursdays scheduled vote to dismantle the Affordable Care Act, triggering a market pullback Tuesday in the U.S. that has carried overseas and has investors questioning Trumps ability to make good on his policy promises. Market participants are doubtful of whether President Trump is able to deliver his phenomenal tax cuts.

During Asian hours, U.S. crude fell 0.1% to $48.18 a barrel, after it fell to its lowest since Nov. 29 to settle at $47.34 during U.S. hours on Tuesday. Brent crude was flat at $50.94. Late Tuesday in the U.S., the American Petroleum Institute reported a 4.53 million barrels build in crude stocks at the end of last week, nearly double the expected gain.

Spot gold was trading at $1,244.36 per ounce, up for its sixth consecutive session and near a three-week high.

Among Asian bourses

Australia Shares end notably down

Australian equity market finished session steep down, on following the negative lead from Wall Street overnight amid worries that U.S. President Donald Trump will face hurdles in delivering promised tax and healthcare reform. In addition, weak commodity prices weighed on resources stocks. At the close, the benchmark S&P/ASX 200 index surrendered 90.10 points, or 1.56%, to 5,684.50, while the broader All Ordinaries index backtracked 87.50 points, or 1.5%, to 5,732. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 771 to 343 and 324 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 21.22% to 12.386.

The financial index shed 2.08%, on tracking similar losses in its US financial counterpart. ANZ Banking, Westpac Banking Corp and Commonwealth Bank of Australia fell more than 2% each.

Mining giants Rio Tinto, BHP Billiton and Fortescue Metals Group fell 2.6%, 2.9% and 5.3%, respectively after copper, steel and iron prices dropped on Tuesday.

Bucking the trend, gold miners advanced after gold prices rose to a near three-week high overnight on increased safe-haven demand. The gold index rose as much as 3.34% and hit its highest in three weeks. Newcrest Mining and Evolution Mining gained around 2%. Evolution Mining said it expects to achieve its March quarter and full-year production guidance.

Nikkei falls over Trump policy concerns

The Japan share market tumbled to lowest level in six-week on mirroring the sharp overnight fall on Wall Street, after investors saw the Trump administrations struggles to push through the healthcare overhaul as a sign he may also face setbacks delivering promised corporate tax cuts. In addition, yen appreciation against greenback weighed on exporters stocks. The 225-issue Nikkei Stock Average shed 390.51 points, or 2.01%, to 19,065.37, its lowest since 9 February 2017. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 29.52 points, or 1.89%, to 1,533.90. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2873 to 326 and 169 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 6.63% to 15.59.

Japanese defense names were broadly lower after an apparent North Korea missile test that reports said failed. Reuters, citing Yonhap news agency, reported the isolated nation in the Korean peninsula may have conducted a missile launch with a U.S. military spokesman adding that a missile appears to have exploded within seconds of launch. Shares of Kawasaki Heavy Industries fell 3.92%, Komatsu fell 1.96% and ShinMaywa Industries was down 2.21%.

The stronger yen battered export-oriented names, including automakers Toyota and Fuji Heavy, electronic parts supplier Murata Manufacturing and industrial robot manufacturer Fanuc.

Mega-bank group Mitsubishi UFJ, brokerage firm Nomura, and insurers Tokio Marine and Dai-ichi Life met with heavy selling after their U.S. peers lost ground in New York on Tuesday.

By contrast, Nintendo attracted hefty purchases with investors taking heart from a media report that the game-maker plans to boost production of the Nintendo Switch video game console.

China Stocks snap two-day winning streak

The Mainland China equity market ended down for the first time in three consecutive session, due to worries over tightening liquidity in the domestic banking system, and uncertainty over whether US President Donald Trump will be able to get his economic policies approved in a timely fashion. Main sectors fell across the board, led by banks and property stocks. The blue-chip CSI300 index fell 0.5%, to 3,450.05 points, while the Shanghai Composite Index lost 0.5% to 3,245.22 points. The Shenzhen Composite Index lost 6.05 points or 0.30% to end at 2,037.89.

Investors were concerned about tightening liquidity in the banking system as the end of the quarter nears. Short-term interest rates in China surged on Tuesday as cash conditions tightened on worries the central banks quarterly risk assessment at the end of this month would restrict lending in the interbank market.

Investors are worried that US President Donald Trump will struggle to deliver promised tax cuts that propelled the market to record highs in recent months, with nervousness deepening ahead of a key healthcare vote on Thursday. The market also questioned Trumps ability to pass tax and spending reforms further down the line

Banks and property stocks declined, as a central bank survey found that 52.2% of urban households believed housing prices were unacceptably high in the first quarter. That reinforced expectations authorities will be more aggressive to cool a red-hot property market, even at the risk of dampening economic growth. Agricultural Bank of China shed 0.31%, while Bank of China tumbled 1.37%, Industrial and Commercial Bank of China dropped 1.06%, Vanke lost 0.52%, and Gemdale skidded 2.54%.Bucking the broad trend, stocks related to the One Belt, One Road infrastructure initiative continued to outperform, led by heavyweight infrastructure shares, as they were seen benefiting from the initiative.

Hong Kong Stocks tumble on Trump policies concerns

The Hong Kong stock market closed session lower, dragged down by concerns over implementation of U.S. President Donald Trumps economic policies, with particular worries around trade and a possible slow process toward any tax reform. The Hang Seng Index ended down 272 points or 1% to 24,320. The H-share index fell 187 points or 1.8% to 10,456. Turnover increased to HK$103.5 billion from HK$95.2 billion on Tuesday.

AAC Tech (02018) edged down 0.1% to HK$86.5 after hitting a day low of HK$83.65 even though its 2016 earnings growth of 29.6% to RMB4.03 billion. Chinese Overseas (00688) and CR Land (01109) also reported better than expected earnings. But both stocks fell 1.8% and 1.6% to HK$24.25 and HK$22.05.

Geely Automobile (00175) soared 5.8% to HK$11.98 after it reported 2016 net profit surged 126% to RMB5.11 billion. Brilliance China (01114) also put on 4.3% to HK$13.24 after HSBC Research upgraded its target price to HK$16.1 from HK$12.8.

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Nikkei falls over Trump policy concerns
Mar 22,2017

The Japan share market tumbled to lowest level in six-week on Wednesday, 22 March 2017, on mirroring the sharp overnight fall on Wall Street, after investors saw the Trump administrations struggles to push through the healthcare overhaul as a sign he may also face setbacks delivering promised corporate tax cuts. In addition, yen appreciation against greenback weighed on exporters stocks. The 225-issue Nikkei Stock Average shed 390.51 points, or 2.01%, to 19,065.37, its lowest since 9 February 2017. The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 29.52 points, or 1.89%, to 1,533.90. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2873 to 326 and 169 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 6.63% to 15.59.

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Australia Shares end notably down
Mar 22,2017

Australian equity market finished session steep down on Wednesday, 20 March 2017, on following the negative lead from Wall Street overnight amid worries that U.S. President Donald Trump will face hurdles in delivering promised tax and healthcare reform. In addition, weak commodity prices weighed on resources stocks. At the close, the benchmark S&P/ASX 200 index surrendered 90.10 points, or 1.56%, to 5,684.50, while the broader All Ordinaries index backtracked 87.50 points, or 1.5%, to 5,732. Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 771 to 343 and 324 ended unchanged. The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 21.22% to 12.386.

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Aban Offshore announces appointment of nominee director
Mar 22,2017

Aban Offshore announced that the State Bank of India has nominated Pradeep Kumar as a Director on the Board of the Company on 22 March 2017.

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GHCL provides update on buyback of shares
Mar 22,2017

GHCL announced that pursuant to the Corporate Action executed on 21 March 2017 for extinguishment of 121,653 Equity Shares of Rs. 10/- each, the paid-up and issued share capital of GHCL stands reduced to Rs. 996,079,330/- consisting of 99,607,933 equity shares.

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Divis Laboratories provides update on import alert issued by USFDA
Mar 22,2017

Divis Laboratories further updated that the Import Alert by US-FDA for the products manufactured at the companys Unit-II at Visakhapatnam was issued under two clauses 66-40 & 99-32 of the FDA regulations. As mentioned earlier, the Agency has exempted the following products from the Import Alert: 1. Levetiracetam 2. Gabapentin 3. Lamotrigine 4. Capecitabine 5. Naproxen sodium 6. Raltegravir potassium 7. Atovaquone 8. Chloropurine 9. BOC core succinate 10. 2,4-wing active ester .The company has already initiated necessary measures to address the concerns raised by the US-FDA and is making all efforts to fully meet the compliance requirements.

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FM: Government to focus on two important areas including building infrastructure on war footing and substantial expenditure on development of rural In
Mar 22,2017

The Union Minister of Finance, Defence and Corporate Affairs Shri Arun Jaitley said that the Government would focus on two important areas including building infrastructure on war footing and substantial expenditure on development of rural India. The Finance Minister said that India is having the largest infrastructure creating programme in the world which include constructing 10,000 kms of road every year or 30 km a day, connecting every village with a regular road by 2019, to ensure that every village is electrified by 2018 and addition of 40-50 Regional Airports besides modernizing the Railway System among others.

The Finance Minister Shri Jaitley highlighted the various schemes and programmes launched by the present Government for the development of rural areas, including construction of roads, electrification of villages, cleanliness campaign by providing every rural household with a toilet system, implementing scheme Housing for all in rural areas by 2022 and high expenditure on rural irrigation, animal husbandry and dairy farming among others.

The Finance Minister Shri Jaitley said that the major challenges before the Government is uncertainty in international oil prices, slow pace of growth in the global economy, addressing the issue of increased private sector investment and tackling the problem of Non Performing Assets (NPAs) among others. The Finance Minister said that India will continue to be the fastest growing economy in the world and will continue to achieve the annual growth rate of 7-8 per cent and can further increase this growth rate provided the global economy also registers higher recovery.

The Finance Minister Shri Arun Jaitley said that micro and macro-economic indicators of the Indian economy are very strong and inflation, fiscal deficit and current account deficit etc. are very much in control. The Finance Minister also said that the major indirect tax reform in the history of the country since independence i.e. Goods and Services Tax Act is likely to be rolled-out from first of July this year which will simplify the most complicated indirect tax system in the country by subsuming various Central and State indirect taxes and introducing the concept of one tax one nation. The Finance Minister said that the GST will be a game changer and will help in curbing tax evasion, bringing transparency and efficiency in tax administration, reducing the prices of various items by avoiding tax on tax and ensuring seamless transfer of goods from one region to another among others.

The Finance Minister Shri Jaitley also said that as far as Foreign Direct Investment (FDI) is concerned, India is most preferred destination in the world today as it has opened its economy for FDI in various sectors especially in the last 2-3 years. The Finance Minister also touched upon the issue of demonetization stating that by withdrawing the legal tender character of Rs. 500 and Rs. 1000 notes with effect from 8th November, 2016, the anonymity attached with the cash is over and informal sector has to a large extent integrated with the formal sector and thereby making the Indian economy more cleaner, transparent and efficient. He said that cash was incentivising crime, corruption, tax evasion and black money among others. Shri Jaitley said that demonetizing on the one hand helped in tackling all these problems while on the other hand, led to increased digitization of transactions and reducing the overall impact of shadow economy among others.

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Suryo Foods & Industries to hold board meeting
Mar 22,2017

Suryo Foods & Industries will hold a meeting of the Board of Directors of the Company on 28 March 2017.

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Tarapur Transformers to hold board meeting
Mar 22,2017

Tarapur Transformers will hold a meeting of the Board of Directors of the Company on 31 March 2017.

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Rupee loses
Mar 22,2017

Rupee closed lower at 65.44/45 per dollar on Wednesday (22 March 2017), versus its previous close of 65.29/30 per dollar.

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K S Oils announces change in company secretary and compliance officer
Mar 22,2017

K S Oils announced that Sandeep Kumar, Company Secretary and Compliance Officer has resigned from the Company with effect from 22 March 2017. The Company has appointed Pooja Sharma as Company Secretary and Compliance officer with effect from 22 March 2017.

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Indian Overseas Bank to receive capital infusion of Rs 1100 cr from GoI
Mar 22,2017

Indian Overseas Bank announced that the Bank has received a communication from Ministry of Finance, Government of India, vide its letter dated 16 March 2017, informing inter alia, capital allocation of Rs.1100 crore in the Bank, as a part of turnaround linked capital infusion plan.

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Jet Airways (India) appoints director
Mar 22,2017

Jet Airways (India) announced the appointment of Ranjan Mathai as Independent Director with effect from 21 March 2017.

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Menon Bearings announces cessation of subsidiary
Mar 22,2017

Menon Bearings has transferred its entire stake held in Flyga Auto (wholly owned subsidiary) and hence ceases to be subsidiary of the Company w.e.f 22 March 2017.

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Power Finance Corporation fixes record date for interim dividend
Mar 22,2017

Power Finance Corporation has fixed 01 April 2017 as record date for interim dividend for FY 2017, if declared by the Board in its meeting scheduled to be held on 24 March 2017.

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