Asian Equities Continue The Negative Sentiment

Asian stocks extended losses in Tuesday’s trading, as traders braced for a slew of central bank decisions. The Federal Reserve, Bank of England, Bank of Japan as well as the People’s Bank of China will review interest rates over the course of the week.

China’s Shanghai Composite Index edged down less than a tenth of a percent to finish trading at 3,124.96. The day’s trading ranged between 3,131.13 and 3,113.53. The Shenzhen Component Index lost 74.31 points or 0.7 percent to close at 10,125.73.

The Japanese benchmark Nikkei 225 Index shed 290.50 points or 0.9 percent to end trading at 33,242.59. The day’s trading range was between 33,337.23 and 33,128.86.

Mitsubishi Motors Corp., Nippon Yusen, Mazda Motor Corp. and Yokohama Rubber Co. all gained more than 5 percent. Nissan Motor Co. followed closely with gains of 4.9 percent.

Tokyo Electron was the biggest laggard, tumbling 5.2 percent. Dainippon Screen Mfg. and Advantest Corp. both declined more than 4 percent. Mitsui Engineering & Shipbuilding as well as Recruit Holdings slid around 3.5 percent.

The Hang Seng Index of the Hong Kong Stock Exchange gained 66.62 points or 0.4 percent from the previous close to finish trading at 17,997.17. The day’s trading range was between a high of 18,004.74 and a low of 17,832.30.

The Korean Stock Exchange’s Kospi Index declined 15.51 points or 0.6 percent to close trading at 2,559.21. The day’s trading range was between 2,555.46 and 2,583.25.

Australia’s S&P/ASX200 Index closed trading at 7,196.60, shedding 33.80 points or 0.5 percent. The index finished 4.90 percent below its 52-week high. The day’s trading range was between 7,187.5 and 7,230.4.

Sentiment remained muted after minutes of the Reserve Bank of Australia released on Monday suggested the central bank had mulled a 25-basis point rate hike before finally settling for a pause.

Silver Lake Resources rebounded more than 5 percent after Monday’s tumble that exceeded 8 percent. Ramelius Resources followed with a gain of 4.6 percent. Coal mining business Coronado Global Resources, capital goods business Johns Lyng Group and gold miner Capricorn Metals all added more than 3 percent in the day’s trading.

Semiconductor business Weebit Nano plunged 8.9 percent. Core Lithium dropped more than 5 percent. Chalice Mining, Sayona Mining and Block, all slipped more than 4 percent.

The NZX 50 Index of the New Zealand Stock Exchange shed 52.48 points or 0.5 percent to close at 11,344.52. Trading ranged between 11,329 and 11,397.

Synlait Milk rebounded 4.3 percent after Monday’s plunge. KMD Brands followed with a gain of 3.8 percent whereas Mercury NZ posted a gain of more than 2 percent. Skellerup Holdings and Ryman Healthcare both gained more than 1 percent in the day’s trading.

Investore Property, Skycity Entertainment Group and Argosy Property all declined more than 3 percent. Kiwi Property Group and Fletcher Building followed with losses of more than 2 percent.

Wall Street finished Monday’s trading with modest gains amidst overwhelming hopes of a pause in the Fed’s review due on Wednesday. Nasdaq Composite edged up less than a tenth of a percent to close at 13,710.24 whereas the Dow Jones Industrial Average crept up less than a tenth of a percent to finish trading at 34,624.30.

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