US stocks ended a thinly traded session higher on Friday, 23 December 2016 boosted by healthcare companies. In the latest economic data, new home sales rose 5.2% in November, advancing to their second-highest pace since early 2008. Separately, the final December reading on consumer sentiment rose, the latest sign of postelection optimism.
Among Asian bourses
Nikkei falls
The Japan share market closed lower in quiet holiday trade, as investors cashed in on recent rallies due to yen appreciation against the dollar. Trading was thin throughout the day due to the Christmas lethargy, with the U.S. and other major overseas markets closed. Tokyo's benchmark Nikkei 225 index ended down 0.16%, or 31.03 points, to 19,396.64. The broader Topix index of all first-section issues finished down 0.37%, or 5.68 points, at 1,538.14. The Tokyo market was closed on Friday for a national holiday.
The yen strengthened 0.2% to 117.06 per dollar. The currency has slipped about 15% from a high in August. The higher yen battered export-oriented names, such as automakers Toyota, Honda and Nissan, camera manufacturer Canon and electric parts producer Murata Manufacturing. Mega-banks Mitsubishi UFJ, Mizuho and Sumitomo Mitsui, brokerage firm Nomura and insurer Dai-ichi Life were also downbeat. Other major losers included mobile phone carriers SoftBank Group and KDDI and clothing store chain operator Fast Retailing.
By contrast, drug makers Astellas, Takeda and Ono Pharmaceutical were buoyant along with daily goods manufacturer Kao. Also on the plus side were game maker Nintendo and mobile game site operator DeNA.
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China Stocks up
Mainland China stock market closed firmly in green after recouping initial losses during late afternoon trade on Monday, 26 December 2016, thanks to buying pressure in the shares of insurances and state-backed builders which helped offsetting the weakness in resources pulled lower by falls in commodity prices. The Shanghai Composite Index rose 0.45% to 3,210.37, reversing an earlier decline of as much as 1.3%. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.37% to 1,978.37. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, grew 0.48% to close at 1,974.01 points. Trading volume in Shanghai hit a nearly two-month low, with some investors unwilling to buy risky assets as year-end approaches.
Shares particularly favoured by insurers rebounded from sharp declines caused by regulators' stricter restrictions. Index heavyweight China Vanke Co, Gree Electric Appliance, and China State Construction Engineering all rose.
State-backed builders inclined after the Ministry of Transport said in a statement that China will spend 1.8 trillion yuan on highway and waterway projects next year. China Communications Construction Co. surged 7.9%. China State Construction Engineering Corp., China Shipbuilding Industry Co. and China Nuclear Engineering Group Co. rose more than 2.7%.
Raw material stocks were the worst performer, with an index tracking the sector down more than 0.8% at the close, as the futures price of rebar lost around 3%. Shares of Baoshan Iron & Steel Co and WuhanIron and Steel Co retreated.
Nifty hits more than seven-month closing low
Indian benchmark indices fell today, after Prime Minister Narendra Modi on Saturday, 24 December 2016, hinted at increase in taxes on income from stock market. The barometer index, the SandP BSE Sensex, lost 233.60 points or 0.9% to settle at 25,807.10. The Nifty 50 index shed 77.50 points or 0.97% to settle at 7,908.25. The Sensex hit 5-week closing low while the Nifty hit its lowest closing level in more than seven months. All the nineteen sectoral indices on BSE were in the red.
Key benchmark indices lost ground at the onset of the session as the market reacted to statements made by Prime Minister Narendra Modi on Saturday, 24 December 2016, hinting at increase in taxes on income from stock markets. Later, indices staged a slight recovery in afternoon trade which was derailed by fresh selling in late trade.
However, Finance Minister Arun Jaitley clarified on Sunday, 25 December 2016 stating that media reports of Modi's speech are erroneous, adding further that the government has no plans to introduce long-term capital gains tax on share transactions.
Foreign portfolio investors (FPIs) continued to offload Indian stocks. FPIs sold shares worth a net Rs 1462.65 crore on Friday, 23 December 2016, as per provisional data released by the stock exchanges. FPIs have sold shares worth a net Rs 4531.38 crore in December so far (till 22 December 2016). The selling comes at the back of sales worth of Rs 20116.27 crore in November and that of Rs 5258.22 crore in October.
Divi's Laboratories fell 12.13% to Rs 761, extending Friday's slump triggered by media reports of adverse observations from the US drug regulator made on its Vizag facility in Andhra Pradesh. Shares of Divi's Laboratories slumped 21.87% to Rs 866.10 on Friday, 23 December 2016, following media reports of adverse observations from the US Food and Drug Administration (USFDA) made on its Vizag facility in Andhra Pradesh.
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