In commodities, oil prices were steady, as markets took a wait-and-see approach to output cuts by both OPEC and non-OPEC producers that are due to start in less than a week. US crude added 0.1% to $US53.10 a barrel. Global benchmark Brent slipped 0.1% to $US55.10.
Among Asian bourses
Nikkei ends tad higher
The Japan share market closed marginally higher in quiet trade. Total 18 out of 33 TSE industry category on the main section gained ground, with Rubber Products, Marine Transportation, Financial Business, Pharmaceutical, and Banks issues being major gainers, while Real Estate, Pulp & Paper, Construction, and Electric Appliances issues being notable losers. The benchmark Nikkei 225 index ended up 0.03%, or 6.42 points, to 19,403.06. The broader Topix index of all first-section issues finished down 0.12%, or 1.92 points, at 1,536.22. Volume on the main board was 1.749 billion shares, compared with 30-day average daily volume of 2.375 billion shares.
Mega-bank groups Mitsubishi UFJ, Mizuho and Sumitomo Mitsui, and insurer Dai-ichi Life were buoyant. Ono Pharmaceutical jumped 5.77% on a media report that the company's president, Gyo Sagara, has revealed a plan to start domestic sales of its Opdivo cancer drug also for stomach cancer treatment. Also on the plus side were mobile phone carriers SoftBank Group and KDDI, and clothing store chain operator Fast Retailing, all heavily weighted components of the Nikkei average.
By contrast, Toshiba Corp plummeted nearly 12% with investors unnerved by a media report that the electronics and machinery giant could additionally book hundreds of billions of yen in loss from its nuclear power plant business in the United States. Mitsubishi Estate, Sumitomo Realty and Mitsui Fudosan also met with selling.
Domestic inflation even measured by the Bank of Japan's narrow indicator continues to slow as firms remain cautious about raising prices amid sluggish consumption. The BOJ said Tuesday it estimates that the CPI minus volatile fresh food and energy, which it believes shows a clearer price trend amid low crude oil prices, rose 0.2% on year in November. The pace of increase decelerated further from 0.3% in October and was far below this year's peak of 1.0% seen in February. Government data released earlier Tuesday showed the core consumer price index -- which excludes fresh food but includes energy prices -- fell 0.4% on year in November for the ninth straight drop. The pace of decline was unchanged from -0.4% in October as a slower drop in the prices for energy was offset by smaller gains in those for processed food and overseas holiday tours.
China Stocks end inch lower
More From This Section
Mainland China stock market closed inch lower in light trading, as lack of liquidity also dampened market sentiments. However, losses were limited after official government data showing solid profit growth in the nation's industrial sector in November. The Shanghai Composite Index dipped 0.25% to 3,114.66 while the CSI 300 Index, which tracks large companies in Shanghai or Shenzhen, closed 0.18% lower at 3,316.39. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.07% to 1,979.73. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, fell 0.27% to close at 1,968.62 points.
Investors concerns about market tighter liquidity reignited after the People's Bank of China, through a series of open market operations, withdrew around 150 billion yuan of capital on Tuesday. The central bank has been tightening market liquidity for three days in a row. The bond market was lower. The benchmark 10-year treasury futures for March delivery fell 0.21%, while the five-year treasury futures for March delivery dropped 0.48%. The benchmark 10-year government bond yield rose to 3.165% while the five-year government bond yield dropped to 2.94%. Bond prices move inversely to yield.
Shares particularly in the energy, transportation and telecommunication sectors were among the biggest losers on Tuesday. China Unicom slumped 3.33% to 7.55 yuan, AVIC Aircraft Co dropped 2.0% to 21.12 yuan, while China Eastern Airlines fell 1.87%. China Petroleum & Chemicals shed 1.94%.
Shares of specific themes such as SOE [state-owned enterprise] reform and public private partnership (PPP) continued attracting buying after the China Securities Regulatory Commission and China's National Development and Reform Commission said in a joint statement on Monday that China wants to encourage PPP projects to raise funds through asset-backed securitisation (ABS). The new policy gives China's infrastructure projects a new way of financing.
Shanghai-listed Longjian Road & Bridge Co locked 10% upper circuit at 7.13 yuan. Long Yuan Construction Group Co shares surged 10% daily limit at 11.37 yuan. Tunnel and bridge designer JSTI Group rose 5.5% to 21.36 yuan and Yunnan Yuntou Ecology and Environment Technology rising 3.19% to 23.60 yuan. Property developer China Vanke's A shares ended up 3.37% at 21.42 yuan. Commercial real estate company Shanghai Lujiazui Finance & Trade Zone Development gained 1.52% to 22.73 yuan.
Sensex, Nifty hit almost one-week closing high
Indian benchmark indices logged strong gains led by sharp gains in index heavyweights ITC, Infosys and Reliance Industries (RIL) as bargain hunting emerged after the recent selling. The barometer index, the SandP BSE Sensex, jumped 406.34 points or 1.57% to settle at 26,213.44. The Nifty 50 index gained 124.60 points or 1.58% to settle at 8,032.85. The Sensex regained the psychological 26,000 mark, after moving above that level in mid-afternoon trade. The Nifty also settled above the psychological 8,000 mark, after moving above that level in late trade.
After a positive start, the Indian equity benchmarks kept on gaining ground as trading for the day progressed. FMCG and bank stocks gained on renewed buying. Metal and mining stocks gained on positive economic data in China.
Kaya rose 2.66% after the company said its subsidiary completed acquisition of 75% beneficial interest in Minal Medical Centre, Dubai and Minal Specialized Clinic Dermatology, Sharjah.
Powered by Capital Market - Live News