Turnover across the regional bourses were relatively light amid an absence of catalysts as several markets remained closed for the Easter holiday.
Among Asian bourses, Japanese share market finished marginally lower, as the country's larger than expected trade deficit data washed out initial gain fueled by a weak yen. The Nikkei 225 index was down 3.89 points to 14,512.38, while the Topix index of all first-section shares was off 1.97 points to finish at 1,171.40.
Japanese Yen (JPY) continued its weak trend this new week, following a fall of 0.8% in the past week. The currency has come under pressure, as March trade deficit came in much higher than expected.
The finance ministry said on Monday that Japan's trade deficit quadrupled to 1.45 trillion yen y/y in March 2014. Exports rose 1.8% to 6.38 trillion yen, thanks to higher shipments of cars and processed fuel products. But imports grew a much faster 18.1% to 7.83 trillion yen due to higher imports of crude oil and liquefied natural gas as resource-poor Japan raced to plug its energy gap.
For the fiscal year to March, Japan logged a record largest trade deficit of 13.75 trillion yen. A 17.3% rise in imports from a year earlier to 84.61 trillion yen caused by post-Fukushima energy bills overwhelmed a 10.8% jump in exports to 70.86 trillion yen, according to data issued by the finance ministry.
Shares of shipping companies declined in Tokyo on increasing diplomatic sparring between China and Japan after the Shanghai Maritime Court seized a vessel owned by Japanese shipping giant Mitsui O.S.K. Lines during weekend over contract disputes dating to the Sino-Japanese war that began in the 1930s. Japan's top government spokesman said Monday the seizure could hurt bilateral ties. Mitsui O.S.K. Lines fell 1.1% to 355 yen and Nippon Yusen dropped 0.3% to 292 yen.
Shares of Japanese consumer-focused lenders were higher following a report that the ruling Liberal Democratic Party is considering loosening restrictions on money lenders to make it easier for smaller businesses shunned by banks. Credit Saison was up 1.8% at 2,270 yen. Orient Corp. rose 13% to 230 yen.
In China, Mainland China share market retreated today, as risk aversion selloff flared across the board, due to concerns about a share glut from upcoming IPOs, as well as from the slowdown in the economy. The benchmark Shanghai Composite Index, which tracks both A and B shares, closed 31.92 points down at 2065.83, after hitting an intraday high of 2103.08.
The selloff in the China shares largely trigged amid concerns about a potential share oversupply after the securities regulator released draft prospectuses for 28 new companies planning to list. The China Securities Regulatory Commission posted IPO prospectuses for 28 companies on its website last week, while the Economic Information Daily reported that the banking regulator has issued guidelines on preferred-share sales for lenders.
However, overall losses were partly offset by energy stocks after Premier Li Keqiang announced major projects in the sector would be rolled out soon, focusing on energy transmission and cleaner energy sources such as hydro-power.
Among SSE sectors, entire 10 sectors of the SSE index declined, with telecommunication services and consumer staples sectors both were top loser in the SSE sectoral peers, with each down by 2%, and closely followed by consumer discretionary (down 1.9%). Meanwhile selling pressure was also evident in financial (down 1.8%), industrials (down 1.7%), energy (down 1.6%), information technology (down 1.6%), materials (down 1.4%), utilities (down 1.4%) and healthcare (down 1.4%).
Shares of consumer companies declined the most amid mounting concerns over slowdown in the economic growth. Great Wall Motor Co. plunged 4.6% to 32.82 yuan.
Material and resources stocks went lower. Aluminum Corp. of China slumped 2.4% to 3.23 yuan and Jiangxi Copper Co 2.7% to 12.37 yuan.
Energy stocks rose after Premier Li Keqiang announced major projects in the sector would be rolled out soon, focusing on energy transmission and cleaner energy sources such as hydro power. Chongqing Three Gorges Water Conservancy & Electric Power Co jumped 9.6% to 10.75 yuan and TBEA Co climbed up 1.3% to 9.59 yuan.
In India, key benchmark held firm in afternoon trade after provisional data released by the stock exchanges showed that foreign funds were net buyers of Indian stocks on Thursday, 17 April 2014.
At 13:20 IST, the S&P BSE Sensex was up 56 points or 0.25% to 22,684.84. The index jumped 98.02 points at the day's high of 22,726.86 in early trade, its highest level since 15 April 2014. The index rose 7.91 points at the day's low of 22,636.75 in early trade. The CNX Nifty was up 14.20 points or 0.21% to 6,793.60. The index hit a high of 6,806 in intraday trade, its highest level since 15 April 2014. The index hit a low of 6,786.90 in intraday trade.
Foreign institutional investors (FIIs) bought Indian shares worth a net Rs 433.40 crore on Thursday, 17 April 2014, as per provisional data from the stock exchanges. The stock market was closed on Friday, 18 April 2014, on account of Good Friday.
Hero MotoCorp rose 1.3%. The company said during market hours that two-wheeler brand 'Hero' made its debut in Bangladesh through a Joint Venture (JV) with the reputed Nitol Niloy Group. This is the company's first overseas joint venture to set up a two-wheeler plant outside of India, since it commended its solo journey almost three years ago. Hero will hold majority stake of 55% in the new JV while the Nitol Niloy Group will hold the rest 45% stake. There will be a total equity injection of $ 12.6 million in a ratio of 55:45 over a period of two years. The new venture will have a capital expenditure of $ 23.2 million in the first year of its operations (financial year ending 31 March 2015) and a total investment of $ 40 million over the next five years.
AstraZeneca Pharma India rose 4.29% on reports US-based Pfizer has approached London-based AstraZeneca PLC for a 60 billion pound takeover. According to reports, Pfizer Inc. considered buying London-based AstraZeneca PLC in informal talks held several months ago. The now-discontinued talks were first reported late last week by a media report, which cited sources who said a takeover had been discussed that would have valued AstraZeneca at more than 60 billion pounds ($101 billion). As on 31 March 2014, AstraZeneca held 75% stake in AstraZeneca Pharma India.
Natco Pharma surged 7.36% after the company said that Supreme Court Chief Justice Roberts has denied Teva's application for an injunction seeking to prevent launch of a generic version of Copaxone. The announcement was made during trading hours today, 21 April 2014. Natco Pharma said that Supreme Court Chief Justice Roberts has denied Teva's application for an injunction seeking to prevent launch of a generic version of Copaxone pending the Supreme Court's decision on Teva's appeal. This is the second time that the Chief Justice has denied Teva's request for such an injunction, Natco Pharma said in a statement.
Elsewhere in the Asia Pacific region, Malaysia's KLSE Composite added 0.52%. Singapore's Straits Times index rose 0.04%. Taiwan's Taiex index fell 0.17%. South Korea's KOSPI index was down 0.25%. Indonesia's Jakarta Composite Index dropped 0.11%. Markets in Australia, Hong Kong and New Zealand were closed for the Easter holiday.
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