Political news from Ukraine continues to unnerve investors, but not enough to divert their cash out of riskier assets like stocks and into safer-haven government bonds. The European Union said on Tuesday it imposed sanctions on 15 Russian political and military leaders, including a deputy prime minister. This followed action from the United States against Russian individuals and firms on Monday.
Chinese government said in a statement, citing a meeting chaired by Premier Li Keqiang in Chongqing that China is studying a Yangtze river economic belt plan to link the eastern, central and western regions. The economic belt can help boost consumption and promote stable economic growth.
Among Asian bourses, Australian share market declined today, snapping seven sessions of rising streak, as investors sought for cashing out recent profit after sanctions by the U.S. and allies against Russia over Ukraine, with big banks and mining heavyweights led losses. The benchmark S&P/ASX200 and the broader All Ordinaries each declined by 0.89% to 5486.60 and 5466.90, respectively.
Sydney share market benchmark S&P/ASX 200 index opened higher and hit a six-year peak of 5554.50 early today. But the benchmark index changed direction, touching intraday low of 5469.30 before finishing the session 0.9% down at 5486.60 as investors run into profit-taking ahead of earnings results from the major local banks.
Materials and resources stocks were biggest drag on trade, after base metal prices fell by up to 1.4% on the London Metal Exchange on Monday. Resources giant BHP Billiton was down by 0.7% to A$37.67 while Rio Tinto fell 1.2% at A$61.30 and Fortescue Metals Group 2.3% to A$5.
Banks and financials were broadly down, with top four lenders lead losses on concerns over earnings. ANZ kicks off bank earnings season on Thursday, while NAB and Westpac are due to report their profits next week. ANZ Banking Group declined 1% to A$34.60 and Westpac Banking Corp 1.3% to A$35.39. Commonwealth Bank of Australia fell 0.6% to A$78.94 and National Australia Bank 1.3% to A$35.51.
Santos closed 0.2% higher at A$13.55 after announcing that the oil and gas group has got A$19 billion PNG LNG project with production of liquefied natural (LNG) gas progressing ahead of schedule. The first cargo is now expected to be shipped to Asian markets before mid-year.
Leighton Holdings was up 0.3% to A$19.30 after announcing Leighton Asia has been awarded A$1.6 billion contract from the Hong Kong Government's Highways department to build immigration and customs building between Hong Kong and Zhuhai-Macao in a joint venture with Hong Kong based construction company Chun Wo. Construction of the building will commence in April and Leighton expects the work to be completed at the end of 2016.
In New Zealand, equities on the New Zealand share market rose on speculation the incumbent National-led government will return for a third term. Meridian Energy, MightyRiverPower, Contact Energy and Genesis Energy paced gains. The NZX 50 Index rose 32.492 points, or 0.6%, to 5148.291. Within in the index, 28 stocks rose, 13 fell and nine were unchanged. Turnover was $121.4 million.
Investors are growing increasingly confident the National-led government will return at this year's general election, supporting energy stocks which had been depressed by opposition party policies to overhaul New Zealand's electricity market.
The New Zealand dollar fell as upbeat local trade figures met analysts' expectations and ahead of a US consumer confidence survey in the run-up to this week's Federal Reserve policy review. The kiwi traded at 85.25 US cents from 85.28 cents early today, down from 85.75 cents yesterday. The trade-weighted index declined to 79.33 from 79.78 yesterday.
In China, Mainland China share market advanced for the first time in five consecutive sessions on Tuesday, 29 April 2014, as investors chased for bottom fishing on speculation that the government will take steps to bolster the economy, with consumer-related companies lead gains. The benchmark Shanghai Composite Index finished the session 16.85 points higher at 2020.34, after touching an intraday low of 1997.64.
Among SSE sectors, all 10 sectors of the SSE index advanced, with consumer staples sector was top gainer in the SSE sectoral peers, with rise of 2.3%, meanwhile consumer discretionary sector was up 2.1%, information technology up 2.1%, telecommunication services up 1.1%, healthcare up 1%, materials up 1%, energy up 0.8%, industrials up 0.8%, financials up 0.8% and utilities up 0.6%.
Shares of consumer-discretionary companies raised the most in Shanghai, with SAIC Motor up 3.1% to 14.50 yuan. Gree Electric Appliances Inc rose 4.2% to 30.47 yuan. Shanghai Friendship surged by the 10% daily limit to 12.73 yuan.
Property developer shares declined, as investors sold off stakes in weaker or overvalued firms, underlying the challenges the industry faces as the property market shows increasing signs of slowing. China Vanke Co. the largest developer, fell 0.4% to 7.94 yuan after saying net income dropped 5% to 1.53 billion yuan. Gemdale Corp lost 10% daily limit to 9.20 yuan after the company reported a 76% fall in Q1 net profit on Monday.
Ping An Insurance Group gained 2.6% to 39.09 yuan after first-quarter net income increased to 10.8 billion yuan ($1.7 billion), from 7.39 billion yuan a year earlier.
China Petroleum and Chemical Corp., the biggest Chinese refiner known as Sinopec, slid 1% to 5.02 yuan after first-quarter profit declined 15% to 14.1 billion yuan.
In Hong Kong, shares in city's market finished sharply higher, , as optimism surrounding in final 30 minutes of trading due to the future contracts settlement and after the Chinese government has made it clear it will do what it takes to make sure the economy doesn't slip too badly. The benchmark Hang Seng index jumped 1.45% to 22453.89, while Hang Seng China Enterprises Index grew 1.15% to 9882.94.
The city's bourses opened slight higher today, but staged strong rebound in afternoon session after the future contracts settlement. Meanwhile, buying pressure accelerated after the Chinese government said in a statement, citing a meeting chaired by Premier Li Keqiang in Chongqing that China is studying a Yangtze River economic belt plan to link the eastern, central and western regions. The economic belt can help boost consumption and promote stable economic growth.
Among the HK 50 blue chips, 48 rose while remaining 2 stocks closed down. China Unicom advanced 6.4% to HK$11.24, contributing 13-points gains to the benchmark Index and becoming the best-performing blue chip in percentage change term. Galaxy Entertainment Group declined 4.6% to HK$62.30, contributing 22-points losses to the benchmark Index and becoming the worst-performing blue chip in percentage change term.
Shares of Macau companies declined after brokerages including Wells Fargo & Co. cut forecasts for April gaming revenue in Macau. Barclays cited its sources noting that gross gaming revenue (GGR) in Macau gaming sector fell to HK$904m/day during 22-27 April. The research house also estimated a 7% growth in GGR for the month. Melco Crown Entertainment was down by 4.6% to HK$86.80, Sands China sank 2.6% to HK$57.90 and Galaxy Entertainment slid 4.6% to HK$62.30.
Telecom operator shares rose on news that the Chinese telecom authorities will issue the 4G licenses in May. China Unicom (00762) and China Telecom (00728) also soared 6.4% and 5.2% to HK$11.24 and HK$3.86.
Shanghai Pharmaceuticals Holding Co. tumbled 12% to HK$14.10, its biggest slump since May 2012, after the drug maker reported lower quarterly profit.
Ping An Insurance climbed 1.7% to HK$58.45 in Hong Kong after reporting yesterday that first-quarter profit increased 46% to 10.8 billion yuan ($1.7 billion) as premium income and banking revenue grew and investment returns climbed. Guangzhou Automobile Group Co. advanced 7% to HK$8.14 as first-quarter net income soared 78% to 849.2 million yuan.
In India, Indian stocks fell for the third day in a row, triggered by the India Meteorological Department (IMD) on Thursday, 24 April 2014, announcing that the country will likely get below-normal levels of monsoon rain this year. Investors also remained wary ahead of the announcement of Federal Reserve's monetary policy review tomorrow, 30 April 2014. The barometer index, the S&P BSE Sensex, was provisionally down 171.93 points or 0.76%, up about 15 points from the day's low and off close to 220 points from the day's high.
Jindal Steel & Power slumped 9.07% on weak Q4 results. The company's consolidated net profit fell 47% to Rs 402.50 crore on 10% decline in turnover to Rs 5102.56 crore in Q4 March 2014 over Q4 March 2013. The company announced results during market hours.
Sesa Sterlite dropped 2.1% as profitability declined sequentially in Q4. The company's consolidated net profit as per adjusted proforma basis fell 11.61% to Rs 3074 crore on 7.05% rise in net sales to Rs 20784 crore in Q4 March 2014 over Q3 December 2013. The Sesa Sterlite merger and the Vedanta Group consolidation was completed in August 2013, hence the adjusted proforma numbers are more representative of the performance during the quarter and full year. The company announced results during market hours.
Tata Sponge Iron surged by 20% upper limit at Rs 574 after consolidated net profit jumped 335.95% to Rs 40.50 crore on 11.91% growth in total income from operations to Rs 236.56 crore in Q4 March 2014 over Q4 March 2013. The Q4 result was announced before market hours today, 29 April 2014. Tata Sponge Iron's consolidated net profit rose 18.54% to Rs 101.19 crore on 1.7% decline in total income from operations to Rs 782.22 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). Tata Sponge Iron's board of directors at its meeting held on Monday, 28 April 2014, recommended dividend of Rs 10 per share for FY 2014.
Hexaware Technologies tumbled 11.1% after consolidated net profit fell 31.89% to Rs 70.30 crore on 5.02% decline in income from operations to Rs 588.87 crore in Q1 March 2014 over Q4 December 2013. The Q1 result was announced during trading hours today, 29 April 2014.
Elsewhere in the Asia Pacific region, Taiwan's Taiex index rose 0.71%. Malaysia's KLSE Composite added 0.19%. Indonesia's Jakarta Composite Index rose 0.02%. South Korea's KOSPI index was down 0.23%. Singapore's Straits Times index dropped 0.15%. Japan market closed for Showa Day on Tuesday, the birthday of the previous emperor.
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