However, market gain was limited as investors were largely taking wait-and-see stance ahead of the FOMC's outcome that may shape their view regarding a potential Federal Reserve rate increase.
A two-day policy meeting of the Federal Reserve Open Market Committee (FOMC) concludes today, 29 July 2015. The US central bank is widely expected to keep interest rates at a record low at the meeting, but expectations are rising that a rate hike could come later this year. Investors are looking ahead to the latest Fed statement to see if policymakers would give any indication on the timing of an initial rate hike.
Among Asian bourses
Miners lead Australia stocks rally
The Australian share market enjoyed strong gains, with all major sectors finishing in the green, led by materials. However, market gain was limited as traders wait for the outcome of the US Federal Reserve's two day policy meeting. The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index both advanced by 0.7% to 5624.20 and 5609.60, respectively.
Also Read
Materials and energy stocks rebounded on the back of improving iron ore, copper, and Brent crude oil prices, with BHP Billiton up 2.1% to A$25.89 and South32 up 2.3% to A$1.78. A 2% rise in the iron ore price overnight propelled Rio Tinto 1% higher at A$51.78 and Fortescue Metals Group 7.4% up at A$1.88. Energy heavyweight Woodside Petroleum climbed up 1.5% to A$34.95 while Oil Search jumped 2% to A$7.31.
Financials were also ended higher, with ANZ up 0.5% to A$32.38, while Commonwealth Bank rose 0.9% to A$87.10. National Australia Bank rallied 1.5% to A$34.37 and Westpac gained 0.9% to A$34.50.
Japan stocks closed mixed
Japanese share market ended the day with mixed note in quiet trade, as investors were largely taking wait-and-see stance ahead of the FOMC's outcome that may shape their view regarding a potential Federal Reserve rate increase as early as in September. The Nikkei Stock Average declined 25.98 points, or 0.13%, to end at 20302.91 points. The broader Topix index ended 0.27%, or 4.48 points, higher at 1633.94 points.
The robot maker Fanuc plunged 11% after cutting its full-year profit forecast amid slowing demand from China.
Tokyo Electron sank 11% after the semiconductor-equipment maker lowered its full-year sales and profit outlook on concerns about demand in the chip market. Projections for sales were cut by over 4% to Y645 billion and by 15% for operating profits.
Koito Manufacturing Co. soared 6.9% after the headlights maker raised its full-year operating profit targets by 4.5% to Y70.0 billion to reflect robust first-quarter results and assumptions for a weaker yen. For its April-June period, sales grew 20% on year, while operating profits added 33%, well ahead of the street consensus.
Cosmetics retailer Matsumotokiyoshi Holdings ended up 7.5% after an SMBC Nikko Securities upgrade from Neutral to Outperform to go along with a 92% target price lift to Y7,000. The brokerage cited prospects for a sharp rebound in profits, based largely on increased inbound tourism to Japan, as well as on reforms at the company's regional subsidiaries.
Japanese retail sales rose 0.9% in June from a year earlier, the third consecutive month of increase, as per the Ministry of Economy, Trade and Industry data released on Wednesday.
China market rebounds as intervention restores stability
Mainland China's stock market enjoyed a strong rally in volatile trade, as investors chased for bottom hunting on heavily battered stocks after officials stepped up efforts to calm markets. The benchmark Shanghai Composite Index ended 126.17 points, or 3.44%, down at 3789.17 points. The Shenzhen Composite Index, which tracks stocks on China's second exchange, jumped 4.13%, or 87.11 points, to 2198.81 points. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 4.33% to end at 2693.87 points.
The China Securities Regulatory Commission said on late Monday that the local government will increase purchases of stocks. The People's Bank of China on Tuesday promised to maintain its policy stance in a rare statement. At the same time it injected CNY50 billion into the system. On Tuesday afternoon, China's securities regulator announced it would launch an investigation into Monday's selloff.
Around 400 stocks listed in Shanghai and Shenzhen reached their 10% upward daily limit on Wednesday, with industrial stocks like CRRC Corp, China Railway Group and China Shipbuilding Industry Co. led gains. On the other hand, some blue chips put up a mixed showing; PetroChina closed down 1.7%, while Bank of China eased 0.6%. China Vanke sagged 0.1%, and Poly Real Estate bounced up 3%.
Hong Kong market extends gain
The Hong Kong stock market ended higher, on tracking jump in the U.S. stocks in overnight trading after better-than-expected earnings reports and sharp rebound in Mainland A-share market today. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, increased 100.65 points, or 0.9%, to 11273.69 points. Turnover reduced to HK$85.99 billion from HK$115 billion on Tuesday.
Shares of casino players were higher, on talks Macau government may impose fiscal consolidations after Macau Chief Executive Fernando Chui said July's gross gaming revenue (GGR) to fall to MOP18 billion. Galaxy Ent (00027) and Sands China (01928) gained 2.7% and 2% to HK$34.3 and HK$32.95.
Shares of sportswear maker rose after Deutsche Bank said in a recent research report that the best for China sportswear industry is yet to come. It expects the industry to benefit from both cyclical and structural positives. Anta Sports (02020) soared 5% to HK$19.5. Xtep Int'l (01368) jumped 5.9% to HK$3.25 and Li Ning (02331) rose 3.9% to HK$3.71.
Oil counters rose on higher crude prices. Kunlun Energy (00135) shot up 4% to HK$7.09. PetroChina (00857) added 2.8% to HK$7.83. Sinopec (00386) ascended 1.42% to HK$5.9. CNOOC (00883) was up 0.4% to HK$9.66.
The Hong Kong Monetary Authority (HKMA) said today that Exchange Fund recorded an investment income of HK$20.4 billion in the first half of 2015, a decrease of 64% from a year earlier.
Sensex snaps 4-day losing streak
IT stocks led gains for Indian benchmark indices. The market sentiment improved as crude oil prices extended recent losses. Brent crude oil futures edged lower on persistent worries about a global supply glut. The decline in crude oil prices augurs well for India. he market breadth indicating the overall health of the market was positive. The barometer index, the S&P BSE Sensex, garnered 104.20 points or 0.38% to settle at 27,563.43.
Metal shares edged higher. Vedanta rose after announcing Q1 June 2015 results. Index heavyweight and cigarette maker ITC dropped. PSU bank stocks edged lower. Private sector banks edged higher. Yes Bank edged higher after the bank reported strong Q1 numbers. Cement stocks edged higher.
Indian stocks may remain volatile tomorrow, 30 July 2015, as traders roll over positions in the futures & options (F&O) segment from the near month July 2015 series to August 2015 series. The near month July 2015 derivatives contracts expire tomorrow, 30 July 2015.
Foreign portfolio investors sold shares worth a net Rs 1345.95 crore into secondary equity market yesterday, 28 July 2015, as per data from Central Depository Services (India). Domestic institutional investors (DIIs) bought shares worth a net Rs 665.05 crore yesterday, 28 July 2015, as per provisional data released by the stock exchanges.
Elsewhere in the Asia Pacific region: Taiwan's Taiex index dropped 0.2% to 8563.48. South Korea's KOSPI was down 0.1% to 2037.62. New Zealand's NZX50 rose 0.4% to 5870.77. Singapore's Straits Times index added 0.1% at 3284. Indonesia's Jakarta Composite index rose 0.1% to 4721.12. Malaysia's KLCI eased 0.04% to 1699.
Powered by Capital Market - Live News
