Crude oil prices fell due to comments from Iran about raising its production, and on worries of slower economic growth in China. Brent crude was up 0.6% at $48.91 in early Asia trade. It slid to as low as $48.52 overnight.
Investors were largely adopted a cautious approach before key policy meetings of developed country central banks. The European Central Bank's policy meeting is scheduled this Thursday, followed by the US Federal Reserve's policy review on October 27-28 and the Bank of Japan's policy meeting on October 30.
Among Asian bourses
Nikkei rises 0.42%
The Japanese share market ended higher, recouping almost half of yesterday's losses, as halt in yen appreciation and calming fears about China's economy hard landing lifted up risk sentiments. But, gains were limited, as investors remained cautious before key events expected through this week until month-end. Total 18 out of 33 TSE first-section sector sub-indexes ended up, with Insurance, Textiles & Apparels, Wholesale Trade, and Pharmaceutical issues being major gainers, however, Real Estate, Electric Power & Gas, Construction, and Oil & Coal Products issues being top losers. The Nikkei Stock Average added 75.92 points, or 0.42%, to end at 18207.15 points, meanwhile the broader Topix index added 0.3%, or 4.53 points, to 1499.28 at the close.
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Investors were adopting a cautious approach before key policy meetings of developed country central banks. The European Central Bank's policy meeting is scheduled this Thursday, followed by the US Federal Reserve's policy review on October 27-28 and the Bank of Japan's policy meeting on October 30.
Shares of telecom companies were biggest gainers in the Tokyo market today, due to bargain hunting following recent underperformances. KDDI Corp soared 4.9% to 2793 yen after Deutsche Securities hiked its rating to 'buy' from 'hold', saying that the stock is oversold after dropping 20% from its August peak. Meanwhile, NTT Docomo Inc rose 3.6% to 2234 yen.
Shares of major exporters were mixed, with Honda Motor Co rising 0.2% to 3820 yen and Panasonic Corp adding 0.4% to 1295 yen, while Toyota Motor Corp fell 0.5% to 7320 yen.
Brewer Takara Holdings Inc jumped 6.6% to 845 yen after raising its April-Sept earnings outlook. It now expects an operating profit of 3.8 billion yen, up from its previously forecast 2.9 billion yen.
Takata Corp dropped 3.4% to 1364 yen after US regulators signalled that their investigation into the company's air bag inflators will expand beyond 11 automakers.
Australia market softens
The Australian share market ended down, due to selloff in the big banks, miners and energy producers amid losses in commodity prices and government's response to the financial system inquiry. The benchmark S&P/ASX 200 index fell 34.10 points, or 0.65%, to 5235.60 points, while the broader All Ordinaries index slipped 33 points, or 0.62%, to 5271.60 points.
The banks and financial stocks were down, as investors lightened their holdings after the federal government called on them to retain additional funds to ensure the financial system remains resilient during difficult times. Commonwealth Bank of Australia lost 0.9% to A$75.73, Westpac Banking Corp fell 1.6% to A$30.85, National Australia Bank shed 0.6% to A$31.76 and ANZ Banking Group fell 1.6% to A$28.40.
Shares of energy and material companies declined the most in Sydney market, as traders reacted to China's slightly weaker gross domestic product reading, which came in at 6.9% year-on-year for the third quarter, its slowest pace of growth since 2009. Brent crude oil slipped 3.5% to $48.68 a barrel, due to Iran's oil minister statement that he foresaw no change in the Organisation of Petroleum Exporting Countries output despite weakening demand. Among oil explorers, Woodside Petroleum fell 5% to A$30.47, while Oil Search lost 1.75% to A$7.30. Santos dropped 3.1% to A$5.29 and Origin Energy fell 2% to A$5.36. Among miners, BHP Billiton was lower by 2.9% to A$23.99 and Rio Tinto was down by 2.3% to A$52.14. Fortescue Metals Group, however, added 2.2% to A$2.35.
Small-cap stocks buoy up China market
The Mainland China stocks ended stronger, on the back of sharp gains in mid-cap and small-cap stocks in late hour, as better-than-expected third-quarter economic growth of 6.9% eased angst about a hard landing and offered some evidence of success in Chinese economic restructuring. The Shanghai Composite Index advanced 1.14%, or 38.63 points, to close at 3425.33 points. The Shenzhen Composite Index, which tracks stocks on China's second exchange, grew 1.97%, or 38.84 points, to 2008.48. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, added 3.19%, or 77.57 points, to close at 2511.16.
All 10 SSE sector group advanced, with shares of technology, industrial and telecom companies being major gainers. China United Network Communications rose 2.6% to 6.83 yuan. Wangsu Science & Technology Co. soared 7.4% to 64.22 yuan. Leshi Internet Information & Technology Corp jumped 9.1% to 53.14 yuan. LeTV, an online video group, rose 3.7% to 50.50 yuan, after it announced that it had taken a 70% share in Beijing-based chauffeured rental car services provider Yidao Yongche.
Shanghai-listed shares of PetroChina Co and China Petroleum & Chemical Corp rebounded late trade, up 0.8% to 8.97 yuan and 0.4% to 5.17 yuan, respectively, after Barclays raised its calls on the stocks to 'overweight' from 'equal weight'.
Shares of Sinosteel Engineering & Technology Co fell 0.9% to 17.37 yuan, after its state parent Sinosteel said it would delay payment to bondholders.
Hong Kong market falls on profit-taking
Hong Kong stock market ended softer in volatile trade, as traders booked profit ahead of a public holiday tomorrow. All main sectors lost ground commodity-related stocks were hit hard on lingering worries about China's economic health. The benchmark index opened down 84 points and fell as much as 232 points at one stage in afternoon session. The Hang Seng Index declined 86.39 points, or 0.37%, to 22989.22 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, lost 82.92 points, or 0.62%, to 13204.34 points. Turnover reduced to HK$65.7 billion from HK$67.3 billion on Monday. The local market closes on Wednesday for a public holiday.
Hong Kong listed Macau gaming stocks traded lower for a third day running after banks such as Nomura said investors had been too optimistic about the sector having bottomed out. Sands China retreated 2.3% to HK$27.95.
Shares of Chinese car dealers declined after witnessing rising inventory pressure in September. Baoxin Auto (01293) plunged 6.2% to HK$3.46. Zhengtong Auto (01728) and Zhongsheng (00881) also slipped 3.5% and 2% to HK$3.57 and HK$3.32. Automakers were also lower. Dongfeng Motor (00489) dived 5.2% to HK$10.58. Brilliance China (01114) declined 4.4% to HK$10.08. Geely Auto (00175) retreated 1.5% to HK$3.83.
Tsingtao Beer advanced 5% to HK$37.05, after it announced it would acquire the 50% equity interest in Suntory Tsingtao Brewery and Tsingtao Brewery Suntory Sales Company for 823 million yuan (HK$1 billion).
Indian market ends down
Indian stock market snapped three-day winning streak today on the back of selling in frontline blue chip counters. Sensex closed 58.09 points down at 27306.83. Nifty closed 13.40 points down at 8,261.65.
In the 50-share index, Vedanta, Cairn India, Tata Steel, Mahindra & Mahindra and Hindalco dipped between 2.50% and 6.50%. On the other hand, Bosch, Tata Power, TCS, Power Grid and Infosys gained between 1.40% and 2.10%.
Market sentiments remained under pressure after global rating agency Standard and Poor's ruled out any rating upgrade for India, though it said that improvement in policy making have raised the country's prospect for economic and fiscal performance. Traders were seen piling position in power, consumer durables and IT stocks, while selling was witnessed in metal, realty and oil & gas sector stocks.
Gati shares were trading under pressure on back of disappointing September quarter numbers. The company reported 16.4% drop in consolidated net profit at Rs 5.79 crore for the quarter ended September 30.
Kajaria Ceramics was up after the company announced its September quarter net profit of Rs 587 million.
Elsewhere in the Asia Pacific region: Taiwan's Taiex index was up 0.3% to 8653.60. South Korea's KOPSI rose 0.5% to 2039.36. New Zealand's NZX50 climbed up 1% to 5895.49. Singapore's Straits Times index fell 0.2% at 3019. Indonesia's Jakarta Composite index was up 0.4% to 4585.82. Malaysia's KLCI rose 0.8% to 1705.
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