Among Asia bourses, Japanese share market finished lower for the first time in seven consecutive sessions on Friday, 30 May 2014, hurt by profit-taking in recent high-performers due to stronger yen and weaker than expected factory output data. The benchmark Nikkei 225 index was down 0.34% to finish at 14,632.38, while the Topix index of all first-section shares eked out 0.06% gain to 1201.41.
Data from the ministry of economy, trade and industry showed Japan's factory output fell 2.5% in April from a month earlier after a tepid 0.7% rise in March. A survey of manufacturers released with the data Friday showed they expect factory production to expand by 1.7% on-month in May before contracting by 2% in June.
Meanwhile, the internal affairs ministry said on Friday that Japan consumer inflation rose 3.2% year-on-year in April. The rise in inflation, excluding volatile fresh food prices, was higher than a 1.3% increase in March. The ministry also said April household spending fell by 4.6% from a year earlier and by 13.3% from March. The spending jumped by 7.2% on-year in March as consumers stepped up their shopping ahead of the tax hike, the nation's first sales levy rise in 17 years. A separate survey by the ministry showed the jobless rate stood at 3.6% in April, unchanged from March and staying at the lowest rate in nearly seven years.
Tepco, as the Japanese utility company is known, surged 5.4% to 413 yen, the highest close since March 13. Japan may revise a nuclear-accident compensation law by splitting the responsibility between the government and power-plant operators.
In Australia, Australian share market closed in red, dragged down by losses in materials & resources stocks as the price of iron ore dropped below US$96 a dry tonne. The benchmark S&P/ASX200 closed 0.49%, or 27 points, down at 5492.5, while the broader All Ordinaries sank 0.46%, or 25.40 points, to 5473.80. Over the course of May, the All Ordinaries closed higher by just 0.1%. The S&P/ASX 200 Index eked out the smallest of gains for the month, rising 0.06%.
Shares of material and resource companies extended falling streak today, hurt by continuous fall in the price of iron ore to the lowest levels seen in 2 years, falling below US$9.00 per tonne levels as demand can't keep up with the additional supply coming out of Australia and Brazil.
Resources giant BHP Billiton and its main rival Rio Tinto both lost 1.3% to A$37.01 and A$59.30, respectively. Iron ore miner Fortescue Metals Group shed 2.9% to A$4.41, Atlas Iron declined 4.9% to A$0.685 and Arrium shed 4.2% to A$0.905.
Southern Cross Media Group (SXL) issued a profit warning today, citing lower ratings at its metropolitan radio station and its Network Ten (TEN) interests for a decline in revenue. SXL is expecting full year underlying NPAT to be down 10% on last year's result of A$89 million. SXL shares closed steady at A$1.095 today but down 35% on the year.
Envestra gained 1.1% to A$1.365 in Sydney as billionaire Li Ka-shing's Cheung Kong Group agreed to buy the Australian gas supplier for A$2.4 billion.
Rare earths miner Lynas Corp (LYC) fell 18% to A$0.14 after coming back online following its share purchase plan and placement offer. New shares were offered at A$0.113 under the plan. The company said it's working with creditors to restructuring debt obligations after raising an additional A$12 million for a share top-up placement.
Billionaire Premier Investments (PMV) Chai Solomon Lew has bought 3.5 million David Jones (DJS) shares or around 0.65% of the company. Earlier this month the Foreign Investment Review Board (FIRB) gave the go-ahead for South African retailer Woolworths Holdings to take over DJS in a $2.15 billion deal. DJS closed higher by 1.5% to A$4.04 today while PMV was down 1.4% to A$8.78.
In China, Mainland China share market finished slight down in narrow and quiet trade, due to continued profit-taking in recent high-performers. Shares in property counters recorded major losses, but gains in nickel miners and auto makers on hopes of more government support helped offset market losses. The benchmark Shanghai Composite inched down 0.07% to finish at 2039.21, on turnover of 62.35 billion yuan. The Shanghai and Shenzhen stock exchanges will be closed on Monday for a public holiday.
Mainland investors were reluctant to take positions before the release of manufacturing data. The National Bureau of Statistics and China Federation of Logistics & Purchasing are due to release its official manufacturing purchasing managers' index for May on Sunday. The gauge rose to 50.4 in April.
Shares of Nickel mining companies surged on the prospects of further price hikes, as local media reported there might be a shortage of the base metal in the coming year. Both Jilin Ji En Nickel Industry and Chengdu Huaze Cobalt & Nickel Material surged the maximum allowed 10%.
Xinjiang Ba Yi Iron & Steel Co. and Xinjiang Tianfu Thermoelectric Co. both jumped 10% in Shanghai after President Xi Jinping pledged to promote the development of the northwest province.
Wuhan Guide Infrared Co. advanced 4.6% in Shenzhen after the Xinhua News Agency said the nation will open its defense industry to private investors.
In Hong Kong, HK share market finished higher today, with casino and property developer stocks leading rally. The benchmark Hang Seng Index was up 0.31% to finish at 23081.65. Turnover increased to HK$75.40 billion from HK$58.32 billion on Thursday. Over the course of May, the Hang Seng Index was up 4.8%.
Shares of casino counter closed higher, led by Dynam Japan's (06889), adding 16.91% to HK$24.2 after Chairman Sato Yoji said the granting of gaming license by the Japanese Government is in the final stage. Galaxy Entertainment Group Ltd., a casino operator considering investing in Japan, gained 4.6% to HK$61.95. Wynn Macau (01128) and Sands China (01928) rose 1.57% and 1.07%. SJM Holdings (00880) also gained 3.01% to HK$22.25.
Realty counters were higher, with Cheung Kong (00001) closing 1.09% higher at HK$138.5 after touching a record high of HK$140 at one point. Henderson Land (00012) added 0.4% to HK$50.50, Hang Lung Properties (00101) 1% to HK$24.60 and SHK Properties (0083) 1.4% to HK$106.
Sinotrans (598) surged 7.1% to HK$4.36 today in Hong Kong after the provider of logistics services was rated new outperform at Standard Chartered Plc.
In India, key benchmark indices edged lower after alternately swinging between positive and negative zone in intraday trade. The barometer index, the S&P BSE Sensex, was provisionally down 48.78 points or 0.2%, off close to 170 points from the day's high and up about 20 points from the day's low. Among the 30-share Sensex pack, 16 stocks rose and rest of them fell.
Sun Pharmaceutical Industries (Sun Pharma) rose 3.3%, with the stock extending Thursday's gains triggered by the company's strong Q4 results. The company's consolidated net profit jumped 57% to Rs 1587 crore on 32% increase in net sales/income from operations to Rs 4044 crore in Q4 March 2014 over Q4 March 2013.
Tata Motors fell 1.92% to Rs 415.65 on weak Q4 result. The stock hit high of Rs 421.90 and low of Rs 407.05. The company's consolidated net profit declined 0.68% to Rs 3918 crore on 16.6% growth in revenue (net of excise) to Rs 65317 crore in Q4 March 2014 over Q4 March 2013.
Mahindra & Mahindra (M&M) rose 4.38% to Rs 1,230 after announcing Q4 result. The stock hit high of Rs 1,264.65 and low of Rs 1,162.55. The company's net profit rose 0.86% to Rs 896.88 crore on 4.92% rise in total income to Rs 11099.22 crore in Q4 March 2014 over Q4 March 2013.
Bharat Heavy Electricals' (Bhel) fell 0.53% to Rs 242.15 after announcing weak Q4 result. The stock hit high of Rs 252.45 and low of Rs 241. The company's net profit fell 43.02% to Rs 1844.59 crore on 21.42% fall in total income to Rs 15320.38 crore in Q4 March 2014 over Q4 March 2013.
Elsewhere in the Asia Pacific region, Taiwan's Taiex index fell 0.36%. New Zealand's NZX50 slid 0.1%. Malaysia's KLSE Composite sank 0.17%. Indonesia's index Jakarta Composite index fell 1.84%. South Korea's KOSPI index was down 0.86%. Singapore's Straits Times index fell 0.15%
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