Asian stocks traded mixed today

Asian stocks were mixed on Tuesday. India’s and South Korea’s stock market gained, while Tokyo retreated. Meanwhile, the US, which finished last month with a profit, prepares to return to trading after a holiday. 

Indian stock market extends gains to the second day 

The Indian stock market started the second trading day of the week with solid gains. Sensex opened above 52,000 with an increase of 130.07 points. At the beginning of trading, Nifty showed a rise of 46.85 points. Shares of PNB Housing Finance jumped by 20%.

Earlier on Monday, the markets closed with a significant rise. The Sensex closed at 51,937.44, up 514.56 points. Similarly, the Nifty was up 147.15 points at 15,582.80.

However, there is selling pressure in the market too. Nifty is under tension. ICICI Bank, Infosys, Tata Steel, TCS, and Axis Bank are seeing declines. On the other hand, the benchmark index of NSE is getting support from buying in the shares of RIL, HDFC, L&T, Bajaj Finance, and SBI.

Selling pressure is high in small and medium stocks. There is a weakness of about 0.40% in the Nifty Mid Cap and 0.65% in the Small Cap Index. The metal index of Nifty decreased by almost 2%. IT, bank, and realty index have also seen declines. The market is getting support from energy and auto indices.

The top gainers of Nifty 500 include JTEK India, Gujarat Fluorochem, and Dish TV, apart from PNB Housing Finance. Stocks of Future Consumer, Ingersoll Rand, Jamna Auto, SAIL, and UCO Bank are selling heavily.

 

Quarterly results to be published today

Quarterly financial results of several companies will be published today. These are Balrampur Chini, Emami Paper, Gujarat Gas, ITC. According to Marketsmojo, an independent equity research website, nearly two-thirds of the companies have had a strong trend since they reported their results this season. Shares of 12% companies have fallen after the results, while 23% have been running flat. 

Among the top 100 stocks of Nifty, the shares of Wipro and SBI have made 52-week highs today.

 

The Tokyo Stock Exchange closed mixed

The Tokyo Stock Exchange closed today with mixed results in its main indicators. It resulted from the lack of incentives for investors and the persistent uncertainty due to the economic effect of the coronavirus pandemic.

The Nikkei settled with a drop of 45.74 points or 0.16% to 28,814.34 integers. At the same time, the broader Topix index, which includes the largest capitalization stocks, closed with an advance of 3.2 points or 0.17% to 1,926.18 integers.

 

Stronger yen, coronavirus worries weighed on the market

The Tokyo stock fluctuated between positive and negative terrain during the day, after the declines the day before in the main European markets. Those losses were due to fears of an increase in inflation in the context of economic recovery.

Another negative factor for Tokyo investors was the appreciation of the yen against the dollar. According to local analysts, that trend hurts large Japanese exporters.

According to Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management Co, investors cue from retreats in Shanghai shares after recent profits. He added that the stronger yen might have weighed on sentiment. Investors also avoided buying after government data revealed capital spending by Japanese companies was lower than expected in the 1st quarter last year.

 

Among the most extensive capitalization stocks in Tokyo, tech giant Softbank lost 1.13%. At the same time, Japanese auto leader Toyota Motor gained 3.37%.

Nintendo, a video game company, decreased by 1.38%. In contrast, the electronic components manufacturer Lasertec advanced by 1.5%.

In the first section, 1,361 stocks advanced compared to 733 that fell, and 98 stocks ended unchanged.

The declines were led by pharmaceutical companies and steel and metal companies. The most substantial gains were for the mining and transportation sectors.

The trading volume amounted to 2.04 trillion yen.

 

Good data in China and South Korea raises Seoul by 0.56%

Thanks to good macroeconomic data in China and South Korea, the Seoul Stock Exchange closed today with gains. The Kospi, its main indicator, increased by 0.56%.

The selective South Korean Kospi gained 17.95 points on Tuesday to stand at 3,221.87 units. Meanwhile, the Kosdaq technology index rose by 0.29%, or 2.81 points, to 984.59 units.

The Kospi started in the red amid persistent concerns about inflation and the possibility that central banks will modify their current monetary policies. 

However, other factors have encouraged the market. 

Statista Research Department published South Korea trade balance. It recorded a surplus in May by more than 500% year-on-year. The country’s exports grew in that period by 45.6%. On the other hand, China’s purchasing managers’ index showed industrial expansion in May and achieved its best figure of the year.

 

Kakao gained 3.25%

Thus, with institutional investors as net buyers, most of the Kospi stocks advanced today. 

The highest-value token in Seoul, tech Samsung Electronics, closed 0.12% higher. At the same time, SK Hynix, the world’s second-largest memory chip maker, expanded by 1.18%.

Naver, the largest South Korean internet portal operator, advanced by 1.24%. Meanwhile, Kakao, the country’s primary instant messaging application owner, rose by 3.25%.

In the biopharmaceutical sector, Samsung Biologics depreciated by 1.54%, and its competitor, Celltrion, lost 0.73% of its value. 

The largest national car manufacturer, Hyundai Motor, gained 0.85%. 

 

Hong Kong stocks climb to three-month high

Hong Kong stocks increased to a three-month high after Chinese manufacturing data showed increases in May. 

The Hang Seng Index surged by 1.1% to 29,468 at the close of Tuesday trading. It is the highest figure since March 3. Increases among technology stocks accelerated in late trading. 

The Shanghai Composite Index hiked by 0.3%, with stocks in a tight range as the yuan decreased against the US dollar in onshore trading.