Asian shares outside Japan plummeted this week as investors assessed earnings results after holidays halted trading across the entire region.
The MSCI Asia Pacific index with the exception of Japan lost 0.3% to 475.51, plunging a third week. Samsung Electronics Co. and Tencent Holdings Ltd exerted the most pressure on the measure. The broader MSCI Asia Pacific Index added 0.2% this week. The regional gauge dropped 0.5% in April to close its first loss in three months against the backdrop of signs of a slowing economy in China and as the crisis in Ukraine got worse.
Shanghai Pharmaceuticals Holdings Co. led the tumble after saying its net income for the first quarter dropped 6.3%. Esprit Holdings Ltd declined 13% in Hong Kong after reporting lower sales. Alps Electric Co. soared 15% in Tokyo after forecasting growth in full-year profit.
Goodman Fielder Ltd added 23% in Sydney after dismissing an offer worth $1.2 billion from Wilmar International Ltd and First Pacific Co, according to Bloomberg.
“Earnings season in Asia is probably not as good as what we’ve been seeing in the U.S. But corporate Asia seems to be in relatively healthy shape for the moment,” said strategist Chris Weston of Melbourne-based IG Ltd.
The Hang Seng China Enterprises Index, which is a gauge of stocks of mainland firms listed in Hong Kong was flat for the most part this the week. The Hang Seng Index surged 0.2%. The Shanghai Composite Index plunged 0.5%.
As Business Standard reports, key blue-chip stocks in India closed marginally lower after a volatile trading session. The S&P BSE Sensex plunged as low as 25.53 points or 0.11% at some point.
Coal India added 0.99%. Hindustan Construction Company advanced 7.09% after announcing quarterly results.
Taiex index of Taiwan increased 0.86% while NZX50 of New Zealand improved 0.46%. South Korea’s KOSPI slid 0.12%.
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