Decline in Japanese banks causes falling of most Asian stocks, driven by the fact that the economy of Japan grew faster than estimated in Q1. Japan’s leading lender Mitsubishi UFJ Financial Group Inc. plummeted by 2.9%. While, the second largest life insurer, Dai-ichi Life Insurance Co. (8750), moved up by 7.3% after seeing enhanced earnings and a split in stocks.
Stocks in China went up second day, driven by advancements in the technology and phone companies. The industries say their growth potential is better in comparison to most other industries even when the economy slows down.
Nikkei 255 Stocks in Japan slipped by 1.1%, recoiling from the highest closing since January 2008. The Topix Index, on the other hand, plunged by 1.5% after moving up by 0.5% earlier. Meanwhile, the Relative Strength Index for these two stood more than 70, which traders say indicates a sell-off.
The MSCI Asia Pacific Index after slipping 0.3% moved to 142.78 in Tokyo, erasing profits as much as 0.5%. Here, fours shares for every three were seen trading lower. The measure moved up by 11% this year, followed by Bank of Japans’ steps to cover deflation, while policy makers in Europe and U.S. stood by to sustain growth.
The S&P/ASX 200 Index in Australia fell by 0.1% while the Kospi Index in South Africa moved up by 1%. The Hang Seng Index in Hong Kong climbed 0.3% and the Shanghai Composite Index in China moved up by 0.4% to 2,232.65. The CSI 300 Index gained 0.5% to 2,519.01.
Meanwhile in the Philippines, stocks after trading at a nine-year high slipped and technical indicator suggested that this might soon reverse. The PCOMP in Manila slipped 1.5% to 7,283.36. This is the biggest loss in three weeks and the highest fall among all Asian benchmark indexes. The Stock Futures, SENSEX in India slipped, depicting decline in standard indexes, after trading at a two year highest, yesterday.
For May delivery, the SGX CNX Nifty Index futures slid by 0.2% to 6,152.5 in Singapore. The NIFTY, on the other hand, went up by 2.5% to 6,146.75 yesterday. This is the maximum close since Jan 3, 2011. The S&P BSE Sensex index climbed 2.5%. The Bank of New York Mellon India ADR Index for U.S. traded shares, moved up by 0.8%.