Discontinuing the gains in the last couple of days, Japanese stocks fell a little; however, there was not much impact of loss in the Japanese stocks in the regional stock markets. Most of the regional markets in Southeast Asia were up as a regional gauge heading for a one-month high, particularly after the health-care sector gained.
The Nikkei 225 in Tokyo slipped 0.7 percent to 14,742.36. There was little change in Hong Kong’s Hang Seng which traded at 22,594.54 amidst the news that earnings reports from insurance companies such as AIA and banking giant HSBC are being awaited by investors. The two companies are expected to fare well.
On the one hand, the MSCI Asia Pacific Excluding Japan Index added 0.1 percent to 459.81 as of 4:08 p.m. in Hong Kong. The index is expected to close at the highest point after Jan. 22 bumper performances. On the other hand, global equities erased 2014 losses this week after Federal Reserve Chair Janet Yellen’s first testimony to Congress.
The global equity market is also being influenced by China’s record lending buoyed optimism in the largest economies. The banking data released in China has also boosted confidence among investors. Though shares in Taiwan and Malaysia fell to some extent, better results were seen in Australia, New Zealand, mainland China and Indonesia stock market.
Major gainers and Losers
Today’s trade saw Celltrion Inc., a South Korean drug-maker gaining a little as its stocks gained 7 percent. In fact, it was a major contributor today that gave impetus to gains in the medical sector stocks. Another major gainer was Seek Ltd. (SEK) which went up by 18 percent to a record in Sydney as the company reported increase in profits.
Another major gainer was Canon Inc., the world’s biggest camera maker as it notched up 2 percent to 3,140 yen in Tokyo. It announced that it is going to buy back 50 billion yen ($489 million) of its shares. The major loser came in to Bridgestone Corp. whose stocks dropped 4.3 percent in Tokyo after the tire-maker admitted that its expected full-year profit growth is not going to meet the expectations.
Earlier on the Standard & Poor’s 500 received a little gain of 2.13 points, or 0.1 percent, to 1,840.76. A similar growth was received by the NASDAQ composite which went up by 28.76 points, or 0.7 percent, to 4,272.78.
To contact the reporter of this story: Jonathan Millet at email@example.com