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Asian Stock Market News & Analysis

Global Markets Report - 13 June
13 June 2024

Chinese shares closed mixed after May inflation data came largely in line with market expectations. The PBOC may maintain its monetary policy given that price pressures remain weak, UOB economists said in a note. The benchmark Shanghai Composite Index rose 0.3% to 3,037.47 and the Shenzhen Composite Index was up 0.6%. The ChiNext Price Index dropped 0.4%. Energy stocks led gains. China National Offshore Oil Corp. advanced 4.2%, Shaanxi Coal Industry rose 4.8% and China Shenhua Energy gained 2.8%. Meanwhile, insurance stocks led losses, with China Pacific Insurance down 1.0%. Among individual movers, WuXi AppTec rose 6.9% after Wuxi Biologics announced a share buyback late Tuesday.

Hong Kong shares ended lower, with the Hang Seng Index closing 1.3% lower at 17,937.84, as investors wait for U.S. CPI data due later in the day. The Hang Seng Tech index declined 1.7%.Among major stocks, China Evergrande New Energy Vehicle's shares dropped 21% after Chinese authorities ordered the company to repay government subsidies due to its failure to meet contractual obligations. Nio dropped 8.5% and Alibaba Health Information Technology was 6.6% lower. Gainers included ZTE, which was 2.3% higher and Wuxi Biologics, which added 14% after news of its share buyback.

The Nikkei Stock Average closed 0.7% lower at 38,876.71, dragged by real-estate and brokerage stocks as caution prevails over the U.S. monetary policy outlook. Mitsubishi Estate fell 2.9% and Nomura Holdings lost 2.5%. The 10-year Japanese government bond yield was down 3.5 basis points at 0.985%. Investors will be focusing on U.S. inflation data and the Fed rate decision due later in the day.

Indian shares closed slightly higher as investors cautiously eye U.S. CPI data and a Fed decision due later. "While the Fed is not expected to cut, the dot plot and press conference will be closely scrutinised for further clues with regards to when the Fed may move," OCBC said in a research note. Energy and finance stocks led the gains. Power Grid put on 2.5% and NTPC was 1.0% higher. Bajaj Finance added 1.2% and HDFC Bank rose 0.6%. A mixed bag of companies weighed on the market, with automaker Mahindra & Mahindra down 1.3% and consumer goods company Hindustan Unilever dropping 1.0%. The benchmark Sensex index ended 0.2% higher at 76,606.57.


Price/fair value

Country
Current
1 year ago
China 0.74 0.73
Hong Kong 0.71 0.81
Japan 0.93 0.89
South Korea 0.83 0.80
Singapore 0.82 0.85
India 1.03 0.93

Markets

Index
Last price
Change
% Change
All Ordinaries 8,002.50 39.40 0.49%
CAC 40 7,708.02 156.68 -1.99%
DAX 40 18,265.68 365.18 -1.96%
Dow JONES (US) 38,433.36 278.85 -0.72%
FTSE 100 8,163.67 51.81 -0.63%
HKSE 18,112.63 174.79 0.97%
NASDAQ 17,601.38 7.06 -0.04%
Nikkei 225 38,720.47 156.24 -0.40%
NZX 50 Index 11,872.64 130.76 1.11%
S&P 500 5,409.35 11.68 -0.22%
S&P/ASX 200 7,749.70 34.20 0.44%
SSE Composite Index 3,028.92 8.55 -0.28%