Asian Equities Close On A Mostly Negative Note

Asian markets closed on a predominantly negative note on Wednesday amidst anxiety ahead of release of PMI readings from China. Hang Seng extended losses, closing at a 1-month low. Comments from a Bank of Japan official suggesting it is too premature to discuss policy normalization also swayed sentiment.

China’s Shanghai Composite Index declined 0.6 percent to finish trading at 3,021.69. The day’s trading ranged between 3,038.98 and 3,017.66. The Shenzhen Component Index lost 0.9 percent to close at 9,744.39.

The Japanese benchmark Nikkei 225 Index slipped or 0.3 percent to end trading at 33,244.43. The day’s trading range was between 33,516.23 and 33,179.07.

Mitsui Engineering & Shipbuilding was the top gainer with a surge of 3.6 percent. Kyocera Corp and Rakuten both added more than 2 percent. Recruit Holdings and Dainippon Screen Manufacturing gained more than 1 percent.

Sumitomo Dainippon Pharma was the biggest laggard with a decline of 4.9 percent. Kobe Steel slumped 4.3 percent. Seven & i Holdings, GS Yuasa Corp, Kawasaki Kisen Kaisha all slipped more than 3 percent.

The Hang Seng Index of the Hong Kong Stock Exchange shed 2.1 percent from the previous close to finish trading at 16,993.44. The day’s trading range was between a high of 17,359.08 and a low of 16,881.98.

The Korean Stock Exchange’s Kospi Index edged down 0.1 percent to close trading at 2,519.81. The day’s trading range was between 2,501.44 and 2,523.98.

Australia’s S&P/ASX 200 Index closed trading at 7,035.30, adding 0.3 percent. The day’s trading range was between 7014.10 and 7,056.60.

Link Administration Holdings surged 8.5 percent, while Fisher & Paykel Healthcare rallied 7.9 percent. Perseus Mining, Emerald Resources and healthcare equipment business Healius all recorded gains of more than 6 percent.

Core Lithium extended losses with a decline of close to 8 percent. Graincorp declined 4.8 percent followed by QBE Insurance Group that erased 3.1 percent. Sayona Mining and Karoon Energy both slipped more than 2 percent.

The NZX 50 Index of the New Zealand Stock Exchange shed 0.1 percent to close trading at 11,235.94 versus the previous close of 11,237.38. Trading ranged between 11,235.94 and 11,409.13.

EROAD extended gains with a spike of 7.6 percent. Fisher & Paykel Healthcare followed with a gain of 5.8 percent. EBOS Group added 3.8 percent whereas Mainfreight gained 2.1 percent. Freightways also gained 1.5 percent.

Pacific Edge slid close to 5 percent, followed by Arvida Group that declined 4.7 percent. Argosy Property, ANZ Group Holdings, Meridian Energy all fell more than 3 percent.

Wall Street had closed with minor gains on Tuesday amidst not-so-hawkish comments from Fed officials that bolstered rate cut hopes. However, anxiety ahead of the release of the PCE readings limited gains.

The Nasdaq Composite added 0.3 percent to close at 14,281.76 whereas the Dow Jones Industrial Average gained 0.2 percent to finish trading at 35,416.98.

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