Mixed trading was witnessed among the markets in Asia n on Wednesday with the markets in Japan, Taiwan, Singapore and South Korea ending in negative territory with minor losses while the other markets ended in positive territory with marginal gains on bargain hunting. Trading was relatively volatile with most of the traders remaining on the side lines awaiting more news and clarity on global economy.In Japan, the benchmark Nikkei 225 Index slipped 98.8 points, or 1.04%, to a six-month low of 9,439, while the broader Topix index of all First Section issues was down 7.96 points, or 0.93%, at 850.
On the economic front, a report released by the Cabinet Office in Japan revealed that core private sector machinery orders rose sharply for the second straight month in April. As per the report, orders were up 4% in April compared to the previous month, following the 5.4% surge in March. Economists had forecast a 1.7% rise. Compared to a year ago, core private sector machinery orders increased 9.4% compared to the same month in the previous year in April. It followed a 1.2% increase in the prior month. Economists were looking for a 7.3% rise.
Exporters declined following yen's strength against the Euro and the US dollar. TDK Corp. declined 2.14%, Tokyo Electron fell 2.07%, Kyocera Corp. slipped 1.04%, Canon Inc. lost 1.76%,Advantest Corp. plunged 3.23% and Sony Corp. was down 1.69%.
Automakers also ended in negative territory. Honda Motor Co. declined 2.82%, Suzuki Motor shed 3.09%, Toyota Motor shed 1.25%, Nissan Motor Co. plunged 3.59% and Hino Motors slumped 3.93%.
Trading companies also ended in negative territory. Mitsubishi Corp. slipped 1.29%, Itochu Corp. lost 2.20%, Sumitomo Corp. slipped 0.96%, Marubeni Corp., was down 1.23% and Toyota Tsusho Corp. declined 0.41%.
In Australia, the benchmark S&P/ASX200 Index edged up 4.10 points, or 0.09% and closed at 4,385, while the All-Ordinaries Index ended at 4,403, representing a gain of 1.40 points, or 0.03%.
On the economic front, a report revealed that the Westpac-Melbourne Institute consumer confidence index pulled back sharply in June to 101.9 from 108.0 reported for the previous month as consumers were concerned about the deteriorating conditions abroad as well turmoil in the financial markets. A reading above 100 means optimists outnumber pessimists. Westpac chief economist Bill Evans said the decline in confidence reflected a mixture of concerns about deteriorating conditions abroad, financial market turmoil, and uncertainty around the government's proposed resource super profits tax.
Separately, a report released by the Australian Bureau of Statistics revealed that housing finance commitments increased in April from the preceding month. As per the report, the total value of housing finance for owner occupation, excluding alterations & additions, increased a seasonally adjusted 0.8% month-on-month in April to A$21.70 billion. Owner occupied housing commitments grew 0.6%, while investment housing commitments climbed 1.3%.Stocks of major retailers in the country ended in positive territory as investors turned attention to defensive stocks and consumer staples amid global uncertainty. David Jones added 0.47%, Harvey Norman advanced 0.30%, JB Hi-Fi gained 1.39%, Myer Holdings rose 0.99%, Reject Shop climbed 2.38%, Wesfarmers edged up 0.30% and Woolworths increased 1.30%.
Telecom giant Telstra gained 1.29% while Singapore Telecommunications ended in negative territory with a loss of 1.59%. Among healthcare stocks, Sonic Healthcare climbed 3.44%.
Gold stocks ended in positive territory despite drop in bullion prices. Lihir Gold gained 1.23% and Newcrest Mining advanced 0.93%.
Mixed trading was witnessed among banks and mining stocks as traders booked profit and moved to the sidelines awaiting more cues on global economic recovery.
In Hong Kong, the benchmark Hang Sang Index ended n positive territory with a gain of 133.76 points, or 0.69%, at 19,621, taken cues from Wall Street where the major averages ended in positive territory on bargain hunting. Better than expected economic data from mainland China and positive trading across other markets in the region also helped the market post gains on bargain hunting even as concerns about Europe continue to haunt traders.
After two sessions of sharp declines, the Indian market ended yet another volatile session modestly higher on Wednesday. While a firm trend across Asian and European equities helped lift sentiment, the U.S. stock futures fluctuated, limiting large gains. India's benchmark 30-share Sensex rose to a high of 16,818 before paring its gain and closing 0.25% or 40 points up at 16,658, while the 50-share Nifty rose 13 points or 0.26% to 5,000.
Among the other major markets open for trading, China's Shanghai Composite Index surged up 69.92 points, or 2.78% to close at 2,584, and Indonesia's Jakarta Composite Index advanced 5.81 points, or 0.21% to close at 2,786. However, Singapore's Strait Times Index ended in negative territory with a loss of 0.81 points, or 0.03% at 2,746, and Taiwan's Weighted Index shed 80.32 points or 1.12% to close at 7,072.
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