Asian stocks ended mixed on Monday as investors kept a wary eye on the Covid-19 surge in Japan and India, and awaited cues from key central bank meetings.
Chinese and Hong Kong shares fell amid fears that further tightening of credit conditions would drag on growth.
China’s Shanghai Composite index tumbled 33 points, or 0.95 percent, to 3,441.17, while Hong Kong’s Hang Seng index ended down 125.92 points, or 0.43 percent, at 28,952.83.
Japanese shares eked out modest gains despite a deteriorating Covid-19 situation in the country. The Nikkei average rose 105.60 points, or 0.36 percent, to 29,126.23 ahead of Bank of Japan’s monetary policy decision due on Tuesday. The broader Topix index ended 0.17 percent higher at 1,918.15.
Travel-related stocks rebounded, with ANA Holdings climbing as much as 5.8 percent after the airline forecast a smaller-than-expected full-year loss. Central Japan Railway, West Japan Railway and East Japan Railway jumped 3-5 percent.
Australian markets fluctuated in a narrow range before ending marginally lower after the country’s fourth-biggest city entered a three-day lockdown on Saturday to prevent the spread of Covid-19.
The benchmark S&P/ASX 200 index dropped 15.10 points, or 0.21 percent, to 7,045.60, while the broader All Ordinaries index ended down 12.90 points, or 0.18 percent, at 7,307.80.
Gold miners Evolution Mining, Newcrest and Northern Star Resources fell 2-3 percent after bullion prices softened on Friday on strong U.S. economic data.
Mining heavyweights BHP and Rio Tinto rose 0.6 percent and 1.1 percent, respectively after iron ore prices set new records on strong global steel demand.
Lender Westpac edged down slightly after two days of gains while NAB gained 0.8 percent. Tech stocks finished broadly lower with modest losses.
Nib Holdings soared 10.2 percent after the health insurer reinstated profit guidance for the first time since pandemic lockdowns began.
Markets in New Zealand were closed for ANZAC Day. Seoul stocks rallied to end higher for a third consecutive session as progress in the local vaccination campaign and strong U.S. economic data fueled hopes of a quick economic recovery.
Over the weekend, South Korea clinched a deal with Pfizer to secure additional vaccines for 20 million people amid fears of spiking infections at home. The benchmark Kospi climbed 31.43 points, or 0.99 percent, to 3,217.53. Financial, transport and heavy industry shares were among the top gainers.
U.S. stocks advanced on Friday as healthy economic data and earnings outweighed concerns about high valuations and surging coronavirus cases globally. The Dow rose 0.7 percent, the tech-heavy Nasdaq Composite climbed 1.4 percent and the S&P 500 rallied 1.1 percent.
Market Analysis
Asian Shares Mixed Amid Covid Surge
2021-04-26 08:44:14
