Stock markets in Asia mostly ended in the red as sentiment was dampened amidst a drop in China’s PMI readings. Both manufacturing and services PMI swung to negative territory amidst a harsh lockdown to combat the Covid-19 outbreak.
China’s Shanghai Composite Index lost 14 points or 0.44 percent to finish at 3,252.20. The day’s trading ranged between 3,246.06 and 3,272.04. The Shenzhen Component Index plunged more than a percent to close at 12,118.25.
The NBS Manufacturing PMI fell to 49.5 in March from 50.2 in the previous month and below expectations of 49.9. The NBS Non-Manufacturing PMI suffered a sharper drop to 48.4 in March, from the previous reading of 51.6.
The Japanese benchmark Nikkei 225 declined 206 points or 0.73 percent to end Thursday’s trading at 27,821.43.
Marine transportation business Kawasaki Kisen Kaisha was the top gainer with a 6.65 percent rally. Logistics business Nippon Yusen also gained close to 6 percent. International shipping business Mitsui O.S.K lines added 4.43 percent. Paper manufacturer Oji Holdings Corp gained more than 3 percent.
Pharmaceutical business Kyowa Hakko Kirin declined 4.14 percent. Recruit Holdings, Nippon Express, Tokyu Corp, Nomura Holdings, all shed more than 3 percent.
The Hang Seng Index of the Hong Kong Stock Exchange lost 179.62 points or 0.81 percent from previous close to finish trading at 22,052.41.
Korean Stock Exchange’s Kospi Index gained 10 points or 0.40 percent to close at 2,757.65. The day’s trading range was between 2,743.20 and 2,765.20.
Australia’s S&P/ASX200 closed trading at 7,499.60 after dropping 14.90 points or 0.20 percent. Mining stocks rallied as iron ore and other commodities surge ahead amidst the eastern European conflict.
Novonix Ltd that supplies battery materials and services to the lithium-ion battery market in North America was the lead gainer with a rally of close to 10 percent, amidst expectations that the electric vehicle segment would keep the lithium prices high. Champion Iron added 5 percent on Thursday. Mineral Resources, Fortescue Metals Group, telecommunications service TPG Telcom, all gained more than 4 percent.
Retailer Harvey Norman Holdings was the greatest laggard with a more than 6 percent decline as its shares traded without the right to the latest dividend. Capital goods business Reece Ltd, software business Xero, retail business Premier Investments, all declined more than 4 percent. Pharmaceutical company Imugene dropped more than 3 percent.
The NZX50 of the New Zealand Stock Exchange added 11 points or 0.10 percent to close at 12,110.26.
IT services provider Pushpay Holdings and dairy business Synlait Milk, both gained more than 3 percent. Meridian Energy Ltd added a little over 2 percent. Real Estate Investment Trust Kiwi Property and Telecom service Chorus advanced more than 1 percent from Wednesday’s levels.
Air New Zealand plunged more than 7 percent in the backdrop of a $2.2billion recapitalization announcement. Tourism Holdings dropped more than 3 percent. Medical instruments maker Fisher & Paykel Healthcare Corporation, Trustpower, and farm products business Sanford, all lost most more than 1 percent.
The Wall Street had declined on Wednesday as faltering hopes of Ukrainian peace talks exacerbated the anxiety over the jobs report due from the U.S. on Friday and its impact on the pace of the Fed’s interest rate actions. Nasdaq-100 weakened 1.10 percent to close at 15,071.55 and the Dow Jones Industrial Average edged down 0.19 percent to end at 35,228.81.
Market Analysis
Asian Stocks Reflect The Drop In Chinese PMI Readings
2022-03-31 08:38:16
