Asian Market Report, 12th of March 2019

Asian markets ended higher on Tuesday’s session taking cues from global stocks which rose after last-minute tweaks to Britain's deal to leave the European Union that eased some fears of a No-Deal Brexit.

In economic news, the People’s Bank of China (PBOC) has pledged to gradually unify two interest rate "tracks" its market-based rates that have been developed in recent years and its benchmark bank deposit and lending rates.

The mainland Chinese markets were in the green at the close of today’s session. The Shanghai Composite rose by 1.10 percent or 33.314 points to settle at 3,060.3073 supported by Telecommunications Services, Technology, and Consumer Cyclicals sectors.

Hong Kong’s main index Hang Seng closed Tuesday’s trading session higher, supported by all sectors to close the session at 28,920.87.

South Korean benchmark KOSPI added 0.89 percent to end the session at 2,157.18 supported by significant gains in Technology, Consumer Cyclicals, and Utilities sectors. In automotive news, Hyundai Motor, one of the largest automaker companies, saw its stock surged by 3.72 percent to end at 125,500.

Japanese Stock Market:

Japanese stocks ended higher on Tuesday’s session where the main index Nikkei rose by 1.79 percent or 378.60 points to close the session at 21,503.69, supported by gains in all sectors.

In corporate news, CyberAgent Inc was the best performer on Tuesday’s trading session which surged by 7.14 percent followed by Sumitomo Dainippon Pharma Co Ltd which added 5.05 percent.

In economic news, Japan's composite index fell for a third straight month, the Cabinet Office reported. The readings suggest that the economy is in recession, but Chief Cabinet Secretary Yoshihide Suga said the economy is still on a moderate recovery path.

In the Forex pace, the Japanese Yen fell against the Greenback to trade at 111.241 at 12:00 GMT.

Australian Stock Market:

Australia’s S&P/ASX200 ended Tuesday’s trading session in the red as it inched down by 0.10 percent or 5.400 points to close at 6,174.800 pressured by the losses in Consumer Cyclicals, Telecommunications Services, and Financials sectors.

In stocks news, Appen Ltd was the worst performer on today’s session which lost 9.15 percent followed by Syrah Resources Ltd which dropped by 6.41 percent.

In the Forex market, the Aussie fell against its counterpart the U.S. Dollar to trade at 0.70652 at 12:00 GMT. 

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