Asian Market Report, 13th of March 2019

Asian stocks closed lower on Wednesday due to global doubts after the U.K. lawmakers rejected the terms of the deal for Britain to leave the European Union.

In other news, mixed signals coming from the U.S. and China are causing analysts to question whether President Donald Trump and his Chinese counterpart, President Xi Jinping, will be able to finalize an agreement to end the trade war by early April as predicted.

The mainland Chinese markets were lower at the end of today’s session. The Shanghai Composite finished the session in the red, 1.09 percent or 33.356 points lower to close at 3026.95 pressured by underperformance in all sectors, especially the Telecommunication Services and Technology sectors which fell by 4.98 percent and 4.11 percent respectively.

Hong Kong’s main index Hang Seng finished Wednesday’s session lower, falling 0.39 percent or 113.42 points to close at 28807.45, pressured by the decline in Healthcare, Consumer Non-Cyclicals, and Consumer Cyclicals sectors.

Elsewhere, the South Korean main index KOSPI finished today’s session lower by 0.41 percent to close at 2148.41. Gains in Consumer Non-Cyclicals and Basic Materials sectors was not enough to offset the losses in the rest of the sectors, mainly the Technology and Energy sectors.

Japanese Stock Market:

Japanese stocks finished Wednesday’s session in the red where the main index fell by approximately 1.0 percent or 213.45 points as weak machinery orders weighed on shares prices of machinery makers and exporters to settle at 21290.24, pressured by the decline in most of the sectors especially the Telecommunication Services, Energy and Industrials sectors.

Moreover, Yoshinori Shigemi, global market strategist at JPMorgan Asset Management said that a bad machinery figure was somewhat expected.

In corporate news, Pacific Metals Co Ltd was the best performer of today’s trading session which rose by 4.25 percent, while Fujikura Ltd and Furukawa Electric Co Ltd were the worst performers of the session, declining by 8.48 percent and 7.77 percent respectively.

In the Forex news, the Japanese Yen fell against the Greenback to trade at 111.331 at 09:00 GMT.

Australian Stock Market:
Australia’s main index S&P/ASX200 closed today’s trading session in the red as it fell by 0.22 percent or 13.6 points to close at 6161.2. Gains in Energy and Basic Materials sectors was not enough to offset the losses in the rest of the sectors, especially Consumer Cyclicals, Telecommunications Services, and Financials sectors.

In corporate news, WiseTech Global Ltd was the best performer in today’s trading session adding 1.56 percent, While Ardent Leisure Ltd and Syrah Resources Ltd were the worst performers declining by 3.31 percent and 3.2 percent respectively.

In the Forex market, the Aussie rose against the Greenback to trade at 0.70608 at 9:00 GMT.

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