Asian equities closed in mixed territories on Wednesday’s session, even though investors were optimistic about the remarks that were stated by the Federal Reserve Chairman Jerome Powell

Asian equities closed in mixed territories on Wednesday’s session, even though investors were optimistic about the remarks that were stated by the Federal Reserve Chairman Jerome Powell

July 18, 2018 0 By Ali Hwary

Asian equities closed in mixed territories on Wednesday’s session, even though investors were optimistic about the remarks that were stated by the Federal Reserve Chairman Jerome Powell in his latest testimony.

Over in China, the Shanghai Composite dropped by 0.35 percent to close the session at 2,788.43 pressured by the losses in all sectors except for Utilities, which gained 2.40 percent. Furthermore, the smaller Shenzhen Composite lost 0.748 percent or 11.96 points to end the session lower at 1,588.11 pressured by mainly Telecom Services and Technology sectors that lost around 2.26 percent and 1.08 percent respectively.

Moreover, Hong Kong’s main benchmark Hang Seng dropped by 0.23 percent or 64.26 points to trade at 28,117.42 at the close, pressured by the losses in the Energy, Consumer Cyclicals, and Telecom Services sectors. While WH Group Ltd stock was the best performer that rose by 3.45 percent to end the session at 6.30.

In South Korea, the country’s benchmark KOSPI lost 0.34 percent to end the session down at 2,290.11 affected by significant losses in Utilities and Industrials sectors that declined by 1.88 percent and 1.60 percent respectively. In stocks news, Golden Bridge Investment was the best performer in the session, surging 18.36 percent followed by Woojin Plaimm Co Ltd which added 6.53 percent.

 

Japanese Stock Market

Japanese market extends gains, as Japan’s main index Nikkei 225 rose again by 0.43 percent or 96.83 points, to close the session higher at 22,794.19 as the gains in all sectors supported the index up except for Consumer Non-Cyclicals and Financials sectors.

Among automobiles, both Honda and Toyota rose by one percent and two percent respectively. On the other hand in the banking sector, Mitsubishi UFJ Financials declined by 0.2 percent meanwhile Sumitomo Mitsui Financial gained almost one percent. Major exporters were mostly higher supported by a weaker Yen, as Sony gained 0.2 percent while Canon advanced by 0.1 percent and Mitsubishi Electric rose by nearly two percent.

Meanwhile, the best performers stocks were Taiyo Yuden Co Ltd, which gained 3.13 percent to trade at 3,455 at the close. Furthermore, Sumitomo Dainippon Pharma Co Ltd added 3.13 percent to end in the green at 2,512.

On the flip side, the weakest performers of the session were Tokyo Dome Corp, which fell by 3.89 percent to trade lower at 915 at the close and Japan Tobacco Inc lost 3.64 percent to settle at 2,924.5.

In the forex space, the Japanese Yen rose against the U.S. Dollar on Wednesday to trade at 112.98 at 9:05 GMT.

 

Australian Stock Market

On the other hand, Australian shares were higher after the close on Wednesday, supported by gains in most sectors but mainly Basic Materials and Technology sectors that gained 1.30 percent and 1.24 percent respectively. The S&P/ASX 200 index advanced by 41.50 points or 0.67 percent to close the session in the green at 6,245.100.

Meanwhile In the mining sector, even though that the prices of Copper, Aluminum and Nickel are lower, BHP Billiton rose by more than 3 percent, while Fortescue Metals edged up by 0.7 percent and Rio Tinto advanced around one percent. Elsewhere among gold mines, the market ended mixed due to the downfall of gold price overnight, where Evolution rose above one percent, however, Newcrest Mining fell by around 2 percent. Among the four major banks, each of ANZ Banking, Westpac, National Australia Bank and ANZ Banking were higher in an average of 0.3 percent and 0.6 percent.

In the stock market, the best performers of the session on the S&P/ASX 200 were TechnologyOne Ltd, which surged for two days in a row by 6.33 percent to close the session at 5.040. Moreover, Afterpay Touch Group Ltd added 4.60 percent to settle in the green at 10.920.

On the other hand, Navitas Ltd was the worst performer in the market to decline by 3.31 percent ending down at 4.090, followed by the downfall of Beach Energy Ltd by 2.76 percent to close in the red at 1.760

In the currency market, the Australian Dollar declined against the U.S. Dollar on Wednesday’s session to trade at 0.7355 at 9:05 GMT.

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