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Asian Penny Stocks

Asian Markets End Mixed Await More Cues On Global Economy

Mixed trading was witnessed among the markets in Asia on Wednesday, as traders await more cues on global economy and key economic data related to jobs in the US. While the markets in China, Hong Kong, India, Indonesia and Taiwan ended in the green, the markets in Australia, Japan, Singapore and South Korea ended in negative territory. The strengthening of the yen against the US dollar to a 8-month high has caused Nikkei to end sharply weaker, while weak cues from Wall Street weighed on the market sentiment at Australia, Singapore and South Korea.

In Japan, the benchmark Nikkei 225 Index fell 204.67 points, or 2.1%, to 9489, while the broader Topix index of all First Section issues was down 13.25 points, or 1.5%, to 846.

On the economic front, data revealed that activity in the Japanese service sector contracted unexpectedly in July. The Markit / Nomura business activity index fell to 46.3 from 47.1 in the previous month. A reading above 50 indicates expansion while one below suggests contraction. The rate of decline was slower than the long-run series average, despite quickening to the most marked in the current 3-month period of contraction. Survey respondents blamed falling new business to the reduction in activity.

Exporters and electric machinery related stocks led the decline on concerns about stronger yen. Fanuc Ltd lost 3.66%, Kyocera Corp fell 3.16%, Tokyo Electron plunged 4.95%, TDK Corp. declined 3.79%, and Sony Corp. was down 3.00%. Among the major exporters, Canon Inc. was down 4.33%, Advantest Corp. declined 3.09%, Sharp Corp. slipped 1.69%, Panasonic Corp. shed 1.96% and Casio Computer was down 2.84%.

Automotive stocks also ended in negative territory. Suzuki Motor declined 3.80%, Honda Motor lost 2.22%, Hino Motors plunged 3.56%, Toyota Motor fell 1.59% and Mitsubishi Motors was down 1.75%.

Trading companies ended weaker on stronger local currency. Toyota Tsusho declined 1.49%, Mitsui & Co. shed 1.64%, Mitsubishi Corp. slipped 0.81%, Marubeni Corp. lost 2.28% and Itochu Corp. edged down 0.28%.

Sea transport related stocks ended in negative territory. Kawasaki Kishen Kaisa declined 1.90%, Mitsui OSK Lines fell 1.53% and Nippon Yusen plunged 2.75%.

Real estate related stocks also ended in the red on stronger yen. Sumitomo Realty & Development declined 2.59%, Mitsubishi Estate slipped 1.06%, Mitsui Fudosan shed 1.01%, Heiwa Real Estate fell 0.96% and Tokyu Land Corp. edged down 0.31%.

In Australia, the benchmark S&P/ASX200 Index declined 29.50 points, or 0.65%, and closed at 4542 points, while the All-Ordinaries Index ended at 4,560 representing a loss of 26.80 points or 0.58%.

On the economic front, official data revealed that Australia's trade surplus surged past expectations to a record high in June, fueled by a large increase in exports of commodities such as coal and iron ore. As per the data, the trade balance recorded a surplus of A$3.5 billion in June compared to the revised A$1.8 billion surplus in the previous month. Exports of goods and services rose 7% in June from May to A$26.7 billion, while Imports, on the other hand, were more or less unchanged from previous month.

In a separate report, the Australia Industry Group revealed that activity in the services sector contracted in July. The AIG Performance of Services Index fell 2.2 points to 46.6. A reading below 50.0 indicates contraction of activity in the sector..

A report released by the Australia Bureau of Statistics revealed that house prices rose 3.1% in the second quarter of 2010 compared to the previous quarter. Analysts expected the house prices to rise 2.0% for the quarter following the 4.8% gain registered in the first quarter. On an annual basis, house prices climbed 18.4% in the second quarter, after having gained 20% in the first quarter.

The Federal Chamber of Automotive Industries said 82,376 passenger cars, SUVs and commercial vehicles were sold in July, up 9.3% on the same month of 2009. The SUV segment was the strongest performer during the month with an increase of 29%.

Banks ended in negative territory following weak cues from Wall Street. ANZ Bank declined 0.98%, Commonwealth Bank lost 1.49%, National Australia Bank slipped 0.64% and Westpac Banking Corp. was down 0.48%. Investment banker Macquarie Group also ended in the negative territory with a loss of 0.76%.

Mining and metal stocks also ended in the red. BHP Billiton slipped 0.73%, Rio Tinto edged down 0.22%, Fortescue Metals fell 1.59%, Gindalbie Metals lost 2.02%, Macarthur Coal declined 1.85%, Mincor Resources slumped 3.40%, Murchison Metals shed 1.61% and Oz Minerals was down 2.40%.

Mixed trading was witnessed among oil and energy stocks. Woodside Petroleum advanced 0.67% and Santos edged up 0.07%. However, ROC Oil Co. declined 1.33%, Oil Search fell 1.17% and Origin Energy slipped 0.19%.

Gold stocks managed to end in positive territory following rise in gold prices in the international market. Lihir Gold added 0.96% and Newcrest Mining gained 1.38%.

Increasing FII inflows, mild gains in some Asian markets and a rally in IT stocks following Cognizant's stellar results helped the Indian market shrug off weak cues from the European and U.S. markets on Wednesday. After confining to a narrow range movement till the mid-session, the 30-share Sensex gained sharply late in the session before ending near the day's high at 18,217, up 103 points or 0.57%, while the 50-share Nifty rose by 28 points or 0.52% to 5,468.

Among the other major markets open for trading, China's Shanghai Composite Index added 11.52 points, or 0.44% to 2,639, Taiwan's Weighted Index advanced 15.13 points, or 0.19%, to close at 7,973, and Indonesia's Jakarta Composite Index was up 9.59 points, or 0.32%, to 2,983. However, Singapore's Strait Times Index ended in negative territory with

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