Plus   Neg

Asian Markets Edge Mostly Higher

Asian markets ended mostly higher on Monday, with investors shrugging off concerns about trade war and looking ahead to the outcome of a historic meeting between the U.S. President Donald Trump and the North Korean leader Kim Jong Un.

However, gains are just modest in most of the markets in the region amid largely thin volumes ahead of crucial monetary policy meetings of the Bank of Japan, European Central Bank, and the U.S. Federal Reserve.

Metals and industrials stocks were among the prominent losers in the Australian market.

Retail Food Group plunged 9 percent. Aurizon Holdings and Asaleo Care both ended lower by about 4 percent. Newcrest Mining, Santos, Mineral Resources, Pilbara Minerals and Lynas were among the other notable losers.

Nanosonics, Donino's Pizza, Seven West Media, Mayne Pharma, Sigma Pharma, Tabcorp Holdings, Graincorp, Coca-Cola Amatil and Whitehaven Coal ended stronger by 1 to 6 percent.

The Japanese market ended modestly higher, although volume of business was rather thin.

In economic news, core machine orders in Japan soared a seasonally adjusted 10.1 percent on month to 943.1 billion yen in April, according to the data released by the Cabinet Office. That beat expectations for a gain of 2.4 percent following the 3.9 percent decline in March. On a yearly basis, core machine orders jumped 9.6 percent, beating forecasts for 3.8 percent increase.

Bank of Japan said that the M2 money stock in Japan was up 3.2 percent on year in May, coming in at 1,003.2 trillion yen. That was unchanged from the April reading following a downward revision from 3.3 percent.

The Chinese market extended its losses to a third successive session amid growing concerns about lack of liquidity.

The Shanghai Composite index drifted down by about 0.5 percent, with technology, travel and media stocks posting losses.

Chemical stock Hubei Zhenhua ended more than 10 percent up. ADD Industry Zhejiang and Hunan Copote Science too spurted 10 percent.

The Hang Sang index of the Hong Kong market ended higher by nearly 0.4 percent.

Tancent Holdings, China Resources Power Holdings, Sands China, Galaxy Entertainment and Cnooc were the notable gainers in the Hong Kong market.

In Seoul, the Kospi index moved up 0.75 percent. Markets in New Zealand, Malaysia and Singapore ended modestly higher. In India, the Sensex was up nearly 0.7 percent around mid afternoon.

For comments and feedback contact: editorial@rttnews.com

Follow RTT