Market Updates
Deepening Economic Gloom In China Drag Asian Markets
Arjun Pandit
16 May, 2022
New York City
Asian markets traded with a downward bias after the latest economic data from China and Japan underwhelmed investors.
The Nikkei index increased 0.5% to 26,547.05, the Hang Seng Index added 0.3% to 19,950.21, and the SSE Index in Shanghai declined 0.3% to 3,073.75.
The Kospi index in Korea fell 0.3% to 2,596.58.
April retail sales and industrial production data were significantly weaker than expected in China.
Retail sales declined 11.1%, twice the level expected, from a year ago and industrial output declined 2.9% contrary to the expectation of an expansion, the National Bureau of Statistics said today.
Central bank also left its key rate unchanged but lowered mortgage rates for the first time home buyer.
In Japan, the producer price index jumped 10.0% in April after rising at the upwardly revised 9.7% in March, the Bank of Japan said today.
Stocks in Mumbai gained for the first time in seven days in cautious trading after Asian and European markets were muted.
The Sensex index gained 180.22 or 0.2% to 52,973.84 and the Nifty index advanced 60.85 or 0.4% to 15,842.30.
Cement stocks were in focus after Adani Group won the auction to acquire Switzerland-based Holcim Limited's stake in Ambuja and ACC for $10 billion.
The deal was in works for more than two months and attracted bids from several large conglomerates in India.
Holcim has been divesting its cement holdings and shifting the business mix to higher value added products including concrete aggregates.
Ambuja Cement added 2.3% to 367.40 rupees and ACC advanced 3.8% to 2,192 rupees.
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