Market Updates
Asian Markets Advanced, Nikkei Traded Down Despite Record Service Sector Growth
Arjun Pandit
08 May, 2023
New York City
The Nikkei index in Tokyo declined 0.7% despite a private survey showed the service sector expanded at a record pace in April.
The PMI Service Index expanded for the fifth month in a row to 55.4 from 54.9 in March, The au Jibun Bank reported Monday.
Composite index, which combines the manufacturing and service sectors, was unchanged at 52.9%.
Energy and tech stocks led market gainers in Hong Kong and the Hang Seng index increased 0.8% to 20,211.16 after technology, health care and energy stocks led gainers.
The weak rebound in economic activities in China is reflected in weaker corporate earnings improvement in the first quarter.
In Monday's trading Alibaba gained 0.4%, BYD increased 2.2% and Geely Auto jumped 1.6%.
PetroChina, CNOOC and Sinopec increased between 3% and 4%, following a 1.2% rebound in oil prices.
Investors are also awaiting international trade and money supply data on Tuesday and inflation update on Thursday.
Stocks in Mumbai jumped 1% after a string of positive earnings contributed to positive market sentiment.
Coal India, Union Bank, Bank of India, Adani Power and Alembic Pharma reported higher-than-expected earnings.
The Sensex index increased 0.9% to 61,633.09 and the Nifty index advanced 0.9% to 18,227.20.
On the Mumbai stock exchange, 143 traded at their new 52-week highs and 17 traded at their new 52-week lows.
The yield on the 10-year Indian government bonds edged up 7.03% and the Indian rupee held firm at ₹81.71 against the U.S. dollar.
ASX 200 increased 0.7% to 20,211.16 after higher energy and commodities lifted resource stocks.
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