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Asian stocks sank on the opening trade on Friday after an overnight global market selloff and earnings concern with Chinese PMI the only sentiment boosting the regional benchmark index.
The MSCI Asia Pacific Index shed 0.7% to 147.83, 10:03 am, Hong Kong time. Among the gauge’s ten industry nine dipped. It will be the first weekly loss in three weeks for the index after its victory to reach a high earlier in the week that was last seen on June of 2008. The previous trading session ended the trading for the month of July with the regional benchmark index adding a total of 2.1% for the month. The MSCI All-Country World Index dropped its most since February with a 1.5% decline yesterday.
Hong Kong’s Hang Sang Seng Index, Japan’s Nikkei 225 Index and South Korea’s KOSPI Index lost 0.52% or 128.41 pips to 24,628.44, 0.30% or 47.61 pips to 15,573.16, and 0.25% or 5.21 pips to 2070.91 respectively. Australia’s ASX 200 and the CNBC 100 Asia Idx are down by 1.51% or 85.21 pips to 5,547.70 and 0.97% or 73.46 pips to 7,505.51. China’s Shanghai Composite Index is the only winner among the markets as it gained 0.15% or 3.09 pips to 2056.83 on a positive PMI data that bolstered its local market and cut bigger losses for the Asian market.
Japan’s third-biggest carrier, Skymark Airlines Inc. announced that it may lose its business should it be mandated to pay penalty to Airbus Group NV after it cancelled the purchase of six A380 superjumbos driving the airlines’ shares to plummet by 7.7%. South Korea’s Samsung Electronics Co. extended losses today as it shed 1.5% following UBS AG’ rating cut for the world’s largest smartphone maker. In Hong Kong, China Rongsheng Heavy Industries Group Holdings Ltd. dropped 3.2 percent after a profit forecast that predicted the company’s revenue will have a bigger decline for the first-half of the year.
Official at White Funds Management, Angus Gluskie, commented that the market seems to be fully valued with the investors trying to find any reason to sell. Gluskie adds that the market does have a range of convenient excuses for the investors to “take some money off the table.” Gluskie cites the geopolitical situation currently ongoing in many parts of the world particularly in Ukraine and Gaza, the Federal Reserve’s announcement that it may have to increase interest rates sooner than expected, and the Argentine controversy is also a viable reason for the investors.
