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Asia Market Report | Asia Market Report |
(about 9 hours later) | |
Asian markets fell ahead of Chinese manufacturing data, while Softbank shares slid in Tokyo after the listing of Alibaba. | |
Investorsweare cautious before of the release of a preliminary manufacturing survey of China's factory activities. | |
The Purchasing Managers' Index (PMI) from financial institution HSBC is due on Tuesday. | The Purchasing Managers' Index (PMI) from financial institution HSBC is due on Tuesday. |
Japan's benchmark Nikkei index closed down 115.27 points, or 0.7%, at 16,205.90. | |
In Hong Kong, the Hang Seng index ended the day down 350.67 points, or 1.4%, at 23,955.49. | |
Softbank slide | Softbank slide |
Among individual companies, Softbank shares fell 6.1% on profit-taking, following the listing of China's Alibaba on the New York Stock Exchange last week. | |
Softbank has a 32% stake in Alibaba, and shares of the Japanese company have surged by around 30% in anticipation of Alibaba's listing. | Softbank has a 32% stake in Alibaba, and shares of the Japanese company have surged by around 30% in anticipation of Alibaba's listing. |
Alibaba's shares surged 38% on its first day of trade in New York, to close at $93.89 per share from the issue price of $68. | Alibaba's shares surged 38% on its first day of trade in New York, to close at $93.89 per share from the issue price of $68. |
Election rally | Election rally |
In the antipodean markets, trading in energy companies pushed the New Zealand stock market higher, following an election victory for incumbent Prime Minister John Key. | In the antipodean markets, trading in energy companies pushed the New Zealand stock market higher, following an election victory for incumbent Prime Minister John Key. |
The benchmark NZX 50 index closed up 54.95 points, or 1.1%, at 5,236.29, while energy companies such as Mighty River Power and Meridien Energy posted gains of more than 5%. Mr Key's National Party had won 48% of the vote in provisional results from Saturday's polling day. | |
The losing Labour Party had promised to intervene in the energy market with a new government policy, aimed at lowering prices for consumers. That would have lowered the valuations of power companies in New Zealand. | The losing Labour Party had promised to intervene in the energy market with a new government policy, aimed at lowering prices for consumers. That would have lowered the valuations of power companies in New Zealand. |
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