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Asia Market Report Asia Market Report
(about 9 hours later)
Asian markets are lower ahead of Chinese manufacturing data, while Softbank shares slide in Tokyo post-Alibaba listing. Asian markets fell ahead of Chinese manufacturing data, while Softbank shares slid in Tokyo after the listing of Alibaba.
Investors are cautious before of the release of a preliminary manufacturing survey of China's factory activities. 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.
At midday, Japan's Nikkei index has lost 0.8%, similar to losses in Shanghai and Seoul. Japan's benchmark Nikkei index closed down 115.27 points, or 0.7%, at 16,205.90.
Meanwhile in Hong Kong the benchmark Hang Seng index has shed 1.3%. In Hong Kong, the Hang Seng index ended the day down 350.67 points, or 1.4%, at 23,955.49.
Softbank slideSoftbank slide
As for individual companies, Softbank shares are down by more than 5% in Tokyo trade on profit-taking, following the listing of China's Alibaba on the New York Stock Exchange last week. 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 rallyElection 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 was up by just over 1%, 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 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.