Tokyo stocks end lower on profit-taking
Tokyo stock shed early gains to close lower on profit-taking on Monday, as investors sought fresh direction after the Easter break in the United States.
The benchmark Nikkei 225 index fell 1.40 percent, or 566.35 points, to end at 39,803.09, while the broader Topix index dropped 1.71 percent, or 47.40 points, to 2,721.22.
Before the opening bell, the Bank of Japan’s Tankan poll showed that business confidence among large manufacturers slipped in March – the first decline in the past four quarters, although it was slightly higher than market expectations.
Indian shares open higher
Indian shares opened higher on Monday, led by high weightage financials and information technology stocks, after a moderation in a key US inflation reading aided sentiment.
The blue-chip NSE Nifty 50 index was up 0.76 percent to 22,495.86, while the BSE Sensex rose 0.65 percent to 74,140, as of 9:17 a.m. IST.
Wall street week ahead by investors
After a stellar start to the year for stocks, investors are on guard for potential bumps in the second quarter as they gauge whether the Federal Reserve delivers on an expected interest rate cut by June and turn their focus on the health of upcoming earnings.
The S&P 500 ended the first quarter with a gain of more than 10 percent, its largest first quarter advance since the nearly 13.1 percent jump in the first quarter of 2019. While so-called Magnificent Seven stocks such as chipmaker Nvidia and Facebook parent Meta Platforms provided the bulk of the gains for the quarter, economically-sensitive sectors such as energy and industrials have rallied over the past six weeks.
Asian stocks market quiet in holiday-thinned trade
Stocks and currencies were muted in Asia on the Good Friday holiday, while investors kept to the sidelines ahead of key US inflation data.
Markets were shut in Hong Kong, India, Indonesia, the Philippines, Singapore, and the United States.
The focus has turned to the US Federal Reserve’s preferred inflation indicator, the core personal consumption expenditures price index (PCE) and comments from Fed Chair Jerome Powell due on Friday.
The core index was seen rising 0.3 percent last month, which would keep the annual pace at 2.8 percent.
In Thailand, the baht currency was on course for its third consecutive drop, standing down 0.1 percent, although it pared back some earlier session losses.
Sri Lankan stocks close higher
Sri Lankan shares closed higher on Wednesday, helped by gains in financials and industrial stocks. The CSE All Share index settled up 0.87 percent at 11,434.49.
Ceylinco Insurance PLC and LOLC Finance PLC were the top gainers on the CSE All Share index, rising 13.5 percent and 1.8 percent, respectively.
Trading volume on the CSE All Share index rose to 88.9 million shares from 80.7 million in the previous session. The equity market’s turnover fell to 1.89 billion Sri Lankan rupees ($6.3 million) from 2.43 billion rupees in the previous session, according to exchange data.
Foreign investors were net sellers, offloading stocks worth 45.7 million rupees, while domestic investors were net buyers, purchasing shares worth 1.86 billion rupees, data showed.
Gulf bourses drop
Stock markets in the Gulf fell on Sunday, led by the Saudi index, after the US Federal Reserve Chair Powell indicated the latest inflation data did not undermine the central bank’s baseline outlook.
Saudi Arabia’s benchmark index was down for a second straight session and dropped 1.3 percent, with almost all sectors in the red.
ACWA Power fell 3.5 percent and Saudi National Bank, the kingdom’s largest lender, lost 1.5 percent.
Among other losers, Middle East Pharmaceutical Industries and Al Rajhi Bank, the world’s largest Islamic lender, slid 7.8 percent and 1 percent respectively.
Meanwhile, the index gained 3.6 percent on a quarterly basis.
The Qatari benchmark index dropped for a fifth straight session and ended 1 percent lower with almost all sectors in the negative territory.
Qatar Islamic Bank and Qatar International Islamic Bank slipped 3.4 percent and 1.5 percent respectively, while Qatar Aluminum Manufacturing dropped 4 percent.
Canada stocks-Toronto market notches 2nd straight robust quarterly gain
Canada’s main stock index on Thursday wrapped up another strong quarter by climbing to a new all-time high, led by gains for resource shares as investors eyed potential interest rate cuts in the coming months that could stimulate economic growth.
The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE ended up 59.95 points, or 0.3 percent, at 22,167.03, a record closing high. The index also hit an intraday record high, at 22,220.91, eclipsing the previous record it set in April 2022.
The market will be closed for the Good Friday holiday.
“The trade in the last month has really turned to reflation,” said Mike Archibald, a portfolio manager at AGF Investments. “Commodities are working extremely well. Banks have started to rally both south of the border and up here in Canada.”
The record-setting rally came as data showed Canada’s economy growing 0.6 percent in January, its fastest growth rate in a year. Still, investors stuck with bets the Bank of Canada would begin cutting rates in June.
For the month of March, the TSX was up 3.8 percent, its fifth straight month of gains. It advanced 5.8 percent in the first quarter, after gaining 7.3 percent in the previous quarter.
“I do think there could be some legs to this commodity story and if that’s the case Canada is going to be in a pretty good place for the second quarter,” Archibald said.
Resource shares account for 30 percent of the TSX’s weighting. The materials sector, which includes metal miners and fertilizer companies, climbed 2.1 percent on Thursday as the price of gold rose.