Asian Stocks Weaken As Commodity Prices Weigh

Asian markets finished trading on a negative note on Tuesday, as lower commodity and iron ore prices weighed on sentiment. Weak GDP data from China continued to impact the commodity price outlook.

Markets also await the earnings updates and forward guidance. Minutes of the Reserve Bank of Australia, which hinted at future hikes, also dampened sentiment.

China’s Shanghai Composite Index dropped 11.81 points or 0.4 percent to finish trading at 3,197.82. The day’s trading ranged between 3,210.25 and 3,190.00. The Shenzhen Component Index fell 37.40 points or 0.3 percent to close at 10,972.96.

The Japanese benchmark Nikkei 225 Index rose 102.63 points or 0.3 percent to end trading at 32,493.89. The day’s trading range was between 32,338.30 and 32,714.59.

Okuma Corp. and JGC Corp. both added more than 3 percent. Amada Co., Eisai Co. and Mizuho Financial Group gained more than 2 percent.

Rakuten Inc. plunged more than 6 percent. Cyber Agent, Toho Co., Z Holdings Corp. and Kao Corp. all shed more than 2 percent.

The Hang Seng Index of the Hong Kong Stock Exchange erased 398.06 points or 2.1 percent from the previous close to finish trading at 19,015.72. The day’s trading range was between a high of 19,324.34 and a low of 18,980.14.

The Korean Stock Exchange’s Kospi Index dropped 11.38 points or 0.4 percent to close trading at 2,607.62. The day’s trading range was between 2,600.67 and 2,626.89.

Australia’s S&P/ASX200 Index closed trading at 7,283.80 after dropping 14.70 points or 0.20 percent. The day’s trading range was between 7,261.10 and 7,298.50.

NRW Holdings surged 5.1 percent. Fintech business The Block also added 2.9 percent. AGL Energy, Graincorp and CSL also rallied more than 2 percent.

Syrah Resources plunged more than 16 percent amidst weak iron ore prices. Ansell dropped more than 14 percent after bleak earnings guidance. Pharma business Imugene and Aurizon Holdings lost more than 5 percent. Lendlease Group lost 4.9 percent.

The NZX 50 Index of the New Zealand Stock Exchange shed 6.11 points or 0.1 percent to close at 11,932.81. Trading ranged between 11,906.17 and 11,944.35.

Sky Network Television, ANZ Group Holdings and Investore Property all rose more than 2 percent. Contact Energy and Stride property followed with gains of more than 1 percent.

Skycity Entertainment Group was the biggest loser, shedding more than 2 percent. Restaurant Brands New Zealand, Fisher & Paykel Healthcare, A2 Milk Company, and Oceania Healthcare all declined more than 1 percent.

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