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Asian stocks close largely flat: Hang Seng up 0.2%, Nifty up 0.03%

by admin April 29, 2025
April 29, 2025
Asian stocks close largely flat: Hang Seng up 0.2%, Nifty up 0.03%

Asian equities closed mostly flat in subdued trade on Tuesday, with Japan’s markets shut for the Showa Day holiday.

Investors digested fresh developments on US tariff policy and awaited major earnings reports from global tech giants.

The White House confirmed that President Donald Trump intends to reduce tariffs on auto parts for vehicles manufactured in the US, following pressure from industrial groups.

However, clarity over broader trade negotiations remained elusive after Treasury Secretary Scott Bessent blamed China for the lack of progress, casting fresh doubt over the trajectory of talks.

China responded defiantly, pledging to stand firm. Officials warned that yielding to pressure would only embolden further aggression, even as the government refrained from unveiling new stimulus measures.

China and Hong Kong markets were largely muted

The Shanghai Composite slipped marginally to close at 3,286.65, with sentiment capped by Beijing’s focus on market stability rather than fresh support to counter escalating tariffs.

The Hang Seng Index edged up 0.2% to close at 22,008.11, while the Hang Seng Tech Index gained 0.6%.

Among notable movers, WuXi AppTec surged 4.2% to HK$60.65 after posting earnings that exceeded analysts’ expectations.

Meituan rose 2.9% to HK$132.10, supported by sentiment around stable consumption trends.

Alibaba Health Information Tech led gains with a 7.2% jump to HK$4.94, and CK Hutchison Holdings added 0.9% to HK$43.40 amid broader gains in infrastructure and logistics shares.

Other regional markets

South Korean shares extended their winning streak to a third session.

The Kospi gained 0.65% to 2,565.42, with autos and biopharma stocks leading the rally ahead of earnings.

Hyundai Motor and Kia each rose more than 2%, while Samsung Biologics climbed 1.5% and Celltrion surged 3.8%.

Australian markets also ended higher.

The S&P/ASX 200 index added 0.92% to reach 8,070.60, its highest close in two months.

Indian benchmark indices ended little changed on April 29 in a choppy session marked by muted investor sentiment ahead of key macroeconomic triggers.

The Sensex rose 70.01 points, or 0.09%, to close at 80,288.38, while the Nifty inched up 7.45 points, or 0.03%, to settle at 24,335.95.

On the Nifty, top gainers included Bharat Electronics, Tech Mahindra, Reliance Industries, Eternal, and Trent.

On the flip side, Sun Pharma, ONGC, Coal India, UltraTech Cement, and Dr Reddy’s Laboratories were among the biggest losers.

US stocks on Monday

US stocks were choppy overnight, ending narrowly mixed after a volatile session.

The Nasdaq eased 0.1% to 17,366.13, while the S&P 500 edged up by a similar margin to 5,528.75.

The Dow closed higher by 0.3% at 40,227.59. Investors appeared cautious ahead of a packed week for earnings and macro data.

Focus now shifts to results from four of the so-called “Magnificent Seven” stocks — Amazon, Apple, Meta Platforms, and Microsoft, which are all due to report this week.

The post Asian stocks close largely flat: Hang Seng up 0.2%, Nifty up 0.03% appeared first on Invezz

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