Asian markets ended Friday on a mixed note. While strong global economic data provided some support, local issues and sector-specific setbacks kept gains in check.
In India, the Sensex took a sharp hit, falling over 500 points. The drop came amid broad-based selling, weaker-than-expected results from major banks, and lingering concerns about the macroeconomic outlook, both at home and abroad.
Japan’s core inflation cooled slightly to 3.3% in June, offering some relief after hitting a two-year high.
The figure, which leaves out fresh food prices due to their frequent swings from weather and supply issues, came in roughly in line with what economists polled by Reuters had anticipated.
Japan’s Nikkei 225 ends in the red
The Nikkei 225 edged down 0.2% to close at 39,819 on Friday, while the broader Topix also slipped 0.2% to 2,834, erasing earlier gains.
After a modest uptick in the previous session, the Nikkei struggled to hold ground in choppy trading, as investors stayed cautious ahead of this weekend’s Upper House election.
The Hang Seng surged 327 points, or 1.3%, to close at 24,825 on Friday, snapping a two-day losing streak with broad-based gains across sectors.
The index hit a four-month high and ended the week up 2.8%, notching its second straight weekly win.
Investor confidence got a lift from strong momentum in mainland markets, after Beijing pledged to crack down on aggressive price wars among Chinese firms.
Hong Kong’s tech stocks also rallied, with the tech index climbing 1.7%, fueled by fresh optimism following Nvidia’s announcement to boost the supply of its China-compliant H20 chips and roll out more advanced versions.
Kospi dips 0.13%
The Kospi dipped 4.22 points, or 0.13%, to close at 3,188.07 on Friday, but still managed to notch a modest weekly gain of 0.39%.
Trading was fairly active, with nearly 390 million shares changing hands, totaling 11.84 trillion won (around $8.5 billion). Decliners outnumbered gainers, 589 to 303.
The index had started the day on a positive note, tracking overnight gains on Wall Street, where the Dow rose 0.52% and the Nasdaq climbed 0.75% but gave up momentum as the session wore on.
The market sentiment looked upbeat in China as the CSI 300 index ended the day in green at 4,058.55, 0.60% higher than the previous close.
In the broader Pacific region, Australia’s S&P/ASX 200 continued the bull run as it ended 1.37% up at 8,757.20.
Sensex tumbles 500 points
Indian markets ended in the red on July 18, with the Nifty slipping below the 25,000 mark.
The Sensex fell 501.51 points, or 0.61%, to close at 81,757.73, while the Nifty dropped 143.05 points, or 0.57%, finishing the day at 24,968.40.
Axis Bank, Shriram Finance, Bharat Electronics, HDFC Life, and Bharti Airtel were among the top losers on the Nifty, while Wipro, Bajaj Finance, Tata Steel, ONGC, and Nestle India managed to post gains.
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