- July 23, 2024
- By: Admin1_blog
- Asia Market, Indices
Lee Ying Shan@IN/YING-SHAN-LEE@LEEYINGSHAN
KEY POINTS
- India is slated to unveil its first budget under Prime Minister Narendra Modi’s third five-year term.
- Traders in Asia will also watch out for Singapore’s inflation data for June.
Asia-Pacific markets traded mixed on Tuesday after Wall Street looked past political uncertainty to log gains overnight.
Australia’s S&P/ASX 200 inched up 0.61%. Japan’s Nikkei 225 was 0.09% lower and the broad-based Topix advanced 0.08%.
South Korea’s Kospi rose 0.46%, while the small-cap Kosdaq climbed 0.48%. South Korea’s producer price index in June rose 2.5% year on year, compared to a 2.3% rise in May. Stocks of popular messaging app Kakao dropped 4.63% after an arrest warrant was reportedly issued for founder Brian Kim by South Korean court over allegations of market manipulation.
Hong Kong’s Hang Seng Index slipped 0.09%, while Mainland China’s CSI 300 fell 1%.
India’s Nifty 50 and the BSE Sensex were little changed in the first hour of trading. India is slated to unveil its first budget under Prime Minister Narendra Modi’s third five-year term. Analysts at Barclays expect the coalition government to signal policy consistency in the budget, “showcasing continued fiscal consolidation with a marginal shift in the spending mix.”
| TICKER | COMPANY | NAME | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|---|
| .N225 | Nikkei 225 Index | *NIKKEI | 39616.02 | 17.02 | 0.04 |
| .HSI | Hang Seng Index | *HSI | 17620.16 | -15.72 | -0.09 |
| .AXJO | S&P/ASX 200 | *ASX 200 | 7976.9 | 45.2 | 0.57 |
| .SSEC | Shanghai | *SHANGHAI | 2946.63 | -17.59 | -0.59 |
| .KS11 | KOSPI Index | *KOSPI | 2777.64 | 14.13 | 0.51 |
| .FTFCNBCA | CNBC 100 ASIA IDX | *CNBC 100 | 9986.58 | 65.51 | 0.66 |
“While maintaining focus on capex, we think the government will use increased receipts to fund higher revenue spending, balancing economic and political needs,” Barclays wrote in a recent note.
Traders in Asia will also monitor Singapore’s inflation data for June. According to economists polled by Reuters, the country’s consumer price index is expected to climb 2.7% year on year. This compares to a 3.1% rise in May.
Overnight in the U.S., the S&P 500 notched its best day since June 5 as tech shares bounced following the worst weekly loss for the index since April.
The benchmark climbed 1.08% to settle at 5,564.41 and clinch its best day since June 5, while the Nasdaq Composite advanced 1.58% to close at 18,007.57. The Dow Jones Industrial Average rose 127.91 points, or 0.32%, to finish at 40,415.44.
Source : cnbc
