Monday, the major markets across the Asia-Pacific region closed mostly lower as investors across the region assessed the implications of the swine flu outbreak on the global economy. The World Health Organization declared the strain of swine flu to be a "public health emergency of international concern." Additionally, investors expressed caution as they awaited the results of the stress test on 19 leading U.S. banks, which are expected to be out by May 4.
Despite the weakness seen in most of the markets in the region, the Japanese market closed higher, led by banks and drug makers. However, the strengthening of the dollar, poor earnings reports and negative news flow over the breakout of swine flu limited the upside.
The benchmark Nikkei 225 index rose 18 points or 0.21% to 8,726 and the broader Topix index of all First Section issues on the Tokyo Stock Exchange closed at 833, up 3 points or 0.37%. Trading volume was moderate at about 2 billion shares. While textile and banking stocks closed firm, air and sea transport and mining stocks led the decliners.
Banking stocks closed stronger despite giving up most of their early gains. Pharmaceutical and surgical-mask related stocks also rose in response to news of swine flu spreading in humans worldwide. Chugai Pharmaceutical soared 14.03% on expectations of a pick-up in flu drug sales and Denki Kagaku Kogyo K.K, whose subsidiary Denka Seiken makes flu vaccines, jumped 7.77%. However, All Nippon Airways slumped 5.19% and Japan Airlines tumbled 4.02% on speculation that swine flu will impact passenger traffic.
Shipping stocks came under significant selling pressure due to disappointment over fiscal 2008 earnings. Nippon Yusen fell 3.86%, Mitsui O.S.K. Lines tumbled 5.77% and Kawasaki Kisen moved down 4.46%.
The Australian market closed up modestly, led by gains in the resources sector. The benchmark S&P/ASX200 index closed at 3,732, up 19 points or 0.52% and the broader All Ordinaries index rose 22 points or 0.59% to 3,690.
Among miners, BHP Billiton rose 1.12%, its rival Rio Tinto closed up 0.08% and Iluka Resources advanced 3.43%. Gold miner Newcrest Mining and Lihir Gold also closed sharply higher.
Among airline stocks, Quantas tumbled 4.04% and Virgin Blue slumped 5.36%, weighed down by negative news flow on the flu outbreak. Banking stocks pared all their early gains and closed mostly lower.
The South Korean market finished a volatile session lower for the second day in a row as wary institutional investors indulged in profit taking. The benchmark KOSPI closed at 1,340, down 14 points or 1.1%. Volume was at 537.02 million shares worth 6.79 trillion won (US$5.05 billion) and decliners outnumbered gainers by 491 to 369.
Kia Motor gained 2.44% after JPMorgan Chase & Co. raised its rating outlook on the stock to "neutral" from "underweight". Ssangyong Motor also moved up 1.92%, but Hyundai Motor declined 1.65%.
Among other notable stocks, Hynix Semiconductor rose 1.66% on better-than-expected quarterly results, steel maker POSCO gained 0.38% and telecom stock SK Telecom moved up 0.54%, while Korean Air Line plunged 7.35% and Asiana Air Line tumbled 5.21% on concerns over the swine flu outbreak. Market heavyweight Samsung Electronics declined 1.18% and LG Electronics fell 3.77%.
The Hong Kong market fell sharply, led by airlines and hotel stocks on worries over a drop in international travel following the outbreak of swine flu in Mexico, the U.S. and Canada. The benchmark Hang Seng Index closed at 14,840, down 418 points, or 2.7% and turnover totaled HK$53.01 billion. China's Shanghai Composite Index, which tracks both A and B shares, ended down 1.8% at 2,405 following a 0.6% decline Friday.
Meanwhile, the Indian market exhibited considerable volatility amid profit taking ahead of the expiry of April series derivative contracts on Wednesday and due to a truncated trading week. The market will remain shut on April 30 and May 1 on account of parliamentary elections and Labor Day respectively. The BSE benchmark ended at 11,372, up 42.80 points or a mere 0.38% over the previous close.
Among the other markets in the region, Singapore's STI Straits Times index closed down 1.85% and Taiwan's TWII Weighed index fell nearly 3%.
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