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ASIA Markets Update

Increased regulatory scrutiny over the borrowings of China’s most prolific overseas deal makers weighed on mainland markets Friday, as trading elsewhere in the Asia-Pacific region was lackluster.

 The Shanghai Composite Index SHCOMP, -0.74%   pared earlier losses but was recently down 0.2%, following news that the nation’s banking regulator ordered banks to check the borrowings of major Chinese conglomerates like Anbang Insurance Group and Dalian Wanda Group. 

The move, which sent shares of the companies’ listed units tumbling late Thursday, hurt investor sentiment due to concerns about tighter regulations across China’s financial markets at a time of volatile trading, analysts say. 

The action was also a reminder of the outsize influence of the government on stock markets, said Dong Yul Lim, a senior sales trader at CMC Markets in Singapore. “It is just the beginning, a sign that any move by the Chinese government can affect the markets.” 

Those fears had eased somewhat earlier in the week, in the wake of MSCI’s decision to include China’s domestically-traded A-shares in its emerging markets index next year, said Lim.

 Elsewhere, Japan’s Nikkei Stock Average NIK, +0.10%   was flat, while Australia’s S&P/ASX 200 XJO, -0.04%   was slightly lower, and Singapore’s Straits Times Index STI, -0.35%   was off 0.2%.

 In South Korea, shares outperformed after the country’s president, Moon Jae-in, said he would lobby China to lift its restrictions against his country’s businesses following the installation of an U.S. antimissile defense system in Korea, which angered Beijing. 

The installation of the controversial U.S. missile-defense system prompted Beijing to target South Korean firms and stop tours of high-spending Chinese visitors. 

The benchmark Kospi index SEU, +0.00%   was up 0.1% after gaining as much as 0.5% earlier. 

Shares of major Korean firms with China exposure were markedly higher, with Hyundai Motor 005380, +1.24%   rising 1.9% and cosmetics giant Amorepacific 090430, +2.76%   rising 2.8%. Korean Air Lines 003490, +0.91%   and Asiana Airlines 020560, -0.16%   were each up about 0.8%. 

In Japan, shares were flat despite a strong open, following a preliminary survey released Friday showing that the nation’s manufacturing activity slowed in June as new orders grew at their slowest pace in seven months. 

“Though the [purchasing managers index] fell rather sharply in June, it still points to a robust expansion in industrial output,” said Marcel Thieliant, a senior Japan economist at Capital Economics.

 Among key stocks in Japan, videogame maker Nintendo 7974, +2.51%   was up 2.3%, while auto makers Mazda Motor 7261, +0.77%  , Honda Motor 7267, +0.59%   and Nissan Motor 7201, +0.79%   added more than 0.5% each.

Source: marketwatch.com

Increased regulatory scrutiny over the borrowings of China’s most prolific overseas deal makers weighed on mainland markets Friday, as trading elsewhere in the Asia-Pacific region was lackluster.

 The Shanghai Composite Index SHCOMP, -0.74%   pared earlier losses but was recently down 0.2%, following news that the nation’s banking regulator ordered banks to check the borrowings of major Chinese conglomerates like Anbang Insurance Group and Dalian Wanda Group. 

The move, which sent shares of the companies’ listed units tumbling late Thursday, hurt investor sentiment due to concerns about tighter regulations across China’s financial markets at a time of volatile trading, analysts say. 

The action was also a reminder of the outsize influence of the government on stock markets, said Dong Yul Lim, a senior sales trader at CMC Markets in Singapore. “It is just the beginning, a sign that any move by the Chinese government can affect the markets.” 

Those fears had eased somewhat earlier in the week, in the wake of MSCI’s decision to include China’s domestically-traded A-shares in its emerging markets index next year, said Lim.

 Elsewhere, Japan’s Nikkei Stock Average NIK, +0.10%   was flat, while Australia’s S&P/ASX 200 XJO, -0.04%   was slightly lower, and Singapore’s Straits Times Index STI, -0.35%   was off 0.2%.

 In South Korea, shares outperformed after the country’s president, Moon Jae-in, said he would lobby China to lift its restrictions against his country’s businesses following the installation of an U.S. antimissile defense system in Korea, which angered Beijing. 

The installation of the controversial U.S. missile-defense system prompted Beijing to target South Korean firms and stop tours of high-spending Chinese visitors. 

The benchmark Kospi index SEU, +0.00%   was up 0.1% after gaining as much as 0.5% earlier. 

Shares of major Korean firms with China exposure were markedly higher, with Hyundai Motor 005380, +1.24%   rising 1.9% and cosmetics giant Amorepacific 090430, +2.76%   rising 2.8%. Korean Air Lines 003490, +0.91%   and Asiana Airlines 020560, -0.16%   were each up about 0.8%. 

In Japan, shares were flat despite a strong open, following a preliminary survey released Friday showing that the nation’s manufacturing activity slowed in June as new orders grew at their slowest pace in seven months. 

“Though the [purchasing managers index] fell rather sharply in June, it still points to a robust expansion in industrial output,” said Marcel Thieliant, a senior Japan economist at Capital Economics.

 Among key stocks in Japan, videogame maker Nintendo 7974, +2.51%   was up 2.3%, while auto makers Mazda Motor 7261, +0.77%  , Honda Motor 7267, +0.59%   and Nissan Motor 7201, +0.79%   added more than 0.5% each.

Source: marketwatch.com

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