amwalalghad :: World

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


Money Markets - World

Amwal Al Ghad English - 2018-02-24 06:40:27
Equities in Europe closed slightly higher on Friday afternoon as investors reacted to earnings and waited for a report from the Federal Reserve. The pan-European Stoxx 600 closed 0.23 percent to the upside with major bourses and sectors moving in different directions. Retail was the biggest loser Friday afternoon, with Zara-owner Inditex struggling at the bottom of the sector. It fell further in afternoon trade, closing 7 percent lower following reports Thursday that it is to run-down its Irish-based web unit. The automotive sector was also in the red, dropping in afternoon trade to close 0.74 percent lower. Valeo closed over 11 percent down after reporting its 2017 full-year numbers, leaving it founder at the bottom of the European benchmark. By contrast, telecoms rallied Friday afternoon, ending the day over 2 percent higher. BT pulled up the sector, rising over 5 percent following news that regulators will cap the price the telecoms firm can charge its rivals for using its fast broadband service. Looking across the European benchmark, engineering firm Subsea 7 closed near the top, up 7.4 percent after announcing a joint venture with oilfield services company Schlumberger. Meanwhile, RBS closed 4.9 percent lower despite posting its first full-year profit in a decade. The state-owned lender reported a loss in its fourth-quarter of 583 million pounds ($812.5 million). Aberdeen Standard Life's shares swung in afternoon trade, finishing the day roughly 2.5 percent lower. The insurer's stock had been trading higher earlier in the day on the announcement of the sale of its insurance business for £3 billion ($4.18 billion) to Phoenix Group. In the U.S., stocks rose Friday but were still set to post a weekly loss. The Dow Jones industrial average climbed 157 points in mid-morning trade, while the S&P 500 gained 0.7 percent, with technology and utilities both performing best. The U.S. Federal Reserve's monetary policy report was out Friday morning, citing an economy past full employment — though it gave little guidance on future interest rate rises. More»
Amwal Al Ghad English - 2018-02-24 06:23:25
U.S. stocks rallied on Friday as interest rates slipped further from a four-year high, pushing the major indexes higher for the week. The Dow Jones industrial average closed 347.51 points higher at 25,309.99, with Intel as the best-performing stock. The S&P 500 gained 1.6 percent to end at 2,747.30, with utilities and energy as the best-performing sectors. The broad index also broke above its 50-day moving average — a key technical level — in afternoon trade. Entering Friday's session, the Dow and S&P 500 were on track to close down by 1 percent for the week. They finished the week with gains of 0.4 percent and 0.6 percent, respectively. The Nasdaq composite advanced 1.8 percent to 7,337.39 as shares of Facebook, Amazon, Netflix, and Alphabet all rose. For the week, the index rose 1.4 percent. It was a volatile week for stocks, with the major averages posting strong gains in early trading before closing off those highs in the previous three sessions. On Friday, the Dow, S&P 500 and Nasdaq bucked that trend."We have a champagne problem," said Nick Raich, CEO of The Earnings Scout. "The economy is running too hot and that brings fear of higher rates. But that's better than having to jump-start an economy that's running cold." "Earnings expectations are also rising for the first time in seven years," Raich said. "That's a big positive." The benchmark 10-year U.S. note yield hit a four-year high earlier this week after minutes from the Fed's January meeting showed the central bank sees increased economic growth and an uptick in inflation as justification to continue to raise interest rates gradually. On Friday, the yield traded below that four-year high, near 2.875 percent."Investors eye 3 percent on the 10-year with concern as it intersects a trendline that has led to crashes/bear markets since 1980," Thomas Lee, founder and head of research at Fundstrat Global Advisors, said in a note. "But, as we noted a few weeks ago, interest rates are moving higher from ultra-low levels and like 1950s-1960s, this period saw higher rates [and] higher equity prices." The Fed released its monetary policy report Friday morning, which said the central bank sees the U.S. economy past full employment, albeit with only "moderate" wage gains. The report serves as a blueprint for new Fed Chair Jerome Powell's testimony next week. Investors also digested out for speeches from two voting members of the Fed's policymaking committee. Cleveland Fed President Loretta Mester said inflation should and sustain 2 percent over the next couple of years. Meanwhile, New York Fed President William Dudley spoke earlier, saying the central bank's balance sheet drawdown is going smoothly. The Fed's balance sheet ballooned to more than $4 trillion following the financial crisis. In corporate news, General Mills agreed to buy natural pet food company Blue Buffalo for about $8 billion in cash. Shares of Blue Buffalo surged more than 17 percent. More»
Amwal Al Ghad English - 2018-02-22 06:39:05
European equities closed higher Wednesday afternoon as investors focused on further earnings reports and data releases. The pan-European Stoxx 600 closed 0.16 percent higher, although business sectors and major bourses were pointing in different directions. The close demonstrated a swing to the upside, given that markets were trading mostly negatively earlier in the afternoon. Basic resources rallied to close 1.6 percent higher, making it the best performing sector. Miner Glencore topped the European benchmark after saying its 2017 full-year results were the best ever on record with an overall adjusted profit of $14.76 billion, Reuters reported. The stock closed 5.2 percent higher. Financial services and travel also did well, closing up 0.94 and 0.92 percent respectively. In the former sector, Deutsche Boerse finished up 2.9 percent. At a press conference, the German stock exchange operator's new CEO said that his company was targeting a quarter of the euro clearing market from London as Brexit gets underway, Reuters reported. Technology equities closed just below the flat line, recovering losses made earlier in the day on earnings news. The French IT services firm Atos reported a net profit increase of 11 percent, slightly below analyst expectations. The stock closed 5.4 percent lower. Oil and gas stocks were also slightly in the red, closing 0.18 percent lower. They also recovered earlier losses, this time caused by ratings downgrades. Siemens Gamesa, for example, closed 1.7 percent lower after JP Morgan cut the stock to underweight. Metro Bank struggled to convince investors on Wednesday despite announcing higher targets for 2020 and 12 new branches by the end of the year. The stock closed 2.9 percent lower, although this was an improvement on trading earlier in the day. Lloyds Bank reported its highest pre-tax profit in more than 10 years and announced a share buyback of up to £1 billion ($1.40 billion). The stock ended trading 2.7 percent to the upside. In terms of data, manufacturing and services PMIs out in the euro zone showed growth in the region slowed down in February. Claus Vistesen, chief euro zone economist at Pantheon Macroeconomics said in a note that "momentum is slowing, but remains strong overall." U.S. stocks were trading higher on Wednesday, with investors awaiting the release of minutes from the Federal Reserve's latest meeting. The major averages were pushed higher by a rise in industrial and financials stocks. The Dow Jones industrial average was trading up by 150 points. The tech-heavy Nasdaq composite grew 1 percent as Facebook, Alphabet and Netflix were all trading higher. More»
Amwal Al Ghad English - 2018-02-22 06:23:01
Stocks closed lower on Wednesday, erasing sharp gains, after interest rates reached fresh multiyear highs following the release of the latest Federal Reserve minutes. The Dow Jones industrial average closed 166.97 points lower at 24,797.78 after rising 303.24 points earlier in the session. The S&P 500 fell 0.6 percent to 2,701.33, with real estate sliding nearly 2 percent. The Nasdaq composite closed 0.2 percent lower at 7,218.23. The S&P 500 and Nasdaq had risen more than 1 percent each. "The made it clear that you're going to see more rate hikes," said Quincy Krosby, chief market strategist at Prudential Financial. "The question for the market now is how many." The minutes showed the Fed sees increased economic growth and an uptick in inflation as justification to continue to raise interest rates gradually. The central bank said it believes inflation can reach its 2 percent target, but does not think inflation is getting out of hand.Stocks initially hit session highs after the minutes were released. Dave Lutz, head of ETF trading at JonesTrading, said buy programs were triggered following the minutes' release as the stock market saw them as "a little more dovish" than expected. Treasury yields and the U.S. dollar whipsawed following the news. The benchmark 10-year note yield initially fell from session highs after the release, but recovered to reach a fresh four-year high above 2.95 percent. Stocks fell on Tuesday, with the Dow finishing more than 250 points in the red. The negativity on Wall Street came after shares of Walmart sank, and concerns over a rise in interest rates continued to dwell. The S&P 500 also snapped a six-day winning streak. "Six-day win streaks have been a fine predictor of short-term future gains over the last five years," said Frank Cappelleri, executive director at Instinet. Before the current one, there were 12 others. … Of those twelve, the SPX was higher two weeks later 11 times (92%) with an average gain of nearly 1%." "If the SPX has any plans of maintaining this pristine track record, it will have to hang onto a good chunk of last week's huge bounce back," he said. The S&P 500 jumped 4.3 percent last week, notching its biggest weekly gain since 2013. In data news, the flash U.S. composite purchasing managers' index (PMI) rose to its highest level in more than two year, reaching 55.9, according to IHS Markit. Meanwhile, existing home sales fell for a second straight month in January. Politics remained in the back of investors' minds as developments into Russia's alleged involvement in the 2016 U.S. presidential election persist. The son-in-law of a Russian oligarch Alex Van der Zwaan pleaded guilty on Tuesday to lying to federal officials about alleged links between Russia and Donald Trump's campaign. In corporate news, Advance Auto Parts was the best-performing stock in the S&P 500, rising more than 8 percent after reporting better-than-expected earnings. The company said it is pleased with its performance given what it calls a difficult sales environment. More»
Amwal Al Ghad English - 2018-02-22 05:59:38
Asia markets were mixed in morning trade on Thursday, after a lower finish in U.S. stocks following the release of the latest Federal Reserve minutes. Australia's ASX 200 opened higher but retraced gains to trade down 0.21 percent. The heavily weighted financial subindex traded down 0.16 percent, while the energy sector was down 1.19 percent and materials gained 0.21 percent. Major banking stocks in the country were lower, with Commonwealth Bank shares down 0.24 percent, Westpac lower by 0.46 percent and the National Australia Bank losing 0.14 percent. ANZ shares were down 0.25 percent. Japan's Nikkei 225 was down 1.4 percent while the Topix index was lower by 1.18 percent. In South Korea, the Kospi slipped 0.56 percent. Chinese mainland markets returned to trade after being shut for the Lunar New Year holidays. The Shanghai composite rose 1.31 percent in early trade while the Shenzhen composite added 0.84 percent. Elsewhere, Hong Kong's Hang Seng index was down 1.48 percent and Taiwan's Taiex fell 0.82 percent. Meanwhile, Dow Jones mini futures were down nearly 180 points, while Nasdaq and S&P 500 futures were off by 53.25 and 13.75 points, respectively. In the Fed's latest meeting minutes, officials saw increased economic growth and an uptick in inflation as justification to continue raising interest rates gradually. More»
Amwal Al Ghad English - 2018-02-21 06:27:39
The Dow Jones industrial average fell sharply on Tuesday, pressured by a steep decline in Walmart shares and a rise in interest rates. The 30-stock index closed 254.63 points lower at 24,964.75, snapping a six-day winning streak, with shares of Walmart shedding 10.2 percent. The retail giant's stock posted its biggest decline since January 1988. The S&P 500 pulled back 0.6 percent to 2,716.26, with consumer staples declining more than 2 percent. The broad index also closed lower for the first time in seven sessions. Walmart was the biggest decliner in the S&P 500. Kroger and Kraft Heinz, which are also in the staples sector, were among the worst-performing stocks in the index. The Dow and S&P 500 broke below their 50-day moving averages, two key technical levels. The Nasdaq composite fell 0.1 percent to 7,234.31 as a rally in tech stocks evaporated in afternoon trading. "We're running into some technical resistance here," said Daniel Deming, managing director at KKM Financial. "We're also coming off a nice bounce-back" from the lows seen earlier this month," Deming said. Deming also noted that front-month Cboe Volatility index (VIX) futures were trading higher than the rest of the curve, signalling "we're going to need some more repair work." The VIX rose 6.4 percent to 20.71. A rise in interest rates toward multiyear highs also pressured stocks. The benchmark 10-year U.S. note yield rose to 2.886 percent, after hitting its highest level since 2014 last week. The short-term two-year note yield, meanwhile, traded around a nine-year high. Higher rates have kept Wall Street on edge recently as investors fear higher inflation could lead the Federal Reserve to tighten monetary policy faster than expected. "In the medium-to-long term, higher interest rates will be a concern for the market," said Zhiwei Ren, managing director and portfolio manager with Penn Mutual Asset Management. "But I don't think that's going to kill this bull market." He noted the benefits from fiscal stimulus will ultimately outweigh higher rates and the bull market would continue.The S&P 500 suffered a 10.2 percent pullback between Jan. 26 and Feb. 8, losing $2.5 trillion in value, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. As of Friday's close, the broad index had regained $1.3 trillion, Silverblatt said in a note. "The equity markets snapped back from a deeply oversold condition last week," Bruce Bittles, chief investment strategist at Baird, said in a note to clients. "At this juncture, the 10% decline from the January high is seen as a normal correction in an ongoing secular bull market." "Although the economic fundamentals suggest the correction has run its course, the technical indicators leave open the potential for a retest of the recent lows," Bittles said. "Excessive investor optimism that was pervasive in January has been replaced with caution and skepticism but there is a lack of evidence that fear has entered the building, which is often found at a good market low." U.S. markets reopened Tuesday after a long holiday weekend. In the previous session, the S&P 500 ended its best week since 2013. But stocks closed off their highs Friday, as developments in the U.S. political space unfolded. On Friday, the office of U.S. Special Counsel Robert Mueller indicted 13 Russian nations and three entities from Russia for alleged illegal interference in the 2016 presidential election. The defendants allegedly conducted "information warfare" against the U.S. to "sow discord" into its political system through the use of fictitious personas and online platforms such as social media. The Kremlin has since said here was no significant evidence of meddling from Russia in the 2016 presidential election but provided no further information. More»
Amwal Al Ghad English - 2018-02-21 06:25:12
European equities posted solid gains by the close on Tuesday, as investors shook off volatility concerns and focused on better-than-expected corporate results. The pan-European Stoxx 600 ended 0.60 percent higher provisionally, with the majority of sectors closing in positive territory. On the bourses front, the U.K.'s FTSE 100 finished trade roughly flat, down 0.01 percent, while France's CAC 40 and Germany's DAX closed higher, up 0.64 percent and 0.83 percent respectively. Chemicals was a top performing sector on Tuesday, closing up 1.17 percent boosted by Covestro, which closed up 3.33 percent. The German manufacturer said it had generated cash at a faster rate than previously thought in its quarterly earnings. Covestro now believes it will reach its cumulative operating cash flow target of 5 billion euros ($6.19 billion) in 3 years, rather than in 5 years. SimCorp rose to the top of the STOXX 600, jumping over 12 percent by the close after reporting strong growth in its fourth quarter, and stating that its dividend payout for 2017 would be higher. France's Edenred rose 6.5 percent on the back of strong earnings that saw the company's earnings before interest and tax, and net profit for 2017, reach record levels. Mining giant BHP Billiton posted a 25 percent rise in underlying half-year profit on Tuesday. The company also handed an extra $800 million to shareholders as it projected rising cash flows in the second half. However, its shares were off 4.58 percent by the close. U.K. listed lender HSBC reported a jump in annual pre-tax profit but missed analysts expectations after U.S. tax changes prompted it to take a $1.3 billion write-down, causing shares to slip 3.1 percent. Stocks in Asia slipped Tuesday, while U.S. markets were mostly lower as concerns over higher interest rates lingered, and Walmart shares tumbled. In politics, Brexit Minister David Davis said that the U.K. and European Union could reach an agreement on access to each others' markets, while shrugging off concerns that Britain would use Brexit to cut regulation to attract global businesses, Reuters reported. Elsewhere, Venezuela is due to launch its so-called petro token on Tuesday. The controversial bitcoin-like digital currency is designed to help make the oil-dependent state make financial transactions and bypass Western sanctions. More»
Amwal Al Ghad English - 2018-02-21 06:20:54
Asian markets were mixed on Wednesday, with choppy trade seen in Japan and South Korea as stock indexes hovered around the flat line. More convincing gains were seen in Taiwan and Hong Kong markets. Japan's benchmark Nikkei 225 index shed 0.13 percent after giving up gains seen earlier after choppy trade. Manufacturing stocks which traded slightly higher early on were mixed in the afternoon, with Fanuc Manufacturing trading lower by 0.22 percent. Automakers and technology names were also mixed, while bank stocks came under pressure. Among blue chip names, Toyota slipped 0.14 percent, Honda rose 1.06 percent and SoftBank Group slid 1.04 percent.Meanwhile, the Kospi edged up by 0.09 percent, with the index moving in and out of positive territory through the session. Steelmakers traded lower after the South Korean government submitted a World Trade Organization complaint over U.S. duties. Posco fell 0.96 percent and Hyundai Steel was down 0.95 percent on the day. Of note, the governor of the country's central bank on Wednesday said it was "prepared to respond" should the Federal Reserve raise interest rates more aggressively than markets were expecting, Reuters reported. Down Under, the S&P/ASX 200 hovered around the flat line and last traded lower by 0.05 percent as investors focused on earnings releases. Gains in the consumer staples and discretionary sectors were offset by losses in the materials sector. More»
Amwal Al Ghad English - 2018-02-20 07:08:55
Equities in Europe closed lower Monday afternoon amid weak volumes, and as investors digested fresh earnings. The pan-European Stoxx 600 closed 0.66 percent lower with all sectors bar oil and gas in negative territory, having dropped throughout the day. The sluggish volumes were due to markets being closed in the United States, as well as Greater China and Mumbai. Household goods was the worst performing sector, down 1.36 percent. Reckitt Benckiser reported higher fourth-quarter sales and raised its expectations for 2018 after going through tough times recently, Reuters reported. However, analysts see only a moderate potential for operating margin growth. As a result, the stock closed the day's trading at the bottom of the European benchmark, down 7.5 percent. Autos closed 1.29 percent lower. It was dragged lower throughout the day by news that carmaker Daimler may have used software to cheat in diesel-emission tests in the U.S. The stock dropped over 2 percent. Also down over 1 percent was the healthcare sector, which closed trade negatively to the tune of 1.22 percent. At the same time, a survey also showed Monday morning that British households have become more gloomy about their finances. IHS Markit's household finance index hit a seven-month low, which also impacted views on the household goods sector. In other corporate news, Deutsche Bank was the best performing banking stock, finishing the session up by over 2 percent after Bank of America Merrill Lynch raised its outlook on the stock and its target price. It was announced Monday afternoon that euro zone finance ministers had given their support to Spanish Finance Minister Luis de Guindos to become the next vice president of the European Central Bank (ECB). De Guindos was the clear frontrunner after his only opponent, Irish central bank Governor Philip Lane, withdrew his candidacy earlier Monday afternoon. This is one of four changes in the executive board of the ECB, which has only six members, taking place before the end of next year. The institution is expected to make its final decision on the position in late March. In the euro zone, new data showed the adjusted current account surplus narrowed in December to 29.9 billion euros ($37.09 billion) from 3.0 billion euros a month ago. More»
Amwal Al Ghad English - 2018-02-20 05:56:23
Asian shares mostly traded lower on Tuesday after a relatively quiet overnight session, due to U.S. markets being closed for a holiday on Monday. Japan's Nikkei 225 lost 0.93 percent as financials, manufacturing and energy-related names traded in negative territory, while technology stocks traded mixed. Automakers were mostly lower, with Toyota down 0.87 percent. Mitsubishi Motors edged higher by 0.36 percent in the afternoon, outperforming its peers. The move followed a Nikkei report that Mitsubishi Corporation was looking into raising its stake in Mitsubishi Motors to approximately 20 percent through a tender offer. Mitsubishi Corporation, which traded down 1.75 percent, said it had yet to reach a decision, according to Reuters.Over in South Korea, the Kospi slipped 0.83 percent, with losses seen in heavyweight technology names: Samsung Electronics fell 1.86 percent and SK Hynix declined 1.05 percent. The manufacturing sector was mixed. Shares of steelmakers Posco and Hyundai Steel gained 0.55 percent and 0.19 percent, respectively. The moves came after South Korea's trade ministry on Monday indicated it would not sit on its hands if the U.S. implemented tariffs on steel imports. Yonhap News Agency said South Korea would weigh filing a complaint with the World Trade Organization if the U.S. decided to impose those tariffs. Down Under, the S&P/ASX 200 was off by 0.09 percent as the 1.65 percent gain in the information technology sector was offset by declines seen in other sectors. The heavily weighted financials sub-index slipped 0.21 percent, and the materials sub-index was lower by 0.57 percent. More»