Shares in Asia moved in different directions ahead of the annual earnings report of the banks in China and as the market on some countries closed for Easter Monday.
Japan
Stocks in Japan went up after the upbeat data of the Warehousing, Fishery and Pharmaceutical Industries. The Nikkei 225 increased by 0.77 percent as the stock market was closed in Australia, New Zealand and Hong Kong due to their respective holidays.
The MSCI’s broadest index of Asia Pacific shares outside Japan went down by 0.1 percent, however, Japan was still the major winner. Takashimaya Co. Ltd. increased by 48.0 points or 5.22 percent and settled at 968.0 while the Kawasaki Kisen Kaisha Ltd climbed by 10.0 points or 4.48 percent as it changed hands at 233.0. Additionally, J. Front Retailing Co., Ltd closed at 1514, up by 4.70 percent.
However, not all the stocks were on the upside. Sony Financial Holdings traded at 1500.0 losing 2.53 percent and Toshiba Corporation slumped by 1.30 percent when it settled at 205.6. In addition to the list was the Nippon Sheet Glass which fell 1.25 percent as it ended at 79.0. Behind all these, Nikkei Volatility was still high at 23.78 or 3.12 percent.
China
Shares in China traded lower as the market awaited for the annual earnings report of the biggest state run banks of China. The Shanghai Composite Index declined by 0.7 percent to trade at 2,957.82 and the CS1300 index dropped 0.9 percent when it ended at 3,169.73. The CSI 300 Index is comprised of 300-A share stocks on the Shanghai or Shenzhen Stock Exchanges.
Aside from the indexes, the Gemdale Corporation and the Poly Real Estate slumped as well after the rumored control on the real state. Prior to the session, the financial regulators in Zhejiang inspected the real estate financing and posted warnings regarding the financial risks involved with the price increase of the properties around Nanjing and Suzhou for instance.
Meanwhile, four of the biggest state-run banks of China are expected to disclose their yearly earnings growth, which was expected to drop as bad debts remained high.
To start with, Bank of Communications Co Ltd will report its earnings on March 29. Then, the Industrial and Commercial Bank of China together with Bank of China will disclose theirs on the next day. On Thursday it will be the turn of the China Construction Bank Corporation and Agricultural Bank.
An analyst released a projected net profit of 1 percent and at the same time, 1 percent of decline for China’s Big Four state-run banks. Alongside with this, the non-performing loans was already $195 billion based on the data released by the China Banking Regulatory Commission. Experts believed that the banks had been neglecting the current loan figures, whereas bad loan ratio could be at 8 to 9 percent.
Taiwan
As the Electricity and Iron & Steel section moved to the downside, shares in Taiwan ended lower at the session.
The Taiwan Weighted dropped by 0.17 percent at it settled at 8.690.45. Tpk Holding traded at 70.00 when it fell 8.85 percent or 6.80 points while the Chung Hung Ste lost 9.94 percent or 0.71 points to end at 6.43.
However, some of the stocks showed increase such as Eson which climbed by 3.45 points or 9.90 percent before closing at 38.30. Sintronic Tech added 0.70 or 9.99 percent when it changed hands at 7.71 percent, while Pec traded at 37.20, up by 3.35 or 9.90 percent and hit its 52-week high.
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