FINWIRES · TerminalLIVE
FINWIRES

Asian Equities Traded in the US as American Depositary Receipts Decline in Wednesday Trading

By

Asian equities traded in the US as American depositary receipts were tracking lower Wednesday morning, declining 0.77% to 2,920.23 on the S&P Asia 50 ADR Index.

From North Asia, the gainers were led by real estate management and digital security firm Eason Technology (DXF) and automotive company Honda Motor (HMC), which climbed 17.9% and 4.7% respectively. They were followed by lenders Mitsubishi UFJ Financial Group (MUFG) and Sumitomo Mitsui Financial Group (SMFG), which advanced 1.8% and 1.5% respectively.

The decliners from North Asia were led by fintech company Qfin (QFIN) and healthcare platform 111 (YI), which fell 5.2% and 4.4% respectively. They were followed by entertainment streaming service iQIYI (IQ) and online brokerage UP Fintech (TIGR), which lost 4.2% and 3.3% respectively.

From South Asia, the only gainers were lenders ICICI Bank (IBN) and HDFC Bank (HDB), which rose 1.7% and 1.1% respectively.

The decliners from South Asia were led by fintech firm Trident Digital Tech (TDTH) and IT firm Sify Technologies (SIFY), which dropped 12.5% and 4.8% respectively. They were followed by IT firm Infosys (INFY) and computer hardware maker Canaan (CAN), which were down 4.5% and 3.5% respectively.

Related Articles

Asia Markets

Tadawul Shares Close Lower on Wednesday; Saudi Arabia's PMI Shows 'Notable Improvement' in May

The Tadawul Share Index closed Wednesday 0.12% in the red as the geopolitical tensions in the Middle East overshadowed the cheer about the continued growth of Saudi Arabia's non-oil private sector.The Riyad Bank Purchasing Managers' Index, a closely watched survey of the kingdom's business conditions, grew to 52.8 in May from 51.5 in the prior month. Data showed an uptick in market demand and output."The improvement was mainly driven by stronger output and new orders, supported by improving domestic demand and the restart of previously delayed projects. Firms reported better business conditions during May, with output growth reaching its strongest level in three months," Riyad Bank Chief Economist Naif Al-Ghaith commented. "Employment also returned to growth, while purchasing activity improved for the first time since February, reflecting rising confidence among businesses regarding future demand conditions."Dampening sentiment is Iran's missile and drone strikes in Kuwait. The incident resulted in damage at the Kuwait International Airport and at least one casualty. The US, meanwhile, also launched attacks on Qeshm Island near the Strait of Hormuz.Back at home, the Office of the US Trade Representative proposed to impose additional US duties between 10% and 12.5% on Saudi Arabia after a Section 301 investigation. The investigation found that the Middle Eastern country did not impose or effectively implement prohibitions on the importation of products made using forced labor.On the corporate front, Retal Urban Development (SASE:4322) secured a contract to act as the exclusive development manager of the Retal Heights project in Riyadh. Shares of the real estate developer closed flat.

$^TASI$SASE:4322
Asia Markets

UAE Stocks Fall Amid Modest Non-oil Private Sector Growth

United Arab Emirates equities ended Wednesday's trading session in the red as investors dissected the latest data from the country's non-oil private sector.At the close of trading, the FTSE ADX General Index was down 0.406%, while the DFM General Index declined 0.801%.The S&P Global UAE PMI increased to 52.6 in May from 52.1 in April, staying well below its long-run average of 54.3. While operating conditions improved, growth remained subdued with a decline in export orders, and cost pressures rose amid the ongoing regional developments and supply chain disruptions due to the continued closure of the Strait of Hormuz."The continued cut-off to maritime trade had a cascading effect through the UAE economy in May. Input deliveries were delayed to the greatest extent since the height of the COVID-19 pandemic in April 2020, with some firms reporting that disruptions to manufacturing production schedules fed through to other sectors," S&P Global Market Intelligence senior economist David Owen said. "Positively, the longer-term outlook remained strong in May, suggesting that businesses still view these current challenges as temporary and expect growth to bounce back quickly."On the geopolitical front, the US and Iran exchanged fresh strikes overnight, while further talks between Lebanon and Israel are expected to take place on Wednesday.Back home, Abu Dhabi National Energy Co. (ADX:TAQA), d/b/a Taqa, in a consortium with Aljomaih Energy and Water Co. and Sembcorp Industries, secured the Taweelah C independent power producer project in Abu Dhabi from Emirates Water and Electricity Co. Shares of the energy company closed the session 1.72% lower.Meanwhile, in Dubai, stocks of Emirates Integrated Telecommunications Co. (DFM:DU) d/b/a du, ended flat. The telecommunications company launched a $50 million corporate venture fund to invest in fintech, artificial intelligence, and cybersecurity companies as part of its strategy to enhance its core activities.

$^DFMGI$^FADGI$ADX:TAQA$DFM:DU
Asia Markets

US Equity Indexes Edge Up, Crude Oil Jumps Amid Reports Talks Continuing to Reach Israeli-Hezbollah Truce in Lebanon

US equity indexes ground higher while crude oil futures jumped as media reports claiming that parts of Lebanon remain under Israeli attack added to confusion surrounding the status of peace talks between Washington and Tehran.The Nasdaq Composite rose less than 0.1% to 27,093.90, giving up most of its intraday gains at the close on Tuesday. The S&P 500 edged up 0.1% to 7,609.78, and the Dow Jones Industrial Average climbed 0.5% to 51,307.79.Utilities, materials, and industrials were among the top gainers, while communication services led the decliners.The fourth round of talks between Israel and Lebanon is underway in Washington, DC, where Lebanese negotiators hope to secure a halt to attacks on and occupation of the south, Al Jazeera reported Tuesday. The Israeli army has carried out several attacks on the southern Lebanese Nabatieh governorate, the news report said.Iran stopped communicating with mediators about extending a ceasefire in the war with the US and Israel, two semiofficial Iranian news agencies reported Tuesday, but President Donald Trump disputed the claim and said talks were continuing, according to Associated Press.Iranian media outlets have signaled talks between Tehran and Washington are ongoing, a day after reports that Iran suspended them, CNN reported Tuesday. The country's top negotiator has, however, threatened escalation if Israel's attacks on Lebanon continue, the news report added.Washington won't remove sanctions on Iran in exchange for a full reopening of Hormuz, adding that any sanctions relief is conditioned on Iran giving up enriched uranium, Al Jazeera cited US Secretary of State Marco Rubio as saying on Tuesday at a Senate hearing.Brent crude futures climbed 0.9% to $95.87, and West Texas Intermediate crude oil futures jumped 1.4% to $93.48. Both crude types were lower by more than 1% each earlier in the session.US Treasury yields fell, with the 10-year down 2.6 basis points to 4.45%. The two-year declined less than one basis point to 4.05%.In precious metals, gold futures edged up 0.3% to $4,519.40, and silver futures climbed 0.3% to $75.49.Shares of Hewlett Packard Enterprise (HPE) surged by more than 19%, the top gainer on the S&P 500, after the tech giant reported fiscal Q2 earnings ahead of analysts' forecasts.Marvell Technology's (MRVL) shares soared over 32%, the biggest outperformer on the Nasdaq, after multiple news outlets reported that Nvidia (NVDA) chief executive officer Jensen Huang called the chipmaker the next "trillion-dollar company."In economic news, US job openings rose to 7.618 million in April, according to the Bureau of Labor Statistics, above the 6.866 million expected in a Bloomberg-compiled poll and up from the 6.887 million reported in March. The April print represents 4.6% of total employment, up from 4.2% in March and 4.3% a year earlier. It is also the highest since May 2024, Stifel said in a note.The ratio of job openings to unemployed people -- a figure the Federal Reserve officials closely watch as a proxy for the balance between labor supply and demand -- rose to 1.03 in April from 0.95 in March, the highest since January 2025, suggesting that there are more jobs available for every person unemployed, per the Stifel note.Redbook US same-store sales rose by 9% from a year earlier in the week ended May 30, the same pace as in the previous week. "Customers remain highly value-driven and price sensitive," Redbook said in a note.

$^DJI$^IXIC$^SPX$HPE$MRVL$NVDA