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Global market update: Mixed open for APAC indices, US and UK markets remain closed

EditorOliver Gray
Published 28/05/2024, 10:39 am
© Reuters.
- - On Tuesday, shares in the Asia-Pacific (APAC) region opened with mixed performances, as US and UK markets remained closed due to public holidays.

By 10:45 am AEST (12:45 am GMT) the Australian S&P/ASX 200 and the South Korean KOSPI 200 saw a slight uptick of 0.1% each, while Japan's Nikkei 225 experienced a slight decrease of 0.1%.

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Commodity markets saw upward movement, with Brent crude oil increasing by 1.2% to US$83.10 per barrel and gold rising by 0.7% to US$2,350.97.

Chinese shares ended the day on a positive note, buoyed by semiconductor and energy stocks. The semiconductor sector received a boost following the announcement of the third phase of a state-backed investment fund aimed at industry development, with a registered capital of CNY344 billion. This news led to a 5.1% increase in Semiconductor Manufacturing International Corp. and a 3.7% rise in GigaDevice Semiconductor. The energy sector also saw gains, with China Oilfield Services up by 2.6% and PetroChina up by 2.7%. However, property stocks experienced losses, with Greenland Holdings and China Vanke down by 1.5% and 1.3% respectively.

Hong Kong shares broke a four-day losing streak, led by gains in the semiconductor sector following the establishment of China's CNY344 billion chip fund. Energy stocks and tech company Lenovo also experienced substantial gains.

Japanese shares rose, driven by gains in financial stocks as the 10-year Japanese government bond yield reached a 12-year high. Investors are now focusing on US economic data and its policy implications.

India's benchmark Sensex ended the day flat at 75390.50 due to a mixed performance of regional peers, with gains in banks offset by losses in utility and manufacturing stocks. Investors are likely waiting for India's GDP data due later this week.

In Europe, shares closed on a higher note, with the STOXX Europe 600 Index, Germany's DAX, and France's CAC 40 all experiencing gains. Meanwhile, UK markets were closed for the Spring Bank Holiday.

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