Australia and New Zealand gain
Australia’s S&P/ASX 200 was the bright spot in the Asia-Pacific markets on May 9. The index reversed its previous day’s loss to close 0.42% higher at 6,295.30 on the day. Mining stocks continued to see pressure, with BHP Billiton and Rio Tinto falling. However, banking stocks lifted the index up.
The New Zealand market remained in the green, with the S&P/NZ 50 Index gaining 0.41% on May 9. The market still seems to be celebrating the rate cut.
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The iShares MSCI Australia ETF (EWA) held steady yesterday, outperforming the ASX 200’s marginal loss. With the Australian market turning green, the ETF may see marginal gains. However, it all depends on what happens during US trading hours.
The STI (Straits Times Index) in Singapore continued its fall, dropping 0.43% to 3,269.70 on May 9. The index looked like it was headed for over a 1% fall, but it recovered during late trading.
On May 8, the iShares MSCI Singapore Capped ETF (EWS) outperformed the STI’s 0.87% fall with a 0.37% fall.
The JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX), which invests in Australia, New Zealand, and Singapore, among other Asia-Pacific economies, traded in a narrow range and lost 0.1% on May 8.
The Taiwan Weighted Index fell 1.74% to end at 10,733.67 on May 9. The iShares MSCI Taiwan Capped ETF (EWT) gained marginally on May 8 but is expected to turn red today.