Hang Seng closes lower
Today, Hong Kong’s Hang Seng Index recorded its third straight loss this week to end 0.79% lower. The index lost 9.4% in May 2019. Yesterday, the iShares MSCI Hong Kong ETF (EWH) lost a massive 1.62%, underperforming the Hang Seng, which reported a 0.45% drop.
South Korea’s KOSPI was one of the few exceptions today in the otherwise gloomy Asian market. The index posted 0.14% gains today, its second straight day in the green. The index lost 7.3% in May.
On the economic front, the manufacturing production index for April saw a 1.7% increase over March. Markets were expecting the manufacturing production to grow at 0.5% in April over March. On a year-over-year basis, the April manufacturing production index was down 0.2% compared to an expectation of a much larger drop.
South Korean retail sales saw a 1.2% decline on a month-over-month basis in April but a 1.4% increase over April 2018.
The iShares MSCI South Korea Capped ETF (EWY) gained 1.22% yesterday.
ASX and NZ50
Australia’s ASX200 gained marginally today after a two-day fall. The index gained 1.1% in May as surprising election results and expectations of rate cuts ahead lifted equities up.
New Zealand’s NZ50 gained 0.46% today.
Singapore’s Straits Times Index dropped 0.8% today, its fourth straight loss. The index lost 8.31% in May 2019. The iShares MSCI Singapore ETF (EWS) stayed steady yesterday on NYSE Arca.