Value buying lifts the indexes
Indian indexes, which are having turbulent times like other world indexes, rose on value-buying opportunities today. The S&P BSE Sensex gained over 530 points to end the day (and the week) 1.44% higher, while the NSE Nifty 50 gained 1.33% today. The automobile sector, which has been the worst-performing sector so far in 2019, saw a sharp uptick. Consumer goods also saw a rally. Pharma and IT underperformed the benchmark indexes. Next week, election results, which are expected on May 23, will be in focus and may result in volatility in Indian indexes and ETFs.
The WisdomTree India Earnings Fund (EPI) opened high yesterday and remained in the green territory throughout the day, posting 1.23% gains. The iShares India 50 ETF (INDY), which tracks the NSE Nifty 50, gained 1.5% yesterday, while the iShares MSCI India ETF (INDA) mimicked EPI’s performance by gaining 1.23%.
Other markets and ETFs
Taiwan’s TSEC weighted index saw a 0.86% drop today. After rising for two trading days, the iShares MSCI Taiwan ETF (EWT) fell yesterday by 0.71%. With the Taiwanese index falling today, expect the ETF to be under pressure. Asia-focused iShares MSCI Asia 50 ETF (AIA) was down by 0.35% yesterday.
Indonesia’s Jakarta Composite fell again for the third consecutive day, posting 1.17% losses. The iShares MSCI Indonesia ETF (EIDO), which lost 1.94% yesterday, was down an additional 1.75% today in pre-market trading at 5:37 AM EST.