21 May

Indian Indexes Retreat as Exit Poll Euphoria Wanes

WRITTEN BY Mayur Sontakke, CFA, FRM

Indian indexes

After skyrocketing on May 20, Indian indexes shed some mass on May 21. The benchmark BSE Sensex dropped 383 points (0.97%) to end the day at 38,969.80. On May 20, the index gained 1,422 points (3.75%). The NIFTY 50 lost 1.01% to end the day at 11,709.10.

The counting of votes for the national election is scheduled for May 23. The indexes may be volatile until then.Indian Indexes Retreat as Exit Poll Euphoria Wanes

India-focused ETFs gain big 

As we expected, India-focused ETFs had a field day on the NYSE Arca yesterday. The WisdomTree India Earnings ETF (EPI) gained 4.69% on May 20. The iShares India 50 ETF (INDY), which tracks the NIFTY 50, gained 4.43%, while the iShares MSCI India ETF (INDA) gained 4.42%. With Indian indexes retreating, we expect marginal losses in these ETFs on account of profit-booking.

Other markets and ETFs

Taiwan’s TSEC Weighted Index saw a 0.64% gain today. On May 20, the iShares MSCI Taiwan ETF (EWT) lost 0.72%. With TSEC rising and S&P Futures up, expect moderate gains in the ETF today.

The Asia-focused iShares MSCI Asia 50 ETF (AIA) fell 0.88% yesterday.

Indonesia’s Jakarta Composite Index continued to rise on May 21. The index gained 0.75% on the day compared to its gain of 1.38% on May 20. Indonesia’s Election Commission’s official count showed that the incumbent, Joko Widodo, had retained leadership with 55.5% of the vote. The iShares MSCI Indonesia ETF (EIDO) gained 1.57% on May 20, as we expected.

Thailand’s SET Composite Index gained 0.15% on May 21.

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