KOSPI posted losses
KOSPI, the benchmark index in South Korea, fell 1.2% on May 16 to end up at 2,067.69. The iShares MSCI South Korea Capped ETF (EWY) continued it’s winning streak on May 15 for the second day in a row. The ETF gained 0.51% yesterday.
ASX rises on rate cut hopes
Australia’s S&P/ASX 200 posted a handsome 0.69% gain on May 16, adding to the previous day’s 0.71% gain.
The expectation that the Reserve Bank of Australia will cut interest rates to fight rising unemployment helped the index gain. HSBC forecast that there would be two more rate cuts by August, deviating from its earlier forecast of no change.
While Australia added 28,000 more people to the workforce in April, its unemployment rate grew to 5.2% compared to the expected 5% and 5.1% in March 2019.
The iShares MSCI Pacific ex-Japan ETF (EPP) also gained 0.58% on May 15.
Singapore’s Straits Times Index gained 0.36% on May 16. The index opened lower but rose throughout the day to end up at 3,230.26, near the day’s high of 3,233,66.
The iShares MSCI Singapore Capped ETF (EWS) fell 0.21% on May 15 during trading on the NYSE Arca.
The JPMorgan BetaBuilders Developed Asia ex-Japan ETF (BBAX) gained 0.56% on May 15, its second straight gain. BBAX invests in Asia-Pacific equities, including Singaporean and Australian ones.