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NZ50 Gains even as ASX and Singapore End Flat

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Nov. 20 2020, Updated 2:31 p.m. ET

Australia and New Zealand

After reaching an 11-year high yesterday, Australia’s S&P/ASX 200 dropped marginally and ended in the red today. The miners continued to be in the green, while banking stocks pulled the index down. The BHP Group (BHP) gained 2.71% on ASX today as iron ore prices continued to climb. BHP is the third largest iron ore producer after Vale and Rio Tinto (RIO). Rio Tinto closed 1.85% higher today.

Yesterday, the iShares MSCI Australia ETF (EWA) gained 1.03% on the NYSE Arca. The ETF has invested 8% of its holdings in BHP Group. RIO accounts for 2.6% of the ETF’s holdings. Rio Tinto was trading marginally higher on NYSE in pre-market trades at 5:51 AM EST. New Zealand’s NZ50 Index gained 0.65% today as electronic card retail sales rose higher than expected in May.

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Singapore

Singapore’s Straits Times Index dropped marginally today. The index rose in the early trade but failed to maintain the momentum thereafter. The iShares MSCI Singapore Capped ETF (EWS) rose 0.89% yesterday, outperforming Straits Times Index’s 0.67% gain yesterday.

Singapore Telecommunications (SGAPY), which forms 4.78% of the ETF’s holdings, was up 0.91% today on the Singapore Stock Exchange.

South Korea

South Korea’s KOSPI dropped 0.14% today. The index opened higher and rose marginally in early trade but failed to maintain the positive momentum. The iShares MSCI South Korea Capped ETF (EWY) gained 0.84% yesterday.

Korea’s unemployment rate of 4% in May came in higher than expected at 3.9%.

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