Asian stocks slide into negative territory
City Index June 14, 2012 11:30 AM
<p>Asian stocks were on the slide again today as negative offshore leads did little to ease jittery traders. In Hong Kong, the Hang Seng was […]</p>
Asian stocks were on the slide again today as negative offshore leads did little to ease jittery traders.
In Hong Kong, the Hang Seng was lower in early afternoon trading with Esprit Holdings falling by another 11% today after yesterday’s slide. Sands China – owner and operator of resorts and casinos in Macau – was 2.6% lower.
Australian listed Echo Entertainment, which has attracted regional casino investors like Crown and Genting, remains in a trading halt pending the release of a capital raising, which seeks to raise around $450m in new capital.
In Singapore, the Straits Times index was 0.3% lower which brings the year to date performance to a gain of 5.3%. This compares with Australia’s ASX200 index which is up by only 0.2% for the same period. Today’s losses were 0.5%, no doubt impacted by commodity prices which remain in a slumber.
The Australian dollar was last trading at 99.56 US cents with parity possible but not likely in the afternoon trading session. There will be stiff resistance even if tested.
The Euro managed to climb through the session, last at 125.79 against the US dollar with all eyes on the Greek election due over this upcoming weekend. The dollar yen was almost flat on yesterday afternoon’s levels, last at 79.41.
Gold continues to creep higher, it last traded near its intra-session high of US$1621/oz. Comments around more quantitative easing out of the US, even an increase in possibility and wording, will no doubt see gold bulls jumping for joy.
Silver, also a good indicator of currency anticipation, last traded slightly above US$29/oz.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.