Asia-Pacific stock markets concluded Wednesday’s trading session with a varied performance.
Investors weighed the positive implications of US President Donald Trump’s decision to extend the deadline for imposing 50% tariffs on European Union imports against a backdrop of domestic economic data and corporate developments.
While some regional bourses advanced, Indian benchmarks, including the Sensex, ended lower for a second consecutive day.
The decision by President Trump to defer the EU tariff hike until July 9 provided a degree of optimism across global markets, influencing Asian trading.
Japan’s benchmark Nikkei 225 and the broader Topix index both traded flat to close at 37,722.4 and 2,769.51, respectively, indicating a cautious but stable sentiment in Tokyo.
A standout performer was South Korea’s Kospi, which jumped 1.25% to end the trading day at 2,670.15. The small-cap Kosdaq Index also advanced, closing 0.23% higher at 728.79.
The Kospi notably rose to its highest intraday level since September 2024, according to LSEG data, leading gains in the region as of 1:26 p.m. local time.
This surge came ahead of the highly anticipated quarterly earnings report from US chip giant Nvidia.
Index heavyweights Samsung Electronics and SK Hynix saw their shares rise by 3.06% and 2.59%, respectively, while Naver gained 2.23%, and LG Energy Solution jumped 4.04%.
The Kospi index has now climbed an impressive 11.72% year-to-date.
Elsewhere, Australia’s S&P/ASX 200 slipped 0.13% to close at 8,396.9.
This came as Australia’s inflation rate for April held steady at 2.4%, unchanged since February but slightly higher than the median estimate of 2.3% polled by Reuters.
In Greater China, Hong Kong’s Hang Seng index declined 0.55%, while mainland China’s CSI 300 traded flat to close at 3,836.24.
In monetary policy news, New Zealand’s central bank, as widely expected, cut its benchmark interest rate to 3.25%.
The New Zealand dollar strengthened modestly following the announcement, trading at 0.5947 against the US dollar.
Sensex succumbs to domestic pressures
Indian benchmark equity indices ended lower for the second consecutive session on May 28, as positive global cues were overshadowed by domestic factors, including significant fund outflows triggered by large block deals and heightened activity in the primary market.
Consumer stocks were a primary drag on the benchmarks, even as market volatility, measured by the India VIX, continued to ease.
At 3.45 p.m. IST, the BSE Sensex slipped 239.31 points, or 0.29 percent, to close at 81,312.32. Similarly, the NSE Nifty 50 fell 73.75 points, or 0.30 percent, to settle at 24,752.45.
Despite the decline, market breadth was slightly positive, with 1,962 stocks advancing, 1,831 declining, and 151 remaining unchanged, indicating selective buying interest.
The broader market presented a mixed picture.
While the Midcap index dipped into negative territory, the Smallcap index managed to outperform the frontline indices, buoyed by stronger earnings visibility across select segments.
Among sectors, Nifty PSU Bank stood out with gains in prominent names like SBI, Bank of Baroda, and PNB. Conversely, Nifty FMCG lagged, primarily due to a steep fall in ITC shares.
A significant block deal saw nearly 385 million ITC shares—approximately 3 percent of its equity—change hands on the NSE.
This transaction notably reduced British American Tobacco’s stake in ITC to below the 25 percent threshold, signaling a potential shift in its boardroom influence.
On the Initial Public Offering (IPO) front, Belrise Industries made a strong debut, listing at an 11 percent premium over its issue price of Rs 90 per share.
Meanwhile, the Leela Hotels IPO garnered strong interest, closing fully subscribed on its third day, with demand led by Qualified Institutional Buyers (QIBs) and retail investors.
Shein eyes Hong Kong listing
In other regional corporate news, Chinese fast-fashion behemoth Shein is reportedly pursuing a listing in Hong Kong.
This move comes after its planned IPO in London was allegedly blocked by Chinese regulators, according to a Reuters report citing sources familiar with the matter.
Shein is said to be aiming to submit a draft prospectus to the Hong Kong stock exchange in the coming weeks, with plans to go public in Hong Kong within the year.
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