Asian markets declined in the initial session of trade on Friday (May 09), led by automakers and technology companies, after Toyota Motor and Olympus cuts profit forecast due to rising raw material costs.
Toyota led the automakers lower after it announced that rising gasoline prices and a U.S. economic slowdown will reduce the profits. While, BHP Billiton and Inpex Holdings gained after oil futures traded crossed USD 124 a barrel.
Japan`s index Nikkei 225 declined 127.58 points, or 0.91%, to trade at 13,815.68.
Hong Kong`s index Hang Seng fell 62.92 points, or 0.25%, to trade at 25,386.87.
China`s Shanghai Composite gained 20.65 points, or 0.56%, to trade at 3,677.49.
Taiwan`s Taiex index lost 28.70 points, or 0.32%, to trade at 8,837.92.
South Korea`s KOSPI declined 19.82 points, or 1.07%, to trade at 1,828.18.
Singapore`s Straits Times lost 6.23 points, or 0.20%, to trade at 3,165.65. (8.16 a.m., IST)
Indian ADRs decline
US stocks advanced moderately on Thursday (May 8) on better-than-expected April sales results issued by the retailers.
The Dow rose 52.43 points, or 0.41%, to 12,866.78. The NASDAQ composite index rose 12.75 points, or 0.52%, to 2,451.24.
The yield on the benchmark 10-year Treasury note, which moves opposite to its price, fell to 3.78% in late trading from 3.85% late Wednesday.
Majority of the Indian ADRs ended on a negative note, barring Sterlite, Wipro and Satyam that ended higher 1.90% at USD 20.93, 0.23% at USD 12.90 and 0.20% at USD 12.59.