Asian stocks eked out gains on Monday after seeing Wall Street recover from the latest round of tensions in the Ukrainian crisis, although renewed uncertainty over the volatile conflict put a firm lid on markets.
The dollar was on the back foot against the safe-haven yen, weighed by a slide in Treasury yields.
MSCI’s broadest index of Asia-Pacific shares outside Japan Tokyo’s Nikkei gained 0.1%. However, SGX Nifty is quoting at 7,791.00 down by 7 points.
News late on Friday that Ukrainian forces said they had destroyed a Russian military column in Ukrainian territory initially hit Wall Street, drove down government bond yields and boosted safe-haven currencies such as the yen and Swiss franc.
U.S. stocks eventually pared their losses as risk appetite partially eturned, giving Asian shares an early lift on Monday.
Stocks to watch:
Cipla India’s fourth-largest drug maker by sales, on Thursday reported first-quarter profit that was much lower than expectations. The net profit quoted at Rs 295 crores. Previous year the company posted Rs 485 crores.
Tata Motors reported 8.4% decline in global sales to 80,151 units in July. The company had sold 87,566 units in the same month last year.
Tours and travel firm Cox & Kings reported a 4.9% drop in consolidated net profit to Rs 128.09 crore for the first quarter ended June 30, 2014. The company had posted a net profit of Rs 134.77 crore for the corresponding period of the previous fiscal.
Telecom operator Reliance Communications plans to cut down expansion cost and hive off some assets in its bid to reduce debt by about 37% to Rs 25,500 crore in the next 12 months.
Oil and Natural Gas Corporation (ONGC)-Mittal Energy, the joint venture of ONGC and steel czar Lakshmi Mittal, has relinquished an oil block in Nigeria after the African nation refused to relieve it of a $ 6-billion downstream investment commitment.