Asian markets started lower Monday barring the Sensex which extended gains after last week's much anticipated victory for the Bharatiya Janata Party which is now set to form the new Indian government.
The Nikkei was down 0.5%. The Shanghai Composite fell 1.1% while the Hang Seng was down 0.5%. The Sensex was up just 0.1%, off its early highs. The All Ordinaries dropped 1%.
In Tokyo, data showed machinery orders in March soundly beat expectations for a 6% gain, as they surged more than 19.1%, up from drop of 8.8% in February.
However, in China, data over the weekend showed decelerating property prices in April, and property stocks nosedived.
Markets in India were upbeat as Prime Minister designate Narendra Modi made a couple of speeches over the weekend reiterating his development plank on which he arguably won the elections and started by announcing his intention to launch a massive drive to clean up the country's Ganges river from the city of Varanasi, also a major tourist hotspot.
The rupee also rallied as it opened just above the 58 level, it strongest since June last year. Overseas investors bought shares worth 36.34 billion rupees on Friday, according to provisional data from the Bombay Stock Exchange.
Stocks on the Move
Industrials were mostly lower despite the upbeat data in Japan. Kawasaki Heavy fell 1.4% while Mitsubishi Heavy was down .12%. Fanuc Corp. edged up 0.2%.
Softbank was down 1.3% after the company said it would issue 300 billion yen in new bonds with plans to spend the funds on future investments and acquisitions.
Nomura was up 1.3% on a Nikkei report the company plans to set up a joint-venture brokerage in the Shanghai Free-Trade Zone.
Tokyo Electron was a major gainer, up 5.5% as it benefitted from an upbeat sentiment for chipmakers after strong earnings from Taiwan’s TSMC.
Among property counters in China, Poly Real Estate and Wolong Real Estate were both down 1.2% each in Shanghai while Gemdale Corp. was down 1.4%.
In Hong Kong, China Overseas Land & Investment gave up 1.8% and Beijing Properties fell 4%. China Resources Land retreated 2.5% while Sun Hung Kai Properties declined 2%. Henderson Land Development was down 1.1%.
State-run travel major China Travel International Hong Kong fell 2.5% after the company said its Chairman is under investigation for suspected violations of party law and discipline.
Among the gainers in Mumbai, domestic stocks were very much the flavor with Coal India gaining 7.5%. SSLT rose 6.4% and Tata Power surged 6%. Hindalco was up 5.1% while Gail India moved up 4.4%.
L&T and Maruti Suzuki were up 3.8% each, respectively. State-run lender SBI advanced 3.7% while ONGC climbed 3.6%.