The stocks in Asia were compounded, while markets in Hong Kong and Australia were closed due to the Easter holiday. The broader MSCI Asia ex-Japan index was reduced by 0.24% to 542.36. The Nikkei 225 in Japan closed partially higher at 22,217.90, as shares of heavyweights index Softbank Group, Fast Retailing, and Fanuc decreased. The Topix index earned 0.1% to finish at 1,618.62. In South Korea, the Kospi closed flat at 2,216.65 as chip manufacturer SK Hynix saw its stock price dropping by 1.59%. Chinese shares were declining, with the Shanghai Composite decreasing by 1.7% to 3,215.04 and the Shenzhen Component dropping by 1.86% to 10,224.31. The Shenzhen Composite also reduced by 1.513% to 1,751.91.
In Sri Lanka, the Colombo Stock Exchange market was closed after a series of blasts on Easter Sunday that killed more than 200 people. Corrine Png—Head of Equities Research (Regional) at AIA Investment Management—said to CNBC, “In the particular case of Sri Lanka, their input to the overall Asian market is pretty small in context of their influence, so we do not anticipate a very large or long-lasting impact, but surely for its own economy, the collision would be quite big. Even before the blasts, we have seen tourist growth declined significantly from 10% last year to about 4% in the first quarter of 2019 owing to political volatility.” In India, beleaguered carrier Jet Airways dropped to lows not experienced since March 2009, Reuters reported.
Recently, Jet Airways was in news as the airline loses valuable possessions and valuation. Since the airline shelved operations on April 17, the bothered carrier has lost slots in its aircraft and airports. Additionally, some of its most experienced crew members and pilots have joined the competitors. This would have a bearing on the proposals that will be submitted by the four bidders. Reportedly, the bidders are TPG Capital, Etihad Airways, NIIF, and Indigo Partners.
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