Market Close 27 Apr 26: ASX slips for fifth day
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What is the main topic discussed in this episode?
A listener production.
The losing streak remains intact in a quiet start to the week for the ASX.
But don't worry, it's a super busy week ahead.
Good afternoon, I'm Steve Daglian. I'm Laura Bassarati. It's Monday the 27th of April. Welcome to the ComSec Market Update.
Why is the ASX200 experiencing a five-day decline?
Look, it's been a fairly quiet session for the Aussie market. We kind of flagged this on Friday because it is a public holiday across some states and territories, but not all. So for your information, if there's even just one state or territory that's open, that means the ASX is open. So that's what we're seeing today. So at the moment, the Aussie market down. by just a quarter of 1%. We did narrow some bigger losses from earlier on in the session. So at the start of the day, we're up closer to 0.6%. But look, we are still on track to post a fifth straight session of declines.
That's right. And look, volumes were looking a little light not too long ago, but now they've actually picked up a bit. So it's not that quiet, really, as far as the amount of money flowing through markets, despite there being, as we pointed out, a few holidays here and there. As you rightfully mentioned, though, just a slight decline of roughly a quarter of a percent. But we are sitting at approximately a three-week low at the moment. It certainly has taken the shine off what it was that very strong gain that we had at the start of April. So we've only got three sessions now left in April before things wrap up. And at the moment, we're up about 3.3% this month. Now, at the peak of the month, we're actually up by almost 6%.
So we came off the ball a bit. It's not really surprising. The US-Iran negotiations collapsed over the month, essentially. The Strait of Hormuz remained shut. Oil prices are still up over 40% from where they were before the war started. And the signals we had over the course of the weekend and the last 24 hours as well has been quite mixed at best.
Yeah, but it's been a bit of a different story in other places or share markets around the world. So today we did see Japan and South Korea stocks hit record highs. They've seemed to shrug off those stalled US-Iran negotiations. Last week, we did see US share markets hit record highs as well. So we are lagging behind just a little bit. We did get quite close to a record high earlier in the month, as you point out. But at the moment, we're about 5% away from that record. And we should mention the latest update between the US and Iran. This is sort of breaking news because Iran has reportedly made a new proposal to the United States through Pakistani intermediaries to de-escalate regional tensions. Now, according to the report, the proposal outlined a framework to reopen the Strait of Hormuz and end the war.
with nuclear negotiations postponed for a later stage. on a permanent end to the war. Now, the White House has reportedly received the proposal, but it's unclear whether the US is willing to explore it. So I'm sure we will hear developments of that. But that's essentially eased immediate supply concerns and sort of lifted that risk sentiment. And I think that's why we have somewhat narrowed the losses that we've seen in today's session. Still a lot of caution around just because they've put that proposal forward doesn't mean the US will take it on. We don't know what's going to happen.
You pointed out the South Korean market doing very well. It's up 56% this year and it rose 75% last year.
What factors contributed to the increase in market volumes?
So I guess one of the leaders when it comes to chips and that whole AI push as well. So it certainly has been one of the beneficiaries there. And we're also in the profit reporting season in the United States at the moment and roughly 18 every 10 companies that have released their results so far have generally done a bit better than what the market was expecting under challenging conditions. So, this has kind of also been helping markets lift despite all the uncertainties in the Middle East at this stage.
Yeah, absolutely. Company earnings have been front and centre along with what's going on
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