Today Equity Market Sightly Weaker Asian Shares

Asian shares were slightly weaker but recovered from near three-week lows on Wednesday as markets digested US index provider MSCI's decision not to include domestic Chinese equities in its indexes and Brexit fears drove investors to assets such as US bonds and the yen. Mainland Chinese shares, among Asia's worst performers this year, were mixed while Hong Kong slid, as markets, which had expected Chinese A-shares to be included in the emerging market index, considered the announcement. MSCI's broadest index of Asia-Pacific shares outside Japan were down 0.1 percent. 

Japan's Nikkei reversed earlier losses to rise 0.7 percent. China's CSI 300 index and the Shanghai Composite staged a turnaround from earlier declines to rise 0.4 percent and 0.6 percent respectively. Hong Kong's Hang Seng index slipped 0.1 percent. MSCI in its decision said Beijing had more work to do in liberalising capital markets, and said it wanted more time to assess the effectiveness of the Qualified Foreign Institutional Investor (QFII) quota allocation scheme and capital mobility policy changes.

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