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Asian stocks finish mixed
Japanese equities managed to rise following a rebound in crude oil prices from multiple-year lows.
Asian equities closed mixed on Monday amid a lack of immediate directional cues in light year-end trade, with Japanese shares managing to rise following a rebound in crude oil prices from multiple-year lows.
The main Nikkei 225 index gained 104 points, or 0.56%, at 18,873. In China, the Shanghai Composite Index was down 2.57% at 3,535, while Hong Kong’s Hang Seng Index shed 1.06% at 21,904. In South Korea, the Kospi Index declined 1.34% at 1,964.
The Australian market remains closed today. It was closed Friday for the Christmas holiday.
Investors across asset markets were without some of the usual leads as most global markets were closed on Friday for Christmas.
Energy stocks in Asia finished the session mixed after US crude fell 0.9% to $37.74 CLc1 a barrel but remained significantly above $33.98, its lowest level since February 2009.
Japan Petroleum was up 1.11%, while in South Korea, S-Oil and SK Innovation were down 3.06% and 2.59% respectively. Chinese energy plays such as CNOOC and Sinopec traded down 1.78% and 3.43% respectively.
In company news, shares of Sharp Corp. jumped 7.27%. According to local media reports last week, citing sources close to the matter, Taiwan's Hon Hai Precision Industry, one of the largest suppliers of electronics products, proposed buying the Japanese company for ¥300 billion. Hon Hai shares closed down 0.74%.
In South Korea, shares of Samsung Group companies were mostly trading lower across the board, with Samsung C&T down 4.81% at market close. Samsung Electronics shares finished 1.48% lower.
In China, banking shares lead the fall, following weak industrial output data. On the Hong Kong bourse, shares of China Telecom, one of the biggest telco providers in the country, traded down 1.07%.
H-shares of China Success Finance Group soared nearly 26% after the company issued a statement saying it entered a memorandum of understanding with Shun Yang Construction to form a joint venture company for financial services of public infrastructure works.
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by Michelle McGagh on Aug 24, 2016 at 05:00