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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 stocks finish mixed

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.

2 comments so far. Why not have your say?

Pilgrim

Dec 28, 2015 at 19:53

As of today the Shanghai composite index is up 11.5% on the year. However, it has experienced extreme instability with a major speculative bubble concluding with a rise of 63% from Dec 29th 2014 to 12th June 2015 which then collapsed to the present level.

Seen over two years, the index is now up by 68.2%. Not bad!

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colin overton

Dec 28, 2015 at 22:26

I guess the issue is where next. Chinese investments have still been profitable over one year (perhaps now depending on exactly when investments were made. Over two/three years China has been very profitable. However in a world where oil and ores are very cheap one would expect China to be doing rather well, all other things being equal. Indeed one of the reasons these commodities are so cheap is the lack of demand from China. None of the "talk" seems to be of a great Chinese recovery and China may be being over sold, but.................................

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