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Asia stocks trade mixed amid decline in oil prices

Asia stocks trade mixed amid decline in oil prices

Asian stocks traded mixed on Monday in morning session as decline in oil prices weighed on energy shares in the region, while investors digested weekend news regarding US-North Korea relations.

Japan's Nikkei 225 advanced 0.32% and the broader Topix added 0.19% as weakness in oil prices was offset by gains in the real estate, utilities and technology sectors.

In South Korea, the Kospi added 0.66% as steelmakers and other manufacturing names rose. Posco gained 3.18% and Hyundai Steel surged 13.8%. Large cap technology names traded slightly lower in the early going.

Meanwhile, Australia's S&P/ASX 200 fell 0.21% as declines in energy and materials weighed on the broader index. Mining major BHP declined 2.3% and Woodside Petroleum slid 2.75%.

In Greater China, the Hong Kong’s Hang Seng Index was up 0.48%, while China’s Shanghai Composite Index was down 0.22%.

The mixed trade in Asia followed the mostly lower close of stock in the US on Friday amid a mix of positive corporate earnings releases and geopolitical headlines involving North Korea.

On the geopolitical front, US President Donald Trump said he cancelled a planned meeting with North Korean leader Kim Jong Un in June last Thursday, although the White House later said it was still making preparations "should the summit take place."

Delegations from the US and North Korea met on Sunday at the border between North and South Korea.

In commodities news, oil prices fell after coming under pressure last week following news that top producers could ease quotas on existing production cuts. Brent crude futures slipped 0.59% and US West Texas Intermediate eased 0.77% after settling 4% lower in the last session.

 

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