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Asian Stock Close Mixed as Oil Prices Further Fall

By Investors Hub

Asian stocks ended mixed on Wednesday as the dollar rally stalled and oil prices extended losses on signs of higher output.

Japanese shares ended on a firm note after hitting a fresh two-year high earlier in the day. The Nikkei 225 Index rose as high as 20,689.05 before paring gains to close up 12.59 points or 0.1 percent at 20,626.66.

Japan Display shares soared after reports that the company had developed methods to mass-produce lower-cost organic light-emitting diode (OLED) screens.

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Meanwhile, Australian shares fell sharply as sliding oil prices pulled down energy stocks and a falling currency environment spurred concerns about growth and inflation.

The benchmark S&P/ASX 200 Index tumbled 49.30 points or 0.9 percent to 5,652.10, and the broader All Ordinaries Index ended down 44.60 points or 0.8 percent at 5,719.60.

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Banks ANZ, NAB and Westpac lost 1-2 percent, while Commonwealth closed 0.3 percent higher. Mining giant Rio Tinto dropped 1.6 percent and smaller rival Fortescue Metals Group declined 2.1 percent. In the energy sector, Woodside Petroleum, Santos, Oil Search, Origin Energy and Beach Energy shed 1-2 percent.

On the economic front, the latest survey from the Australian Industry Group revealed that the country’s service sector continued to expand in September, albeit at a slightly lower pace with a PMI score of 52.1, down from 53.0 in August.

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Markets in South Korea and China were closed for the Harvest Festival and National Day, respectively. Taiwan remained closed for the Med-Autumn Festival.

Hong Kong’s Hang Seng Index climbed 205.97 points or 0.7 percent to 28,379.18 ahead of forex reserves data from China and the U.S. jobs report.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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