Asian Stocks Close Mixed

October 19, 2017
Asian Stocks Close Mixed

By Investors Hub

Asian stocks closed on a mixed note on Thursday after the release of key data from China and Japan. China’s third-quarter GDP figures came in line with forecasts and industrial output and retail sales figures topped forecasts, while fixed investment growth eased more than expected. Property sales fell for the first time in more than two-and-half years.

China’s Shanghai Composite index ended down 11.70 points or 0.5 percent at 3,370.10, with financials and property developers losing ground. Hong Kong’s Hang Seng Index plunged 552.67 points or 1.9 percent to 28,159.09.

Japanese shares extended gains for the 13th straight session as the U.S. dollar hit a two-week peak against the yen and data showed Japan’s trade surplus jumped almost 38 percent in September from a year ago. The Nikkei 225 Index rose 85.47 points or 0.4 percent to 21,448.52, while the broader Topix index closed 0.3 percent higher at 1,730.04.

Kobe Steel shares soared 6.7 percent after three Japanese automakers said they haven’t found vehicle-safety issues from aluminum supplied by the steelmaker. Lender Mitsubishi UFJ Financial rose over 1 percent and Sumitomo Mitsui Financial gained 0.6 percent, tracking overnight gains among their U.S. peers.

Australian shares extended gains for a seventh consecutive session after Chinese GDP data met expectations and domestic data showed the country added more jobs than expected in September, with the jobless rate hitting a four-year low.

The benchmark S&P/ASX 200 Index inched up 5.60 points or 0.1 percent to 5,896.10, while the All Ordinaries Index closed marginally higher at 5,959.80.

Banks ANZ, Commonwealth and Westpac rose between half a percent and 0.8 percent after U.S. government debt yields rose Wednesday on expectations of a rate increase in December.

Energy firm Santos climbed 1.2 percent after raising its full-year production and sales guidance for the second time this year. Woodside Petroleum dropped 1.8 percent after posting a drop in third-quarter production.

Healthscope advanced 2.7 percent after reaffirming guidance for its hospitals unit. Domino’s rallied 3.5 percent after it acquired a German pizza chain.

Meanwhile, South32 shares tumbled 2.5 percent after the diversified miner warned of cost pressures from rising raw material costs and a weaker U.S. dollar. Mining heavyweights BHP Billiton and Rio Tinto also ended down over 2 percent after iron ore and copper prices dipped overnight.

Modupe Gbadeyanka

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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