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Asian Shares Close Mostly Higher After Oil Prices Move Higher

By Investors Hub

Asian stocks closed mostly higher on Friday after oil prices moved higher overnight and China dismissed media reports that officials have recommended slowing or halting purchases of U.S. debt. Optimism about the earnings season also offered some support.

Chinese shares closed higher for the eleventh straight session as investors looked past soft trade data. The benchmark Shanghai Composite index edged up 3.97 points or 0.1 percent to 3,429.32, while Hong Kong’s Hang Seng Index advanced 292.15 points or 0.9 percent to 31,412.54.

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Official data showed that Chinese import and export growth slowed in December in a sign of weaker global and domestic demand.

December exports grew an annual 10.9 percent, beating forecasts but down from a robust 12.3 percent gain in November. Imports grew at an even slower pace of 4.5 percent.

Australian shares finished marginally higher after two days of losses as miners gained ground, offsetting declines in the financial and retail sectors.

BHP Billiton, Rio Tinto, Fortescue Metals Group and South32 climbed 2-4 percent despite a decline in iron ore prices.

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Gold miners Regis Resources, Evolution and Northern Star rallied 1-2 percent after gold prices rose overnight for their highest settlement price since September.

Banks ANZ, Commonwealth and Westpac fell between 0.4 percent and 0.7 percent, while energy stocks closed on a mixed note.

Retailers Woolworths and Wesfarmers ended in the red, but JB Hi-Fi continued its strong run to end 1.3 percent higher after a brokerage upgrade.

Meanwhile, Japanese shares ended lower as the yen’s recent strength hurt exporters. Uniqlo-owner Fast Retailing posted a record quarterly profit, helping limit the downside.

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The Nikkei 225 Index dropped 56.61 points or 0.2 percent to 23,653.82, while the broader Topix index closed 0.6 percent lower at 1,876.24.

Heavyweight Fast Retailing soared 6 percent after its first quarter operating profit topped forecasts. Among exporters, Sony, Canon, Panasonic, Honda Motor and Kyocera fell 1-2 percent.

On the economic front, Japan logged a current account surplus of 1.35 trillion yen in November, the government said in a report, down 5.6 percent from a year earlier.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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