Asian Equities End Mixed as Investors Watch Movements in Oil, Forex Markets
By Investors Hub
Asian stocks ended mixed on Wednesday as investors kept an eye on movements in the oil and forex markets following U.S. President Donald Trump’s decision to withdraw from the Iran nuclear deal.
Chinese shares ended marginally lower, dragged down by financials and property developers. The benchmark Shanghai Composite Index edged down 2.68 points or 0.1 percent to 3,158.81. Meanwhile, Hong Kong’s Hang Seng Index rose 133.33 points or 0.4 percent to 30,536.14.
Japanese shares fell as traders grappled with the ramifications of Trump pulling the U.S. out of the landmark nuclear deal with Iran, with some analysts saying the upcoming talks with North Korean leader Kim Jong Un might be weighing on Trump.
The benchmark Nikkei 225 Index shed 99.81 points or 0.4 percent to close at 22,408.88, while the broader Topix Index closed 0.4 percent lower at 1,772.91.
Takeda Pharmaceutical lost 2.4 percent after it agreed to buy Irish rival Shire for 45.3 billion pounds ($62 billion). Daiichi Sankyo shed 3.8 percent and Eisai dropped 1.5 percent.
Toyota Motor rallied 3.8 percent to hit a three-month high after it posted an improved quarterly profit and announced a share buyback.
Australian shares eked out modest gains after Treasurer Scott Morrison said in the budget for 2018-19 that Australia will return to a surplus a year earlier than previously forecast.
The benchmark S&P/ASX 200 Index rose 16.10 points or 0.3 percent to 6,108.00, while the broader All Ordinaries Index ended up 21.20 points or 0.3 percent at 6,204.40.
Commonwealth Bank of Australia tumbled 2.8 percent after the bank posted weaker-than-expected revenue for the third quarter and said its customer home loan repayments more than 90 days late were on the rise.
Santos jumped 3.3 percent, Woodside Petroleum added 1.2 percent and Oil Search advanced 1.3 percent after U.S. oil prices rose more than 2 percent to a three-and-a-half year high in Asian trading.
Explosives and fertilizer manufacturer Incitec Pivot lost 5.3 percent after its first-half profit fell 95 percent on impairment charges. Plumbing group Reece soared 14 percent as shares came out of a trading halt after a capital increase.