Modupe Gbadeyanka
By Investors Hub
Asian stocks ended mostly higher on Friday, even as Chinese and Hong Kong markets ended on a muted note amid the ongoing mass protests in Hong Kong calling for political freedom and self-determination for the semi-autonomous territory.
Underlying sentiment remained supported by signs that the U.S. and China are set to resume trade talks in September.
Chinese shares slipped into the red as investors awaited manufacturing data for directional cues. The benchmark Shanghai Composite Index edged down 4.68 points, or 0.2 percent, to 2,886.24, while Hong Kong’s Hang Seng Index gave up early gains to end roughly flat.
Meanwhile, Japanese shares rose as the yen moved lower following positive developments in the U.S.-China trade war and investors digested a raft of mixed local economic data.
Industrial production in Japan rose a seasonally adjusted 1.3 percent sequentially in July, a preliminary reading showed. That beat forecasts for a 0.3 percent gain following the 3.3 percent drop in June.
Japan’s retail trade declined 2.3 percent in the month, and the jobless rate dipped to its lowest level in 27 years, while overall consumer prices in the Tokyo region were up 0.6 percent year-on-year in August, separate reports showed.
The Nikkei 225 Index surged up 243.44 points, or 1.2 percent, to 20,704.37, while the broader Topix closed 1.5 percent higher at 1,511.86.
Exporters Canon, Honda Motor, Toyota Motor and Honda Motor rose 1-2 percent. In the tech sector, Advantest soared 4.4 percent and Tokyo Electron advanced 1.7 percent. Market heavyweight SoftBank climbed 2.9 percent.
Australian markets ended sharply higher, with banks, miners and technology stocks leading the surge on hopes of easing U.S.-China trade tensions.
The benchmark S&P/ASX 200 Index jumped 96.80 points, or 1.5 percent, to 6,604.20, extending gains for the fourth straight session. The broader All Ordinaries Index ended up 92.50 points, or 1.4 percent, at 6,698.20.
The big four banks rose 1-2 percent in reaction to soothing comments on trade by the Chinese Commerce Ministry.
Miners BHP, Rio Tinto, South32 and Fortescue Metals Group jumped 2-4 percent, while Afterpay Touch Group, a technology-driven payments company, soared 4.6 percent. In the oil sector, Woodside Petroleum, Oil Search and Santos climbed 2-3 percent.
Shipbuilder Austal surged up by 14.4 percent as it reported a 64 percent spike in full-year profit on strong revenue growth.
On the other hand, lithium miner Galaxy Resources lost 2.2 percent after reporting a huge half-year loss, primarily due to an impairment charge related to its flagship Mt Cattlin project.
Gold miners Evolution, Northern Star and Regis Resources dropped 1-2 percent as gold prices edged lower on positive signs for trade talks.
Shares of Slater and Gordon were placed in a trading halt as the law firm taps shareholders to raise A$75.6 million to pay down its debt and bolster its balance sheet.
Seoul stocks posted strong gains, with tech, auto and steel companies leading the surge, as the government finalized the most aggressive spending plan since the 2008/09 global financial crisis for next year and the country’s central bank maintained its key interest rate, as widely expected. The benchmark Kospi rallied 34.38 points, or 1.8 percent, to close at 1,967.79.
