Asian Markets Close Mixed as Oil Resumes Ascent
By Investors Hub
Asian stocks turned in a mixed performance on Monday as oil resumed its ascent, Intel reported record quarterly revenue and the U.S. dollar steadied after recent weakness on concerns about trade.
Chinese stocks fell the most in over two months as investors took profits after recent strong gains. The benchmark Shanghai Composite Index dropped 34.63 points or 1 percent to 3,523.50, while Hong Kong’s Hang Seng Index fell 187.23 points or 0.6 percent to 32,966.89.
Wynn Macau shares were down almost 6 percent following a report detailing sexual misconduct from casino magnate Steve Wynn.
Japanese shares ended roughly flat despite a surge by technology stocks. The benchmark Nikkei 225 Index fluctuated before closing marginally lower at 23,629.34. The broader Topix index finished 0.1 percent higher at 1,880.45.
Shin-Etsu Chemical soared 4.6 percent after the silicon products maker raised its profit and dividend payout outlook for the year ending in March. Advantest gained 1.8 percent and Tokyo Electron advanced 1.3 percent.
Meanwhile, Australian shares started the week on solid footing, driven by gains by banks, miners, energy companies and healthcare firms.
The benchmark S&P/ASX 200 Index rose 25.40 points or 0.4 percent to 6,075.40 as traders returned to their desks after a long holiday weekend. The broader All Ordinaries index ended up 22.90 points or 0.4 percent at 6,187.60.
Commonwealth Bank advanced 0.7 percent as investors took the news of a new CEO in stride. Westpac and NAB rose 0.6 percent and 0.7 percent, respectively while, ANZ slid 0.1 percent.
Miner South32 rallied 3.7 percent, Iluka Resources jumped 4.9 percent, oil & gas producer Santos advanced 1 percent and biotechnology company CSL added 1.6 percent.
On the other hand, gold miners succumbed to selling pressure after gold prices fell on Friday.