Asian Shares Finish Mixed as Yuan Eases Against Dollar

August 7, 2019

By Investors Hub

Asian stocks turned in a mixed performance on Wednesday as investors were cautious after the People’s Bank of China set the official daily midpoint reference for the yuan at a slightly weaker than expected level. The yuan eased against the U.S. dollar in offshore trading after the currency’s daily fixing.

Chinese stocks extended a recent downward move amid concerns about the escalating U.S.-China trade war. The Shanghai Composite Index fell 8.88 points or 0.3 percent to 2,768.68, although Hong Kong?s Hang Seng Index inched up 20.79 points or 0.1 percent to 25,997.03.

The Japanese market also extended losses from the previous session despite the overnight rebound on Wall Street. The benchmark Nikkei 225 Index regained ground after hitting a seven-month intraday low but still closed down 68.75 points or 0.3 percent 20,516.56

Kirin Holdings came under pressure after reporting a net loss for the first half of the year and lowering its full-year profit outlook.

Meanwhile, Australian stocks showed a notable move to the upside on the day, with the S&P/ASX 200 Index climbing 41.40 points or 0.6 percent to 6,519.50.

Gold miners moved higher after gold prices rose for a third straight session overnight, while energy stocks moved lower along with the price of crude oil.

Suncorp Group posted a notable gain after announcing it is abandoning its so-called marketplace strategy to refocus on banking and insurance.

Elsewhere in the region, South Korea?s Kospi slid 7.79 points or 0.4 percent to 1,909.71, while New Zealand?s S&P/NZX 50 Index jumped 199.09 points or 1.9 percent to 10,786.26.

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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