Modupe Gbadeyanka
By Investors Hub
Asian stocks turned in a mixed performance on Monday as mixed corporate earnings results and falling oil prices offset upbeat U.S. GDP data as well as growing optimism over a possible U.S.-China trade deal. The markets in Japan were closed for the Golden Week holidays.
Chinese stocks fluctuated before ending notably lower as investors awaited manufacturing and service sector data for directional cues.
The benchmark Shanghai Composite Index dropped 23.90 points or 0.8 percent to 3,062.50, while Hong Kong’s Hang Seng Index jumped 287.80 points or 1 percent to finish at 29,892.81.
Australian markets pulled back from a more than 11-year high as a 3 percent slump in oil prices on Friday weighed on energy stocks and investors waited to take cues from the earnings season.
The benchmark S&P/ASX 200 Index fell 26.10 points or 0.4 percent to 6,359.50, snapping a four-session winning streak. The broader All Ordinaries Index ended down 23.60 points or 0.4 percent at 6,449.60.
The big four banks fell between 0.3 percent and 0.9 percent ahead of earnings later this week. Grocery chain Coles Group edged up 0.3 percent after posting higher quarterly sales at its supermarkets. Rival Woolworths Group shed 0.9 percent.
Gold miners ended mixed, shrugging of an uptick in gold prices. Santos, Beach Energy, Woodside Petroleum and Oil Search ended down between 0.7 percent and 1.2 percent after crude oil prices fell almost 3 percent on Friday.
Seoul stocks rallied, led by technology stocks. The benchmark Kospi surged up 37.12 points or 1.7 percent to 2,216.43, with SK Hynix, LG Display and Samsung Electronics jumping 2-3 percent.
