By Investors Hub
Asian stocks ended mixed yet again on Thursday as investors awaited directional cues from three big events today and next week’s Federal Reserve meeting. Most regional markets reversed early losses after Chinese trade data beat estimates.
China’s Shanghai Composite Index rose 10.61 points or 0.3 percent to 3,150.93, and Hong Kong’s Hang Seng Index climbed 88.90 points or 0.3 percent to 26,063.06 after Chinese exports and imports data topped expectations.
Exports advanced 8.7 percent year-on-year in dollar terms in May, faster than the 7.2 percent increase economists had forecast. Imports climbed 14.8 percent, well above expectations for 8.3 percent growth.
Australian shares closed higher after three days of losses as the encouraging data out of China and a rebound in oil prices in Asian trading helped investors shrug off disappointing trade data released earlier in the day.
Australia’s trade surplus narrowed much more than expected in April, as exports declined much faster than imports due to a steep decline in coal exports in the wake of Cyclone Debbie, official data showed.
The benchmark S&P/ASX 200 Index closed up 9.40 points or 0.2 percent at 5,676.60, while the broader All Ordinaries index finished 7 points or 0.1 percent higher at 5,714.80. Healthcare stocks stole the limelight, with biotechnology firm CSL rising more than 3 percent. The big four banks rose between 0.7 percent and 1.1 percent.
Meanwhile, Japanese shares gave up early gains to end lower as the yen edged higher in late Asian trading on a Bloomberg report that the Bank of Japan was re-calibrating its communications to acknowledge it is thinking about how to handle a withdrawal from its monetary stimulus.
The Nikkei 225 Index dropped 75.36 points or 0.4 percent to 19,909.26, while the broader Topix index shed 0.4 percent to finish at 1,590.41.
Exporters turned in a mixed performance, with automakers Honda, Toyota and Mazda losing 1-2 percent, while Toshiba shares rallied as much as 5.5 percent after reports that it is set to name the buyer of its coveted semiconductor unit next week.
On the economic front, the Japanese economy grew slower than previously expected in the first quarter due to decline in oil inventories and a downward revision to private consumption, revised data showed.
