Asia report: Markets finish mixed as Toshiba tumble continues

Markets in Asia finished mixed on Thursday, once again failing to match the heady highs seen in the US overnight, with technology conglomerate Toshiba continuing its big tumble.

Japan’s Nikkei 225 lost 0.47% to finish at 19,347.53, with Toshiba shares falling 3.34%, extending their fall of more than 8% on Wednesday.

Further reports caused concern among investors on Thursday, saying Toshiba could now delay the spinning out and partial sale of its golden egg memory chip business, as it desperately looks to cash to stay afloat.

The company’s books have take a major hit in recent months thanks to a multi-billion dollar writedown in its acquires Westinghouse nuclear development business in the US - so much so that Toshiba has been forced to delay reporting its earnings.

“We believe Toshiba's delay in reporting its financial results is due to poor internal controls at its US nuclear-power subsidiary, Westinghouse Electric,” noted Moody’s senior analyst Masako Kuwahara.

“Toshiba is already in a deleterious financial position.

“The delay in reporting its results and the substantial impairment charge pose further credit negatives for the company.”

On the currency front, the yen was stronger against the greenback, and was last ahead 0.47% at JPY 113.62 per $1.

That stronger yen sent the major exporters lower, with Honda down 0.61%, Nissan off 0.31%, Sony dropping 0.97% and Toyota 0.52% softer.

On the mainland, the Shanghai Composite finished up 0.51% at 3,229.41, while the Shenzhen Composite added 0.57% to 1,958.12.

In South Korea, the Kospi was down 0.1% at 2,081.84, while Hong Kong’s Hang Seng Index was 0.47% firmer at 24,107.70.

Oil prices were higher, with Brent crude last up 0.7% at $56.14 and West Texas Intermediate adding 0.64% at $53.45 per barrel.

Australia’s S&P/ASX 200 finished higher, rising 0.12% to settle at 5,816.30, while in New Zealand the S&P/NZX 50 fell 1.1% to 7,099.98.

It was a mixed day for the down under dollars, with the Aussie last 0.1% weaker against the greenback at AUD 1.2983, while the Kiwi strengthened 0.53% to NZD 1.3876 per $1.