Asia report: Most markets higher as RBNZ stands pat on rates

Markets in Asia finished mostly higher on Thursday, after a mixed session in the US overnight as the Reserve Bank of New Zealand stood pat on interest rates.

Japan’s Nikkei 225 bobbed above and below the waterline for much of the session, closing up 0.23% to 19,085.31.

It followed a Wednesday session in which it fell sharply.

The yen was stronger on the greenback, last charging ahead 0.05% to JPY 111.10 per $1.

On the mainland, the Shanghai Composite finished 0.11% higher at 3,248.91, while the smaller, technology-heavy Shenzhen Composite was near flat at 2,038.59.

Technology investment firm Tencent was down after it released disappointing fourth quarter net profits after the close on Wednesday.

It said net profit for the three months through December were ahead 47% at CNY 10.53bn, though analysts had been picking a figure of CNY 11.75bn.

South Korea’s Kospi was 0.2% higher at 2,172.72, while the Hang Seng Index in Hong Kong was 0.03% ahead at 24,327.70.

China’s number two insurance firm Ping An Insurance Group was higher on the Hong Kong bourse, after announcing a 15% rise in annual net profit to CNY 62.5bn on Wednesday, which was in line with market expectations.

Hong Kong’s richest person Li Ka Shing saw two of his biggest investments report on Wednesday after markets closed.

CK Hutchison - which owns the Three mobile network in the UK - added 6% year-on-year to its net profit at HKD 33.01bn, while Cheung Kong Property said its core profit was 16% higher for the full year.

Shares in both companies were ahead on Thursday.

Eyes were once again headed stateside, as the House of Representatives was expected to vote on the new ‘Trumpcare’ healthcare plan touted by Donald Trump as a replacement for Obamacare.

“This vote then, during Asian trade tomorrow, will be seen as a proxy for the strength of the mandate that Trump's has to govern,” noted IG chief market strategist Chris Weston.

Oil prices were higher during Asian hours, with Brent crude last up 0.28% to $50.78 per barrel and West Texas Intermediate ahead 0.27% to $48.17.

Australia’s S&P/ASX 200 added 0.41% to 5,707.95, with the weighty energy and materials subindexes boosting the benchmark.

Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 was 0.02% higher at 7,062.55, led higher by Metro Performance Glass, which added 4.3%.

The Reserve Bank of New Zealand stood pat on its official cash rate at 1.75%, as widely expected by the local market.

Both of the down under dollars were weaker against the greenback, with the Aussie retreating 0.51% to AUD 1.3092, and the Kiwi weakening 0.09% to NZD 1.4209 per $1.