Asia report: Markets mixed amid oil price concerns
Markets in Asia were mixed on Thursday, with steadily declining oil prices giving traders a reason to pause.
AUD/USD
$0.6533
23:03 26/04/24
GBP/NZD
NZD2.1025
23:53 26/04/24
Hang Seng
17,651.15
10:20 26/04/24
Nikkei 225
37,934.76
09:44 26/04/24
USD/JPY
¥158.3270
01:54 27/04/24
In Japan, the Nikkei 225 was down 0.14% at 20,110.51, as the yen strengthened 0.09% to JPY 111.28, remaining firmly at the 111 level against the greenback.
Details were revealed as to the makeup of the consortium set to take over Toshiba’s valuable memory chip business, after the conglomerate confirmed its decision after months of wrangling over the sale on Wednesday.
The Innovation Network Corporation of Japan will own 50.1%, with the Development Bank of Japan taking 16.5% and a mix of Bain Capital and SK Hynix sharing the remaining 33.4%.
Toshiba shares were 0.28% lower in Tokyo.
Traders were also keeping a watchful eye on airbag manufacturer Takata, with reports swirling that it could file for bankruptcy on Monday.
The stock nosedived 54.92% by market close.
On the mainland, the Shanghai Composite finished down 0.29% at 3,147.13, while the technology-focussed Shenzhen Composite fell 1.29% to 1,862.84.
Wanda Film Holding - part of the Dalian Wanda group - was suspended from trade in Shenzhen after its stock fell 10%.
The group issued a statement addressing recent internet speculation in China over its bonds - which were down 1.8% on Friday - saying the reports were just “rumours” and that its operations were “fine”.
South Korea’s Kospi finished up 0.54% at 2,370.37, while the Hang Seng Index in Hong Kong was down 0.08% at 25,674.53.
In Seoul, chipmaker SK Hynix was up 0.31% after its participation in the Toshiba memory chip consortium was revealed in more detail.
Oil prices reversed their earlier gains to finish lower, though they picked up again as Europe took the trading baton, with Brent crude last up 1.02% at $45.28 and West Texas Intermediate adding 0.79% to $42.87.
Crude had fallen significantly during the US session, despite fresh data from the US Energy Information Administration showing a larger-than-expected decline in stockpiles.
In Australia, the S&P/ASX 200 added 0.71% to 5,705.95, as the benchmark’s energy and materials subindexes staged a recovery from their poor showings on Wednesday.
Oil stocks in the sunburnt country were higher, despite the oil price trend, with Oil Search adding 2.17% and Santos rising 1.03%.
New Zealand’s S&P/NZX 50 was up 0.5% at 7,563.69, with energy generator and retailer Contact up 2.3%.
The Reserve Bank of New Zealand stood pat on interest rates, keeping the official cash rate at a record low 1.75%.
It was a mixed day for the down under dollars, with the Kiwi strengthening 0.48% against the greenback to NZD 1.3782, while the Aussie weakened 0.02% to AUD 1.3242.