Asia report: Markets mixed as investors digest Xi speech
Markets in Asia closed in a mixed state on Wednesday, as investors digested a speech from Chinese president Xi Jinping, with shares in Apple suppliers closely monitored following the unveiling of the latest iPhone model.
In Japan, the Nikkei 225 was up 0.11% at 23,626.73, as the yen strengthened 0.03% against the dollar to last trade at JPY 105.45.
Automation specialist Fanuc was down 1.15%, while fashion firm Fast Retailing rose 1.26% and technology conglomerate SoftBank Group tacked on 1.52%.
Among the suppliers to US consumer technology giant Apple in the country, Murata Manufacturing was up 0.62%, while Taiyo Yuden lost 0.27%.
The broader Topix index was weaker by the close in Tokyo, losing 0.32% to settle at 1,643.90.
On the mainland, the Shanghai Composite was down 0.56% at 3,340.78, and the smaller, technology-heavy Shenzhen Composite was off 0.6% at 2,290.40.
South Korea’s Kospi was 0.94% lower at 2,380.48, while the Hang Seng Index in Hong Kong managed gains of 0.07% to 24,667.09.
The blue-chip technology stocks were mixed in Seoul, with Samsung Electronics flat, while chipmaker SK Hynix lost 1.93%.
Apple supplier LG Display added 1.86% in the wake of the unveiling of the iPhone 12 overnight.
China Evergrande Group plunged 16.96% in Hong Kong, after the company announced a share placement aiming to raise HKD 4.3bn.
That move came after recent reports that the company was seeking to raise double that amount from the placement, as investors kept an eye on the company amid consternation about its cash position.
Chinese president Xi Jinping delivered a speech in Shenzhen on Wednesday, as the special economic zone marked the 40th anniversary of its launch.
The president spoke of the “legitimate rights and interests of entrepreneurs, property rights as well as intellectual property rights in accordance with the law,” which would “motivate entrepreneurs to start up and develop their businesses”.
Oil prices were lower at the end of the Asian day, with Brent crude last down 0.09% at $42.41 per barrel, and West Texas Intermediate losing 0.05% to $40.18.
In Australia, the S&P/ASX 200 was behind 0.27% at 6,179.20, while across the Tasman Sea, New Zealand’s S&P/NZX 50 was 0.72% firmer at 12,543.61.
The down under dollars were both stronger on the greenback, with the Aussie last ahead 0.25% at AUD 1.3939, and the Kiwi advancing 0.31% to NZD 1.4993.