Asia report: Markets close lower with most off for holiday

The markets that were open finished lower in Asia on Friday, as fresh data showed exports from South Korea plunging at their quickest pace since the global financial crisis.

It was a light day of trading for the region, with bourses in China, Hong Kong, India, Singapore and South Korea closed for public holidays.

In Japan, the Nikkei 225 was down 2.84% at 19,619.35, having returned from a holiday on Thursday, as the yen weakened 0.37% against the dollar to last trade at JPY 106.78.

Of the major components on the benchmark index, automation specialist Fanuc was down 3.76%, Uniqlo owner Fast Retailing lost 1.79%, and technology giant SoftBank Group was 0.54% weaker.

The broader Topix index was 2.24% lower by the end of trading in Tokyo, closing at 1,431.26.

Fresh economic data released on Friday showed that exports from South Korea fell 24.3% year-on-year in April, making for the worst contraction in almost 11 years, although it was slightly better than the 25.4% drop forecast by analysts polled by Reuters.

Oil prices were mixed as the region entered the weekend, with Brent crude last down 0.87% at $26.25, while West Texas Intermediate managed gains of 0.21% to $18.88.

In Australia, the S&P/ASX 200 plunged 5.01% to 5,245.90, as the financials subindex took a hit.

Australia and New Zealand Banking Group was down 6.8%, Commonwealth Bank of Australia lost 6.14%, National Australia Bank slid 3.12%, and Westpac Banking Corporation was off 5.77%.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 lost 0.79% to settle at 10,449.01, led lower by cinema technology company Vista Group International, which was off 4.8%.

Both of the down under dollars were weaker on the greenback, with the Aussie last off 1.01% at AUD 1.5511, and the Kiwi retreating 0.9% to NZD 1.6469.