Asia report: Markets finish higher, led by tech sector boost
Markets in Asia finished in the green on Thursday, even as fresh uncertainties as to the state of US-China relations emerged overnight.
In Japan, the Nikkei 225 rose 0.97% to 20,773.56, as the yen weakened 0.14% against the dollar to last trade at JPY 109.79.
Technology conglomerate SoftBank was up 1.83% in Tokyo, and the broader Topix index advanced 0.87% to 1,566.10.
Fresh data out of Tokyo showed Japan’s core consumer prices rose 1.1% for January, ahead of the 0.9% forecast in a Reuters poll.
Core inflation in Japan includes the price of oil, but excludes fresh food products.
On the mainland, the Shanghai Composite gained 0.39% to 2,601.72, and the smaller, technology-heavy Shenzhen Composite went against the regional trend, falling 0.18% to 1,319.97.
South Korea’s Kospi was ahead 1.52% at 2,177.73, while the Hang Seng Index in Hong Kong added 1.65% to 27,569.19.
Technology play Tencent Holdings surged 4.12% in Hong Kong, after it received the long-awaited necessary approvals for two new mobile games.
Over in Seoul, tech firms were the winners as well, with Samsung Electronics and SK Hynix gaining 3.95% and 5.82% respectively.
Sentiment around the fractured relationship between Beijing and Washington took another hit overnight, after US Commerce Secretary Wilbur Ross said the two nations were not close to reaching a trade agreement.
The two countries were currently in a temporary ceasefire of their trade war, which saw them slap punitive tariffs on each other’s goods throughout 2018.
China’s vice-premier, Liu He, is set to visit the US next week.
Oil prices fell as the region went to bed, with Brent crude last down 0.38% at $60.86 per barrel, and West Texas Intermediate falling 0.09% to $53.08.
In Australia, the S&P/ASX 200 managed gains of 0.68% to settle at 5,905.60, with the hefty financials subindex advancing 0.37%.
That was underpinned by gains among the big four Australasian banks, with Australia and New Zealand Banking Group up 1.04%, Commonwealth Bank of Australia eking out gains of 0.04%, National Australia Bank adding 0.65%, and Westpac Banking Corporation ahead 0.62%.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 squeezed ahead by 0.02% to finish at 9,110.55, ahead of earnings season in Wellington.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.28% at AUD 1.4057, and the Kiwi advancing 0.22% to NZD 1.4755.