Asia report: Markets finish week on a high
Markets in Asia finished higher on Friday, after a solid finish from Wall Street overnight, with investors eagerly awaiting tax reform progress out of the US and digesting trade data from Japan.
In Japan, the Nikkei 225 was up 1.39% at 22,811.08, as the yen weakened 0.37% against the dollar to last trade at JPY 113.51.
Carmakers, technology firms and trading houses were all on the front foot in Tokyo.
On the economic front, the country’s third quarter GDP was revised upwards to 2.5%, from the earlier preliminary estimate of 1.4%.
The economy grew 0.6% quarter-on-quarter, which was firmly ahead of the 0.4% forecast.
On the mainland, the Shanghai Composite finished ahead 0.55% at 3,289.99, and the smaller, technology-heavy Shenzhen Composite was 1.24% higher at 1,891.51.
South Korea’s Kospi eked out gains of 0.08% to 2,464.00, and the Hang Seng Index in Hong Kong was 1.19% firmer at 28,639.85.
Gains in blue chip technology plays in Seoul were offset by losses among carmakers and manufacturers.
Samsung Electronics and SK Hynix were up 2.48% and 3.55% respectively, while Hyundai Motor and Posco lost 1.86% and 0.6%.
LG Display responded to rumours it was working on a deal to supply OLED panels to US consumer technology giant Apple, saying “nothing has been set in detail”.
It said it would make a further announcement “in a month”, with its shares closing down 0.84%.
Oil prices were higher, with Brent crude last up 1.52% at $63.16 and West Texas Intermediate ahead 1.58% at $57.60.
In Australia, the S&P/ASX 200 settled up 0.28% at 5,994.40, with the energy sector at the top end as oil prices climbed.
Beach Energy rose 5.29% and Oil Search was ahead 0.97%, with Santos up 0.81%.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 rose 0.76% to 8,235.09, led higher by accounting software giant Xero, which was up 3%.
Both of the down under dollars were stronger against the greenback, with the Aussie last ahead 0.02% at AUD 1.3310 and the Kiwi advancing 0.18% to NZD 1.4613.