Asia report: Markets mixed as boards close early for Christmas

Markets in Asia finished mixed on Tuesday, with Hong Kong, Australia and New Zealand bourses all closing truncated sessions for Christmas Eve.

In Japan, the Nikkei 225 was up 0.04% at 23,830.58, as the yen remained stable against the dollar, last trading at JPY 109.40.

The major components on the benchmark index were all in the green, with automation specialist Fanuc up 0.44%, Uniqlo owner Fast Retailing 0.24% firmer, and technology conglomerate SoftBank Group up 0.36%.

Apple supplier Taiyo Yuden ended the session up 2.52%.

Stocks associated with the California-based consumer technology giant were in a mixed state in the region, after it added 1.6% on Wall Street overnight following a price target hike from Dan Ives of Wedbush Securities to $350 per share.

The broader Topix index went in the other direction to the main board, falling 0.07% to 1,728.22 by the end of trading in Tokyo.

On the mainland, the Shanghai Composite was 0.67% firmer at 2,982.68, and the smaller, technology-heavy Shenzhen Composite was up 1.38% at 1,690.74.

In geopolitical developments overnight, Chinese premier Li Keqiang met with his opposite numbers in Japan and South Korea, with the three pledging to work for the denuclearisation and a “lasting peace” on the Korean peninsula.

They reportedly also agreed to promote a dialogue between Washington and Pyongyang.

South Korea’s Kospi lost 0.62% to close at 2,190.08, while the Hang Seng Index in Hong Kong was off 0.15% to 27,864.21.

The blue-chip technology stocks were weaker in Seoul, with Samsung Electronics down 0.9% and chipmaker SK Hynix off 0.85%.

Looking at Apple suppliers in Hong Kong, Sunny Optical Technology Group was 0.36% lower by the end of trading.

Sentiment was relatively rosy during the Asian day, as investors reacted to the news that China was cutting import tariffs on hundreds of goods.

The country’s Ministry of Finance said it would slash charges on more than 850 product categories from 1 January, including frozen pork and certain kinds of semiconductors.

Many market watchers pointed out that the move was not necessarily related to the US-China trade war, but was more likely a bid to boost domestic demand and lower costs on some necessities.

Oil prices were higher as the region logged off, with Brent crude last up 0.26% at $66.56 per barrel, and West Texas Intermediate 0.18% higher at $60.63.

In Australia, the S&P/ASX 200 managed gains of 0.13% to close at 6,794.20, while across the Tasman Sea, New Zealand’s S&P/NZX 50 was 0.8% firmer at 11,642.78.

Both of the down under dollars were weaker on the greenback, with the Aussie last off 0.08% at AUD 1.4458, and the Kiwi retreating 0.09% to NZD 1.5082.