Asia report: Markets mixed as energy stocks stumble

Asian markets finished mixed on Thursday, with lower oil prices still putting pressure on energy stocks in the region.

In Japan, the Nikkei 225 was down 0.32% at 17,336.42, with energy player Fuji Oil falling 0.94% and Japan Petroleum off 0.04%.

The yen traded weaker against the greenback, and was last off by 0.26% at JPY 104.74 per $1.

On the mainland, the Shanghai Composite was down 0.13% at 3,221.31, while the Shenzhen Composite was virtually flat at 2,068.08.

Shares in Petrochina finished 0.14% lower on the Shanghai bourse.

South Korea’s Kospi added 0.51% to 2,024.12, while Hong Kong’s Hang Seng Index lost 0.83% to 23.132.35.

On the energy front, Seoul’s S-Oil was down 1.11%, while Hong Kong-listed shares in CNOOC were down 2.67%.

Samsung posted its third quarter earnings, with an operating profit of KRW 5.2 trn in line with expectations, even though it was down almost a third year-on-year.

The company’s mobile division saw a 96% decline in revenue year-on-year, as a result of the production and PR disaster that was the Note 7 smartphone.

Samsung had initially recalled the devices, saying they had a higher-than-acceptable risk of catching fire, but then had to recall the replacement devices and discontinue the product when those devices were showing a tendency to combust as well.

Shares in the electronics giant were still up 0.38% by end of play in Seoul.

Oil prices were mostly flat during Asia Pacific hours, though the finally started to bounce back towards the end of the day.

Brent crude was last up 0.7% at $50.33 per barrel, and West Texas Intermediate added 0.47% to $49.41.

There was some positive oil data, with the US Energy Information Administration reporting that crude stockpiles in the country fell by 553,000 barrels last week.

Analysts said any positivity from that appeared to be overrode by concerns over whether OPEC will cut its production levels at its meeting next month.

Australia’s S&P/ASX 200 finished down 1.2% at 5,295.50, with the energy subindex losing 1.76%, while the hefty financials sector lost 0.7% and materials were off 2.09%.

The big oil stocks were all down, with Oil Search off 2.36%, Santos losing 1.95% and Woodside Petroleum 1.52$ softer in Sydney trading.

One of Australasia’s big four banks, National Australia Bank, posted a 4% year-on-year rise in cash earnings during the session to AUD 6.48bn.

Its statutory net profit was down 94.4% however, to AUD 352m, which NAB put down to losses on the sale of Clydesdale Bank in the UK, as well as a majority stake in its Wealth life insurance arm.

The bank maintained its final dividend at 99 Australian cents, with shares closing up 0.47%.

All the other big four banks declined - Australia and New Zealand Banking Group lost 0.57%, Commonwealth Bank of Australia slid 1.62% and Westpac was 0.65% softer.

In New Zealand, the S&P/NZX 50 managed a 0.7% gain to 6,941.95, led by deep-water port operator Port of Tauranga, which added 2.7%.

The down under dollars were both weaker against their American cousin, with the Aussie last off 0.44% at AUD 1.3128 and the Kiwi 0.19% softer at NZD 1.4005 per $1.