Asia report: Most markets higher in lighter trading

Markets in Asia finished in mostly positive territory on Friday, as investors in the region had their chance to sift through the second day of Federal Reserve chair Janet Yellen’s annual testimony in front of the US Congress.

Japan’s Nikkei 225 was ahead 0.09% at 20,118.86, as the yen gained some strength on the dollar, last advancing 0.04% to JPY 113.23.

Fresh economic data out of Tokyo showed a 3.6% decline in industrial production for Japan month-on-month in May, although the year-on-year measure was still ahead 6.5%.

On the mainland, the Shanghai Composite was u 0.13% at 3,222.31, and the smaller, technology-centric Shenzhen Composite was down 0.41% at 1,881.01.

South Korea’s Kospi was up 0.21% at 2,414.63, while the Hang Seng Index in Hong Kong was 0.16% firmer at 26,389.23.

Seoul’s carmakers were in the spotlight, as news emerged that unionised workers at Hyundai were balloting for a potential strike.

Shares in Hyundai were up 3.36%, and competitor Kia Motors was 1.08% higher.

Attention was focussed on Yellen’s testimony overnight, after she told Congress achieving the 3% growth target set by President Donald Trump would be “challenging” thanks to productivity.

Oil prices were lower during the Asian session, in contrast to the previous session, where prices for the thick black stuff rose after positive customs data from China suggested strong demand from the People’s Republic.

Prices picked up as Europe took the trading baton, however, with Brent crude last up 0.51% at $48.67 and West Texas Intermediate gaining 0.6% to $46.36 per barrel.

Australia’s S&P/ASX 200 finished 0.49% higher at 5,765.12, and New Zealand’s S&P/NZX 50 added 0.5% to 7,649.77.

The down under dollars were mixed, with the Aussie last 0.39% stronger on the greenback at AUD 1.2888, while the Kiwi weakened 0.22% to NZD 1.3686.