Asia report: Mother nature sends markets downwards

Asian markets finished Friday mostly in the red, with a string of natural disasters hitting the region - a typhoon in Hong Kong and the Philippines, and an earthquake in Japan.

The Nikkei 225 closed 0.3% lower at 17,184.59, after a 6.6 magnitude earthquake struck the west of Japan.

No tsunami warning was issued.

The safe-haven yen rose after the tremor, though it last clawed back some of its strength against the greenback, and was 0.13% stronger at JPY 103.82 per $1.

Mitsubishi Motors was the day’s biggest gainer, adding 5.22%, a day after Nissan confirmed it had acquired a 34% controlling share in the carmaker.

Nissan shares also closed up, adding 0.59%, while other carmakers were mixed - Honda was flat, Toyota slipped 1.09% and Suzuki Motor added 2.01%.

Video game giant Nintendo watched its shares slide 6.55% on Friday, even after it gave markets a first look at its ‘Switch’ gaming console, to be released in March.

Analysts looked on the device favourably, despite online gaming communities having reservations.

“The concept for the product is in line with our expectation that it will be a hybrid of a stationary console and a handheld device,” said Nomura’s Junko Yamamura.

“Software will be sold in cartridges, which we think will have a favorable effect on pricing.”

On the mainland, the Shanghai Composite added 0.22% to 3,091.28, with the smaller, tech-centric Shenzhen Composite losing 0.38% to settle at 2,052.56.

Fresh data out of Beijing showed Chinese property prices rising at the fastest rate ever during September, giving rise to concerns of a bubble.

China property giant Vanke slipped 2.66% as a result.

South Korea’s Kospi ended the day 0.37% lower at 2,033.

Stock exchange operator Hong Kong Exchanges and Clearing cancelled Friday’s trading sessions as Typhoon Haima loomed over the Special Administrative Region.

Haima also killed at least a dozen people in the Philippines, flooding huge tracts of rice and corn plantations.

The PSE index closed down 0.82% in Manila.

Oil prices were up marginally towards the end of the Asian day, with Brent crude last up 0.68% at $51.73 and West Texas Intermediate adding 0.49% to $50.88.

In Australia, the S&P/ASX 200 lost 0.22% to 5,430.30, while New Zealand’s S&P/NZX 50 was down 0.22% at 6,958.40.

The down under dollars were mixed, with the Aussie last 0.1% stronger on the greenback at AUD 1.3098, and the Kiwi weakening 0.37% to NZD 1.3952 per $1.