Asia report: Stocks mixed as Hong Kong exports show growth

Asia-Pacific equity markets closed with a mixed performance on Tuesday, a day after the region saw its major indices end the day in negative territory.

Earlier on Tuesday, oil prices eased somewhat lower after Qatar said the truce between Israel and Hamas had been extended by a further 48 hours.

“As the corporate month concludes, stocks in the Asia-Pacific region displayed a mixed performance, influenced by a lower yield environment and the lacklustre performance of US stocks,” said TickMill market analyst Patrick Munnelly.

“The Nikkei 225 index struggled to maintain early gains, facing profit-taking amid a strengthening currency.

“The Hang Seng index and Shanghai Composite index also recorded modest losses, despite support pledges from the People’s Bank of China, following a report indicating potential significant losses and job cuts in China’s property sector, impacting banks.”

Stocks in a mixed state across region, Japan slips

In Japan, the Nikkei 225 index slipped 0.12% to close at 33,408.39, while the Topix index declined by 0.21%, settling at 2,376.71.

The losses on Tokyo’s benchmark were led by Denso, down by 4.85%, Hino Motors, down by 2.55%, and Mazda Motor, down by 2.32%.

China saw the Shanghai Composite index gain 0.23%, reaching 3,038.55, and the Shenzhen Component rose by 0.49% to 9,833.46.

Shanghai’s gains were led by Changchun Faway Automobile Components and Guizhou Guihang Automotive Components, both surging by 10.02%.

Hong Kong saw a decline in the Hang Seng Index, which dropped 0.98% to close at 17,354.14.

Meituan saw a notable decrease of 5.16%, followed by Budweiser Brewing Company, down by 3.55%, and China Merchants Bank, down by 3.28%.

In South Korea, the Kospi rose 1.05% to 2,521.76, with key performers including Hanwha Ocean, which gained 9.42%, and KakaoBank, which rose by 4.16%.

Australia recorded a modest gain in the S&P/ASX 200 index, which increased by 0.39% to reach 7,015.20.

The gains in Sydney were led by Emerald Resources, up by 4.82%, and Mercury NZ, which gained 4.52%.

In New Zealand, the S&P/NZX 50 was ahead 0.73% at 11,237.38, with Wellington’s advances led by Eroad, which increased by 6.76%, and Restaurant Brands New Zealand, up by 6.21%.

In currency markets, the dollar was last down 0.01% on the yen, trading at JPY 148.68, while it declined 0.1% against the Aussie to AUD 1.5121.

Meanwhile, the greenback strengthened 0.08% on the Kiwi, changing hands at NZD 1.6412.

On the oil front, Brent crude futures were last up 1.09% on ICE at $80.84 per barrel, and the NYMEX quote for West Texas Intermediate (WTI) was ahead 1.18% to $75.74.

Hong Kong exports show growth, Australian retail sales decline

In economic news, according to fresh government data, Hong Kong saw its first annual increase in exports since April last year.

In October, exports saw a notable rise of 1.4%, bouncing back from a 5.3% contraction in September.

At the same time, imports also experienced growth, increasing by 2.6% in October compared to a decline of 0.4% in the preceding month.

The export surge was primarily attributed to strong performance in Asian regions, with notable contributions from India, Vietnam, Thailand, and mainland China.

However, some Asian nations, including Singapore, the Philippines, and Taiwan, recorded a decrease in exports from Hong Kong.

Elsewhere, government data in Australia revealed a dip in retail sales for October.

The figures indicated a 0.2% decline in retail sales during the past month, following a brief 0.9% gain experienced in September.

That also fell short of the expectations of a Reuters poll, which had anticipated a 0.1% increase.

The total value of retail sales for October stood at AUD 35.77bn.

“It looks like consumers hit the pause button on some discretionary spending in October, likely waiting to take advantage of discounts during Black Friday sales events in November,” said Ben Dorber, head of retail statistics at the Australian Bureau of Statistics.

“This is a pattern we have seen develop in recent years as Black Friday sales grow in popularity.”

Reporting by Josh White for Sharecast.com.