Asia report: Most markets lower, ASX rebounds strongly
Most markets in Asia finished well into the red once more on Friday, as investors continued their hand-wringing over the state of the global Covid-19 coronavirus pandemic, although stocks in Australia were a marked exception, rebounding sharply higher.
In Japan, the Nikkei 225 was down 6.08% at 17,431.05, as the safe-haven yen weakened 1.52% against the dollar to last trade at JPY 106.23.
Of the major components on the benchmark index, automation specialist Fanuc was down 7.73%, Uniqlo owner Fast Retailing lost 5.36%, and technology giant SoftBank Group was 5.05% weaker.
Airlines remained a major weak point among the region’s bourses, with Tokyo’s two big players - ANA Holdings and Japan Airlines - falling 7.59% and 12.51%, respectively.
The broader Topix index was 4.98% weaker by the end of trading in Tokyo, closing at 1,261.70.
On the mainland, the Shanghai Composite was 1.23% weaker at 2,887.43, and the smaller, technology-heavy Shenzhen Composite lost 1.08% to 1,798.99.
South Korea’s Kospi was 3.43% weaker at 1,771.44, while the Hang Seng Index in Hong Kong slipped 1.14% to 24,032.91.
Both of the blue-chip technology stocks were weaker in Seoul, with Samsung Electronics down 1.67% and SK Hynix off 0.36%.
Korean Air Lines was also a big faller on the Korean peninsula, falling 5.07%, while Hong Kong-listed shares in China Southern Airlines and Cathay Pacific were down 1.84% and 2.87% respectively.
Cathay Pacific stocks hit a new 52-week low during the session, with the Hong Kong-based airline having already been battered by the major political demonstrations in the special administrative region since last spring.
Oil prices bounced as the region entered the weekend, with Brent crude last up 4.79% at $34.89 per barrel, and West Texas Intermediate ahead 4.46% at $32.97.
In Australia, the S&P/ASX 200 was a significant outlier in the region, ending its trading day up 4.42% at 5,539.30.
Sydney’s benchmark had fallen more than 8% earlier in the session, but still remained in bear market territory even after its afternoon recovery.
Flag carrier Qantas Airways still flew south along with its peers in Asia, ending the session down 12.64%.
Across the Tasman Sea, New Zealand’s S&P/NZX 50 was off 4.9% at 9,826.86, falling below the psychologically-important 10,000 point mark for the first time in almost a year.
The Wellington benchmark was led lower by Tourism Holdings, which was down 16.7% after it suspended its guidance as a result of the United States ban on travellers from Europe.
New Zealand’s tourism industry is set to be heavily affected by the ban, as a large number of visitors from Europe travel via the United States to the Pacific island nation.
Both of the down under dollars were decently stronger against the greenback, with the Aussie last ahead 1.05% at AUD 1.5869, and the Kiwi advancing 1.08% to NZD 1.6246.