Plus   Neg

Asian Shares Mixed In Cautious Trading

asian mixed 21oct19 lt

Asian stocks turned in a mixed performance on Monday after the British parliament delayed a vote on Prime Minister Boris Johnson's Brexit deal, forcing him to seek another postponement of Britain's departure from the European Union.

Hopes for a U.S.-China trade deal offered some support after U.S. President Donald Trump said he thought an agreement would be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on November 16 and 17.

Separately, Chinese Vice Premier Liu He said that China would work with the United States to address each other's core concerns on the basis of equality and mutual respect.

Chinese shares ended slightly higher on hopes that Beijing would continue its policy support for the economy. The benchmark Shanghai Composite Index edged up 1.48 points, or 0.1 percent, to 2,939.62, while Hong Kong's Hang Seng Index crept up by 6.10 points, or less than 0.1 percent, to 26,725.68.

Japanese shares hit more than 10-month highs despite lingering economic uncertainties and data showing that Japanese exports fell an annual 5.2 percent in September, shy of forecasts for a drop of 3.6 percent following the 8.2 percent slide in the previous month.

The Nikkei 225 Index rose 56.22 points, or 0.3 percent, to 22,548.90, its highest level since December 3 ahead of a public holiday on Tuesday for the enthronement of Emperor Naruhito. The broader Topix closed 0.4 percent higher at 1,628.60.

Brokerages paced the gainers, with Daiwa Securities climbing 2.5 percent and Matsui Securities adding 2.1 percent. Chip-related shares closed broadly lower on profit taking after recent gains.

Australian markets spent most of the day in the red before ending the session roughly flat. The benchmark S&P ASX 200 Inched up 2.80 points to finish at 6,652.50, led by realty, material and industrial stocks. The broader All Ordinaries Index ended down 0.70 points at 6,757.70.

Stockland shares surged up 6.5 percent after an improved residential property market paid off for the property developer in the first quarter of fiscal 2020.

Seven West Media soared 11.7 percent after it agreed to sell its Pacific magazines, including Men's Health, New Idea, and Marie Claire, to Germany's Bauer Media for A$40 million by the end of calendar year 2019.

On the other hand, Wisetech Global slumped 12.3 percent after U.S.-based short seller J Capital made further allegations against the logistics software company, saying that the company's several acquisitions in recent years were poorly integrated. The company has rejected the allegations. Afterpay Touch tumbled 3.3 percent and Appen lost 4.3 percent.

Treasury Wine Estates plunged 11.8 percent on news its chief executive Michael Clarke will retire next year and be replaced by chief operating officer Tim Ford.

Seoul stocks rose on expectations that corporate earnings will improve on the back of a recovery in the memory chip industry. The benchmark Kospi ended up 4.15 points, or 0.2 percent, at 2,064.84.

Meanwhile, New Zealand shares edged lower as investors fretted over Brexit and a slowing pace of Chinese growth. The benchmark S&P/NZX 50 Index dropped 4.37 points, or less than 0.1 percent, to 11,062.75.

Tourism Holdings shares plunged 10.6 percent to a two-month low after the RV rental company warned that weaker U.S. vehicle sales will have a material negative affect on its full-year results.

U.S. stocks fell on Friday, with disappointing Chinese data, negative news related to Boeing and Johnson & Johnson as well as a decline in Netflix shares weighing on the markets.

The Dow Jones Industrial Average dropped 1 percent, the tech-heavy Nasdaq Composite shed 0.8 percent and the S&P 500 eased 0.4 percent.

For comments and feedback contact: editorial@rttnews.com

Follow RTT