الجمعة , يونيو 12 2020

Asian shares mostly up in short week

Japanese shares

Japanese shares headed higher despite negative industrial production data

Asian shares got off to a positive start in a holiday-shortened week as investors awaited economic data from the region to boost market momentum.

Figures on German inflation, European confidence and US spending are due later on Monday, while eurozone inflation data and manufacturing surveys from China come mid-week.

Japan shares were up despite negative factory production data, which showed the biggest drop since June 2014.

The Nikkei was up 0.5% to 19,391.7.

Industrial output fell 3.4% in February from the previous month as companies curbed production due to the Lunar New Year holidays.

The dollar was at 119.23 yen, compared with 119.14 yen in New York trade on Friday.

China shares lead

Chinese shares led the region’s gains, with the Shanghai Composite up 1.2% to 3,735.37, while Hong Kong’s Hang Seng index was higher 1.3% to 24,799.55.

Greater China shares were up after China allowed mainland mutual funds to buy Hong Kong stocks via the Shanghai-Hong Kong Stock Connect.

In Australia, shares headed lower with resource stocks weighing on the benchmark index due to record low iron ore prices and sliding oil prices.

Iron ore prices hit fresh all-time lows on oversupply worries, while oil tumbled 5% on Friday.

The SP/ASX 200 was down 1.3% to 5,845.4.

Shares of Caltex Australia plunged as much as 10.2% after US energy giant Chevron sold its entire stake in the refiner for $3.6bn (£2.4bn), becoming the latest global energy player to exit Australia’s refining industry.

In South Korea, the benchmark Kospi index was higher 0.3% to 2,024.84 points.

Investors ignored central bank data that showed manufacturing sentiment fell for April, highlighting uneven confidence among businesses.

شاهد أيضاً

COPTIC SOLIDARITY LAUNCHES URGENT CALL TO END CRIME OF FORCED DISAPPEARANCE OF COPTIC WOMEN IN EGYPT

A Coptic woman, Ranya Abd al-Masih (“servant of Christ”), 39, disappeared in Egypt on April 22, 2020, …