FXStreet (Mumbai) – The stock markets in Asia display a mixed performance on the final trading of the week, with the Chinese equities under pressure and extend losses for the third straight session.
While rest of the Asian markets, including Japan and Australia are seen on a recovery path, after heavy losses booked the day earlier.
Sentiment sours as oil slips again
The Japanese stocks are seen recouping yesterday’s sharp losses, tracking the overnight Wall Street rebound. The Japanese exporters’ benefit from a relatively weaker yen and hence, aid the recovery in the index. While shares of electronics maker Sharp jumped 11.01% on reports that Taiwan’s Hon Hai Precision Industry will offer to invest 700 billion yen ($5.9 billion) in the company. Meanwhile, USD/JPY trades flat around 118 handle and the Nikkei rises 0.73% to 17,367, moving away from multi-month lows.
While, the Australian stocks also attempt a minor bounce, with the S&P/ASX 200 index advancing 0.40% to 4,928. Upbeat Aus home loans data combined higher gold prices lifted the sentiment around the domestic stocks. However, the recovery remains fragile as the black gold halted its rebound and slipped back in the red.
The Chinese markets buck the trend and stretches their losing streak on the back of the renewed weakness in oil and on a stable yuan fix today. The benchmark, the Shanghai Composite index is now losing -0.91% and failed once again near 3000 levels, Shenzhen’s CSI 300 index drops -0.81%. While Hong Kong’s the Hang Seng declines -0.61% to 19,697.
(Market News Provided by FXstreet)