Equities across Asian were in the red in today’s session close after their gains from the past two trading session while mostly being affected by their stronger currencies as well as the US political concerns.
Australia’s stock market Index ASX 200 ended lower at 5,722.80 falling by 0.67 percent or 38.70 points as the Australian Dollar continued to strengthen thus weighing on the countries’ equities as it could hurt its exports.
The Australian Dollar is on the rise from the past few weeks boosted by its weaker US counterpart, the strong labor market data and the surge in iron-ore prices.
Meanwhile, Rio Tinto lost 2.07 percent, and Fortescue Metals Group fell by 2.5 percent affected by the stronger Australian Dollar that it’s expected to hurt their exports.
Moreover, the Japanese Yen strengthened against the US Dollar as the safe heaven gain over the political concerns in the US thus dampening the market sentiment and pushing the Japanese stock market to end the red.
Japanese stock market Index Nikkei 225 fell by 0.22 percent or 44.84 points to settle at 20,099.75.
The countries’ major oil companies fell due to the decline of the oil prices ahead of Monday’s meeting between Russia and Saudi Arabia, with Inpex falling by 1.51 percent and Japan Petroleum Exploration losing 0.35 percent.
While, the major exporters were mixed with Toshiba gaining almost 3 percent and Canon rising by more than 1 percent, while Panasonic was down 0.3 percent and Sony edging lower by almost 0.1 percent.
The Chinese stock market fell in today’s trading session, with its Shanghai Composite Index falling by 0.2 percent to settle at 3,238.15 and CSI300 index losing 0.3 percent to end at 3,736.13 points, but to remain in the green for the week.
Investor’s sentiment now is favoring a switch from small caps into large caps, and blue chips after the Chinese President Xi Jinping pledged to take stronger action to deal with financial risks following the strong economic growth data.
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