Asian markets ended on mixed notes on Thursday, after better than expected economic data from China failed to boost markets in Hong Kong and Shanghai. On the other hand, Japanese, Australian, and South Korean markets advanced.
Meanwhile, US president Donald Trump said in a speech on Wednesday that he is moving on with his tax reform plans and that he did not want to be “disappointed by Congress.” The President gave little insight on the detail of the bill only that cutting taxes for corporation and individual would result in economic growth and job creation.
On the geopolitical front, tension has been on the rise in the Korean peninsula due to the consistent ballistic missile testing by North Korea, Markets in Asian are still trading cautiously as the risk of another missile test still looms.
In Mainland China, equity ended the session mostly in the red, as Shanghai Composite fell by 0.08 percent to trade at 3,360.81 at the close Meanwhile, the Shenzhen composite was the only gainer in of session to advance by 0.31 percent to settle at 1,944.94. While Hong Kong’s primary benchmark the Hang Seng index lost some of the gains recorded on Wednesday to close lower by 0.44 percent to trade at 27,970.30 after hours.
Meanwhile, better than expected economic data in China failed to boost markets in Shanghai and Hong Kong, as the official manufacturing Purchasing Managers index beat expectations to come in at 51.7 for August compared to expected figure of 51.3.
Elsewhere, South Korean Index Kospi erased all of the gains from yesterday’s session to drop by 0.43 percent to settle at 2,057.70.
Japanese stock market
In Japan, the Japanese Nikkei 225 rose by 0.72 percent to trade at 19,646.24 at the close. The benchmark rose for the second consecutive session after risk appetite eased across markets along with positive economic data in the US helped lift Japanese equities. Moreover, a decline in Yen vs. the dollar also helped lift the market.
Looking at stock specific news, Reuters reported that Japenese Tech giants Toshiba had a new bidder for its memory chips business, the consortium led by Bain Capital made a last minute bid worth nearly 18 billion dollars, Reuters also reported that Apple and South Korean SK Hynix are also part of the consortium. Moreover, Toshiba failed to meet its deadline to sign with another consortium led by Western Digital after the news Toshiba’s share price fell by 0.65 percent.
Australian stock market
Meanwhile down under in Australia, Aussie’s leading Benchmark ASX 200 surged by 0.79 to trade at 5,714.52 at the close. The index gain was limited by losses in the Energy sector that saw the sector decline by 1.73 percent intraday.
Look at individual stocks, Harvey Norman share price tumbled by 7.48 percent after-hours after the Australian retailer announced it would pay-out lower dividends this compared to last year, the retailer price plunged despite report better than expected full-year profit for the year of 448.98 million Australian dollars.
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