EVENING UPDATE
(DBS)Most major Asian stock markets retreated again on Friday, reflecting losses overnight among retail stocks on Wall Street, and with Japanese companies again coming under pressure from the strength of the yen.
At the close of trading, the Shanghai Composite Index fell 0.31%, the Shenzhen Composite was down 0.32%, Hong Kong’s Hang Seng index was down 0.99%, Taiwan’s Taiex lost 0.67% and South Korea’sKospi closed 0.53% lower.
In Australia, the ASX 200 closed 0.57% lower as resources stocks came under pressure.
In the Philippines, the PSEi was up 1.53% after reports showed that the economic policies of President-in-waiting Rodrigo Duterte would not depart much from those of outgoing President Benigno Aquino Jnr.
In Tokyo, the Nikkei 225 closed down 1.41% as the yen strengthened against the US dollar. Big exporters ended mostly lower, with shares of Toyota down 1.78%, Honda off 2.17% and Canon down 0.97%. A stronger yen is usually a negative for exporters as it reduces their overseas profits when converted into local currency.
MORNING REPORT
Australia’s ASX 200 was trading higher on Friday morning. At the time of writing, it was ahead by 0.19%. South Korea’s Kospi was lower by 0.1% ahead of a Bank of Korea policy meeting.
In Singapore, Finance Minister Heng Swee Keat underwent surgery after suffering a stroke during a meeting of the Cabinet on Thursday.
Most major Asian stock markets closed narrowly lower on Thursday, reflecting losses overnight on Wall Street.
At the close of trading, the Shanghai Composite Index fell 0.04%, the Shenzhen Composite was down 0.06%, Hong Kong’s Hang Seng index was down 0.70%, Taiwan’s Taiex lost 0.34% and the Kospi closed 0.13% lower.
The ASX 200 closed 0.24% lower, led by a 0.88% fall in the financials sub-index, which makes up nearly half of the broader benchmark.
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