Asia report: Markets mixed as China data points to further recovery

by | Feb 9, 2021

Stock markets in Asia closed in a mixed state on Tuesday, with shares in China leading the risers, after another stellar session on Wall Street overnight.
In Japan, the Nikkei 225 was up 0.4% at 29,505.93, as the yen strengthened 0.57% against the dollar to last trade at JPY 104.63.

Of the major components on the benchmark index, robotics specialist Fanuc was up 1.56%, Uniqlo owner Fast Retailing added 1.6%, and technology giant SoftBank Group was 3.41% firmer.

The broader Topix index eked out gains of 0.08% by the end of trading in Tokyo, to settle at 1,925.54.

On the mainland, the Shanghai Composite jumped 2.01% to 3,603.49, and the smaller, technology-centric Shenzhen Composite gained 2.43% to 2,418.24.

South Korea’s Kospi was down 0.21% at 3,084.67, while the Hang Seng Index in Hong Kong rose 0.53% to 29,476.19.

The blue-chip technology stocks were mixed in Seoul, with Samsung Electronics down 0.36%, while SK Hynix 0.4% higher.

IG chief market analyst Chris Beauchamp noted that there had been some good news out of Asia during the day, with China providing signs of a firm recovery as car sales rose by more than a third in January.

“While the Western world continues to struggle, the economic recovery is already in play across parts of Asia, which at least provides a hint of what might happen in due course elsewhere once the vaccination programmes have really taken hold,” he said.

“The strength of this equity rally continues to take everyone by surprise, but earnings season has delivered enough good news to hold stocks near their current high levels, particularly in the case of market darlings like the tech sector, and with more fiscal stimulus on the way investors seem content to stick with equities even after the bounce from the October low.”

Oil prices were higher as the region went to bed, with Brent crude last up 0.38% at $60.79 per barrel, and West Texas Intermediate 0.26% firmer at $58.12.

In Australia, the S&P/ASX 200 was down 0.86% at 6,821.20, as oil plays in the sunburnt country closed lower.

Beach Energy was down 2.41% and Santos reversed earlier gains to settle 0.28% weaker in Sydney.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 slipped 0.97% to 12,927.69, with medical technology maker Fisher & Paykel Healthcare leading the declines, falling 2.8%.

Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.29% at AUD 1.2941, and the Kiwi advancing 0.25% to NZD 1.3817.

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