Asia report: Markets mixed on Monday, oil prices rise

by | May 24, 2021

Stock markets finished mixed on Monday in Asia, as investors kept an eye on the Covid-19 situation in the region, as oil prices rose.
In Japan, the Nikkei 225 was up 0.17% at 28,364.61, as the yen strengthened 0.02% against the dollar to last trade at JPY 108.94.

Of the major components on the benchmark index, automation specialist Fanuc was up 1.59% and fashion firm Fast Retailing added 0.15%, while technology conglomerate SoftBank Group lost 2.23%.

The broader Topix index 0.44% firmer by the end of trading in Tokyo, closing at 1,913.04.

On the mainland, the Shanghai Composite was 0.31% higher at 3,497.28, and the smaller, technology-heavy Shenzhen Composite rose 0.75% to 2,337.26.

South Korea’s Kospi was down 0.38% at 3,144.30, while the Hang Seng Index in Hong Kong lost 0.16% to 28,412.26.

Seoul’s blue-chip technology stocks were weaker, with Samsung Electronics down 0.5% and SK Hynix losing 2.45%.

“The risk sentiment among investors and traders is still very much shaken after the fact that the S&P 500 index closed in negative territory, and has posted two consecutive weeks of losses,” said AvaTrade’s Naeem Aslam.

“The major question is if the buy the dip mentality will continue to prevail and if it will then we are likely to see the US equity markets recover their losses in no time.

“On the flip side, if investors have lost their appetite for riskier assets, then we have a long way to go.”

Oil prices continued to rise at the end of the Asian day, with Brent crude last up 1.84% at $67.66 per barrel, and West Texas Intermediate ahead 1.82% at $64.74.

In Australia, the S&P/ASX 200 managed gains of 0.22% to 7,045.90, as the country’s major miners were in the red.

BHP was down 1.84% in Sydney, while Fortescue Metals lost 4.17% and Rio Tinto slid 2.15%.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 slipped 0.09% to 12,449.00, led lower by retirement property developer Ryman Healthcare, which was off 5.3% in Wellington.

The down under dollars were both weaker against the greenback, with the Aussie last off 0.2% at AUD 1.2963, and the Kiwi retreating 0.07% to NZD 1.3955.

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