ASEAN STOCKS: Asian shares mostly higher in quiet post-holidays trading
TOKYO (AP) — Shares were mostly higher in Asia yesterday with many world markets closed for holidays.
Japan’s Nikkei 225 index advanced 0.6 per cent to 23,924.92, while the Kospi in South Korea edged 0.1 per cent higher to 2,191.71.
The Shanghai Composite index picked up 0.3 per cent to 2,989.56. India’s Sensex lost 0.2 per cent to 41,380.45. In Southeast Asia, benchmarks were mixed, while Taiwan was flat.
Markets were closed in Hong Kong, Malaysia and Australia.
World markets have rallied after United States (US) President Donald Trump said that a trade deal with China was ready for signing.
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Chinese officials have confirmed that the two sides are in close contact on their so-called ‘Phase 1’ agreement to help ease friction over Beijing’s technology ambitions and other trade issues.
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“Despite recession worries, trade tiffs, and rancorous politics, investors managed to have their Christmas cake and eat it this year,” Stephen Innes of AxiTrader said in a commentary.
Wall Street ended nearly flat on Tuesday in a shortened trading session before closing for Christmas Day.
US markets reopen yesterday. The benchmark S&P 500 index slipped less than 0.1 per cent to 3,223.38. The Dow Jones Industrial Average dropped 0.1 per cent, to 28,515.45. The Nasdaq composite gained 0.1 per cent to 8,952.88.
“With the heavyweight colossal tech sector giants leading the way, investors are showing no fear as the market remains underpinned by the thawing in the US-China trade squabble and easy central bank policy,” Innes said.
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Earlier this week, China announced it was slashing tariffs on 850 types of products as part of its efforts to improve the quality of its trade and meet demand for scarce items.
But so far details of the China-US agreement have not been disclosed, leaving in question the scope of the deal and its ability to resolve deep, longstanding conflicts over Chinese industrial policy and trade practices.
In energy trading, benchmark US crude gained 23 cents to USD61.34 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude oil, the international standard, picked up 21 cents to USD66.37 per barrel.
The US dollar was trading at JPY109.55, up from JPY109.35 on Wednesday. The euro was at USD1.1092, weakening from USD1.1220.
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