Asian stocks are turning in a mixed performance on Friday, after having surged higher in the previous session thanks to the People’s Bank of China’s unexpected move to cut its reserve requirement ratio for local banks freed up about 2 trillion yuan in liquidity.
The mood is cautious in Asian markets with investors awaiting U.S. inflation data, due later in the day. Also, the Federal Reserve is scheduled to announce its monetary policy next week.
The Japanese market is down sharply, weighed down by hawkish comments from Bank of Japan Governor Kazuo Ueda. Investors are also digesting Japanese inflation data.
Tokyo CPI in Japan decreased to 1.6% in January from 2.4% in December of 2023.
A report from the Bank of Japan showed producer prices in Japan increased 2.4% on year in December, in line with expectations and unchanged from the November reading following an upward revision from 2.3%.
On a monthly basis, producer prices rose 0.1% in December, slowing from 0.3% in the previous month.
The Nikkei 225 is down 500.97 points or 1.37% at 35,735.50.
Mitsubishi UFJ Financial, Mizhuo Financial, Sumitomo Mitsui Financial and Softbank Group are among the major losers in the financials sector.
Sumco Corp, Advantest Corp. and Dainippon Screen Manufacturing are down 4.3 to 5.2%. Ajinomoto Co., Tokyo Electric Power, Tokyo Electron, Mitsubishi Heavy Industries and Nissan Motor are declining 2 to 3%
Sony Inc, Fujikura, Fuji Electric, TDK, Nippon Yusen KK and J Front Retailing are also down sharply.
Automobile stocks Nissan Motor, Suzuki Motor, Toyota Motor and Yamaha Motor Company are trading notably lower.
Among the gainers, Pacific Metals is soaring nearly 14%. Rakuten Inc., Nippon Sheet Glass, Panasonic and Toto are up 2 to 4%.
Takara Holdings, Shiseido, JGC Corp., Chiyoda Corp, NGK Insulators and Matsui Securities are advancing 1 to 2%.
The South Korean market’s KOSPI is up in positive territory, gaining 23.43 points or 0.95% at 2,493.77.
Shares of battery makers are turning in a fine performance, contributing significantly to the gains in the South Korean market.
LG Energy Solution is rising nearly 4% after the company reported a surge in quarterly earnings.
Shares of Peers Samsung and SK Innovation are gaining about 4% and 3.7%, respectively. POSCO Holdings is advancing nearly 3%, and LG Chem is gaining about 4.5%.
In Hong Kong, the Hang Seng index is down 192.46 points or 1.19% at 16,019.50.
Galaxy Entertainment is gaining more than 3%. CNOOC, Wharf Real Estate, Sino Biopharmaceuticals, Sands China, Bank of East Asia and Swire are up 1.5 to 2.3%.
Lenovo is plunging more than 8%. Aac Technologies is down nearly 6%, while Sunny Optical Technology is down by about 4.4%. Xiomi, China Life Insurance and Shenzhou International Holdings are also notably lower.
The Shanghai Composite Index is down 10.97 points or 0.38% at 2,895.14.
China Fortune is climbing nearly 10%. Jinzhou Port, Poly Real Estate, Air China, China Minsheng Bank, Ningbo Port, China Grand Auto and Shanghai Petrochemicals are gaining 1 to 2.3%.
Sinopec is declining more than 3%. China Railway, Yonyou Soft, China Life Insurance, China International, China Pacific Insurance and New China Life are also down in negative territory.
In the New Zealand market, Steel Tube is down 4.2%. Meriden Energy and Summerset are among the other notable losers. Infratil, Goodman Property, Air New Zealand and Vector are up in positive territory with moderate gains.
New Zealand’s NZX 50 is down 26.90 points or 0.23% at 11,862.73
Markets in Malaysia and Singapore are modestly higher, while the Australian market is closed for Australia Day.
Asian Stocks Turning In Mixed Performance
2024-01-26 04:36:46
