Asia report: Markets enter Christmas weekend in mixed state
By Josh White
Date: Friday 24 Dec 2021
(Sharecast News) - Markets in Asia were mixed on Christmas Eve, with trade thin on many bourses after a stellar session on Wall Street overnight.
In Japan, the Nikkei 225 was down 0.06% at 28,782.59, as the yen strengthened 0.02% on the dollar to last trade at JPY 114.37.
Automation specialist Fanuc was up 0.46%, while among the benchmark's other major components, fashion firm Fast Retailing was down 0.97% and technology conglomerate SoftBank Group lost 0.59%.
The broader Topix index was 0.13% weaker by the end of trading in Tokyo, settling at 1,986.78.
On the mainland, the Shanghai Composite was 0.69% lower at 3,618.05, and the smaller, technology-heavy Shenzhen Composite was off 1.3% at 2,491.96.
South Korea's Kospi was 0.48% firmer at 3,012.43, while the Hang Seng Index in Hong Kong gained 0.13% to 23,223,76.
Seoul's blue-chip technology stocks were in the green, with Samsung Electronics up 0.75% and SK Hynix rising 0.39%.
"It is better late than never for the Santa rally, which helped drive gains for US indices yesterday with the S&P 500 closing at a record high up 2.27% on the week while tech outperformed with the Nasdaq closing the week up 3.19%," said Interactive Investor head of investment Victoria Scholar of the global situation on Friday.
Oil prices were lower as the region entered the Christmas weekend, with Brent crude last down 0.98% at $76.10 per barrel, and West Texas Intermediate losing 1.02% to $73.04.
"Markets now turn to the next OPEC+ meeting at the start of January," Victoria Scholar added.
"Expectations are for the cartel to stick with its decision to raise production by 400,000 barrels per day, barring any major sell-off.
"This year's extension of 2020's rally has seen oil exceed expectations, with Brent staging 50% gains amid the reopening trade and a broader move higher in the commodities complex."
In Australia, the S&P/ASX 200 was up 0.44% at 7,420.30, while across the Tasman Sea, New Zealand's S&P/NZX 50 rose 0.2% to 12,888.41.
The down under dollars were both weaker against the greenback, with the Aussie last off 0.06% at AUD 1.3811, and the Kiwi retreating 0.04% to NZD 1.4655.
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