Asia report: Markets mixed as sentiment takes a Brexit-fuelled dive
By Josh White
Date: Friday 16 Nov 2018
(Sharecast News) - Markets in Asia finished in a mixed state on Friday, with sentiment taking a hit from ongoing political turmoil in the UK, as a number of ministers resigned from Theresa May's government in the wake of the UK striking a Brexit agreement with the European Union.
In Japan, the Nikkei 225 was down 0.57% at 21,680.34, as the yen strengthened 0.48% against the dollar to last trade at JPY 113.09.
The broader Topix index was down 0.59% in Tokyo to finish at 1,629.30.
Technology firms were under pressure, with Advantest falling 7.56%, video games giant Nintendo off 9.1%, and semiconductor firm Tokyo Electron 4.26% lower.
On the mainland, the Shanghai Composite was ahead 0.41% at 2,679.11, and the smaller, technology-heavy Shenzhen Composite added 0.84% to 1,410.18.
South Korea's Kospi was up 0.21% at 2,092.40, while the Hang Seng Index in Hong Kong managed gains of 0.31% to close at 26,183.53.
Having expressed an upbeat mood about the Brexit deal on Thursday, traders turned sour on Friday as it became clear the agreement was going to be very hard to push through parliament - if it could be done at all.
"At this stage, it will be almost impossible for the deal to be approved by Parliament because the concerns raised by Raab are issues shared by many members of the government," noted BK Asset Management director of foreign exchange strategy Kathy Lien, referring to the resignation of Brexit minister Dominic Raab on Thursday morning.
Oil prices were higher, with Brent crude last up 2.13% at $68.07, and West Texas Intermediate adding 1.86% to $57.53.
In Australia, the S&P/ASX 200 slipped 0.09% to 5,730.60, with most subindices ending the day in the red.
Across the Tasman Sea, New Zealand's S&P/NZX 50 was off 0.2% at 8,809.70, led lower by outdoor clothing brand Kathmandu, which lost 7.8% after going ex-dividend.
Both of the down under dollars were weaker against the greenback, with the Aussie last off 0.09% at AUD 1.3755, and the Kiwi retreating 0.1% to NZD 1.4658.
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