Asia report: Markets mixed as Beijing talks up return to work
By Josh White
Date: Friday 21 Feb 2020
(Sharecast News) - Markets finished mixed in Asia on Friday as concerns around the ongoing coronavirus outbreak continued, although stocks in mainland China rose on the back of positive words from Beijing.
In Japan, the Nikkei 225 was down 0.39% at 23,386.74, as the yen strengthened 0.24% against the dollar to last trade at JPY 111.83.
Technology conglomerate SoftBank Group was up 2.4%, while among the benchmark's other major components, automation specialist Fanuc was down 1.42% and fashion firm Fast Retailing lost 1.31%.
The broader Topix index slipped into the red in Tokyo as well, ending the day down 0.03% at 1,674.00.
On the mainland, the Shanghai Composite was uo 0.31% at 3,039.67, and the smaller, technology-heavy Shenzhen Composite was 1.12% firmer at 1,907.35.
China's Ministry of Commerce boosted sentiment in the People's Republic, reporting that the resumption of trade was increasing at a rapid pace in the country's major manufacturing provinces, including Guangdong and Jiangsu.
South Korea's Kospi was down 1.49% at 2,162.84, while the Hang Seng Index in Hong Kong lost 1.09% to 27,308.81.
Both of the blue-chip technology stocks were in the red in Seoul, with Samsung Electronics down 1.33% and SK Hynix off 0.96%.
The chipmaker said overnight that 800 of its workers had self-quarantined, after one of its trainees had contact with a virus patient.
Korea had reported its first coronavirus death on Thursday, with the number of new confirmed cases also rising rapidly in the last few days.
The global outlook for the virus outbreak was at the top of the agenda on Friday, after the World Health Organisation's director-general Tedros Adhanom Ghebreyesus said on Thursday that the low number of confirmed cases outside China "may not stay the same for long".
"We share the WHO's enthusiasm around these ongoing trends, but also its view that this is no time for complacency," said analysts at ShoreCap.
"The recent jump in cases in South Korea, although not representing a change in the epidemiology of the virus, does show its ability to cause sporadic outbreaks ex-China.
"The international community must remain vigilant and take robust action to end the outbreak at source."
Oil prices were lower as the region entered the weekend, with Brent crude last down 1.54% at $58.41 per barrel, and West Texas Intermediate off 1.43% at $53.12.
In Australia, the S&P/ASX 200 was off 0.33% by the end of trading in Sydney, settling at 7,139.00.
Retail and rural conglomerate Wesfarmers was among the leading losers in the sunburnt country, falling 1.96%.
Across the Tasman Sea, New Zealand's S&P/NZX 50 managed gains of 0.07% to close at 12,073.34 - a fresh record close - as the country's earnings season rolled on.
Medical products company Ebos Group led the benchmark higher in Wellington, rising 3.5% to add to the gains seen on Thursday after it reported a decent boost in first-half profit.
Both of the down under dollars were weaker on the greenback, with the Aussie last off 0.32% at AUD 1.5167, and the Kiwi retreating 0.41% to NZD 1.5855.
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN