Asia stocks mixed after record US close; Samsung closes up 5%
Asian stocks were mixed on Thursday following a record close on Wall Street, with Japanese markets continuing to underperform due to a stronger currency.
The Dow and S&P 500 finished at record highs on Wednesday following positive economic data. Orders for durable goods rose in October, sales of new single-family homes rose for a third straight month last month, and consumer confidence rose to a seven-year high in November.
Sentiment in Asia also got a boost on news that European Commission President Jean Claude Juncker unveiled a 300 billion euro plan to boost the euro zone economy.
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"Now with the U.S. on holidays for Thanksgiving - and it's highly likely most investors will to take Friday off as well - global trade will be light over the next two days. Light volumes allow larger moves, so be aware of strange trading patterns," said Evan Lucas, market strategist at IG.
Meanwhile, oil remained in focus with prices sliding to fresh four-year lows on Thursday following reports that Gulf producers in OPEC agreed not to cut production at their meeting later in the day.
| TICKER | COMPANY | NAME | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|---|
| .N225 | Nikkei 225 Index | NIKKEI | 38,646.11 | -457.11 | -1.17% |
| .HSI | Hang Seng Index | HSI | 18,608.94 | -259.77 | -1.38% |
| .AXJO | S&P/ASX 200 | ASX 200 | 7,727.60 | -84.20 | -1.08% |
| .SSEC | Shanghai | SHANGHAI | 3,088.87 | -27.52 | -0.88% |
| .KS11 | KOSPI Index | KOSPI | 2,687.60 | -34.21 | -1.26% |
| .FTFCNBCA | CNBC 100 ASIA IDX | CNBC 100 | 9,689.74 | -89.39 | -0.91% |
Nikkei down 0.8%
Japanese shares ended at their lowest level since November 17, tracking movements in the currency space. Dollar-yen fell to a one-week low at 117.25, which pressurized exporters across the board.
Yakult Honsha slumped 6 percent on media reports that French firm Danone is considering selling its 20 percent stake in the firm.
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Airbag maker Takata eased nearly 5 percent after the U.S. National Highway Traffic Safety Administration gave the firm a deadline of Tuesday next week to issue a U.S. recall on its airbags.
Shanghai gains 1%
China's benchmark Shanghai Composite index hit a three-year peak for the fifth straight session as investors dismissed weak data. Official data released during the market open showed October industrial profits falling 2.1 percent on year, compared to a 0.4 percent gain in the previous month.
Brokerages and insurers continued their outperformance, with Huatai Securities, Founder Securities and New China Life Insurance shooting up 10 percent each.
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Meanwhile, Hong Kong stocks reversed gains to drop 0.3 percent, moving off a one-week high.
Kospi flat
South Korea's benchmark Kospi index closed at its highest level since October 1, boosted by a 5 percent rally in heavyweight Samsung Electronics.
Earlier, the stock jumped as much as 8 percent after the firm announced a $2 billion share buyback, it's second-largest buyback ever, late on Wednesday.
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ASX flat
Australia's index inched up to its highest closing level since November 17.
Energy producers capped gains on the benchmark index following losses in crude oil prices. Woodside Petroleum, Santos and Origin Energy all tanked 3 percent each.
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Woolworths rallied over 2 percent after its chairman reaffirmed guidance for 4 to 7 percent net profit growth this fiscal year during the firm's annual shareholder meeting.
Emerging markets drop
The Philippines' benchmark PSE Composite Index lost over 1 percent after third-quarter gross domestic product grew 0.4 percent on year, missing forecasts.
Indian shares were flat, snapping their four-day winning streak, as the expiry of monthly derivative contracts dampened sentiment.