Greener BeeGreen HolidaysAsian Markets Turn Green as Oil Rebounds Ahead of Holidays

Strong finish at the Wall Street coupled with Christmas closure ahead, brought rallies across Asian markets on Tuesday. With the exception of Japan’s Nikkei 225, Asian-region ended their trading positively.

Japan’s Nikkei 225 index closed flat at 18,886.70 points, down 0.16% for the day. Investors did not fully participate during the trading session as Japan’s markets will be closed tomorrow for the emperor’s birthday. McDonald’s Japan fell 7.9% after news emerged that its US parent company is considering selling a stake in the Japanese business.

Toshiba Corp stock dropped 12.3%, continuing to follow yesterday’s declining trend. The electronics company saw its shares plummet after reports surfaced that it is likely to post $4.54 billion in loss on 2015’s income statement.

Kirin Company, a beer maker, saw its stock plunge 5.8% owing to the announcement by the company that it would post loss of 56 billion yen in 2015, due to poor performance in Brazil operations.

On the upper side, Taisei Corporation, a construction company, rose 1.6% on the news that its design will be used for new Olympics stadium.

WTI crude futures for February delivery have shown some signs of recovery, climbing up to $36.04 a barrel, as of 2:27 AM EST, up 0.64%. The WTI crude price bounced back from yesterday’s $34 per barrel. Brent with February delivery has also recovered today to $36.44, as of 2:33 AM EST from Monday’s 11-year low of $36.04 a barrel.

On Monday, US stock markets closed in the green territory. The SP 500 gained 15.6 points, up 0.78% while the Dow Jones Industrial Average ended its session by adding 123 points to the index, up 0.72%. Nasdaq benchmark closed at 4,968.92, up 0.93%.

On the Chinese front, the major news was from Central Economic Work Conference, which stressed on a more flexible monetary policy, and a stimulating fiscal policy. It also focused on industrial-overcapacity, stockpiles, reducing finance cost, improvement in weak links, and efforts to lower the dependability on debts in corporations.

China’s SSE Composite Index ended at 3,651.77 points, up 0.26%. The new supply-side reforms have also failed to create significant positive sentiments. Chinese property plays were mixed with Greentown dropping 0.8% while China Resource Landclosed flat.

China’s CSI 300 benchmark gained 10.77 points, its four-month high to close up 0.28%. The index was supported by property and IT stocks.

Aussie’s SP/ASX 200 ended its trading session in the green zone, adding 7.70 points, up 0.15% for the day. The gain is mainly credited to energy shares, which rallied higher despite fluctuation in oil prices. LNG players have also played a role in the rise. Santos stock increased 3.1%, while Natural gas futures gained more than 8% during the overnight trading session in the US.

Hong Kong’s Hang Seng continued to trade in the green today as well and added 38.34 points, up 0.18%. The banking sector witnessed a mixed session. Hong Kong-listed China Construction bank traded down 0.37% today.

Article source: http://www.chinabusinessnews.com/2019-asian-markets-turn-green-as-oil-rebounds-ahead-of-holidays/


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