SINGAPORE – Chinese stocks fell Friday as the rest of Asia-Pacific traded mixed, while Wall Street stocks rallied overnight and oil prices fell.
Hong Kong’s Hang Seng dropped 2%, while the Shanghai composite inched down 0.47% and the Shenzhen component fell nearly 1%. The CSI 300 dropped almost 1%.
Shares of Hong Kong-listed Russian aluminum producer Rusal surged more than 10% in early trade before reversing to tumble almost 4%. The stock dropped earlier this week after the firm said Monday it was evaluating the impact of a ban announced Sunday by the Australian government on exports of alumina and aluminum ores to Russia.
Rusal shares in Moscow had shot up nearly 16% when markets resumed trading in Russia on Thursday after a month-long shutdown.
JD Logistics shares dived more than 12%. In a filing with the Hong Kong stock exchange this morning, the firm said it would raise 8.53 billion Hong Kong dollars ($ 1.09 billion) through a share sale. The subsidiary of e-commerce giant JD.com said the shares will be priced at 20.71 Hong Kong dollars a piece.
Japan stocks fell after rising earlier. The Nikkei 225 was down 0.38%, while the Topix declined 0.3%. Japan reported inflation data, showing its core consumer price index hit a two-year high in March, according to Reuters.
Australia’s S&P / ASX 200 stayed in positive territory as it inched up 0.36%, with some gains in miners. South Korean stocks struggled for direction, trading between gains and losses. The Kospi last sat below the flatline. Some tech stocks were down, with SK Hynix falling 1.66%.
Top gainers in Asia morning trade include Japan’s Toshiba and Fanuc, which rose 1.8% and 0.7% respectively, as well as Singapore agricultural firm Olam which was up 2.8%. Notable losers included Nio, which fell 3% and China Life Insurance, which was down 1.1%.
MSCI’s broadest index of Asia-Pacific shares traded outside Japan 0.52% lower.
Singapore’s Straits Times index was up 0.5%. Research firm Capital Economics and DBS Bank analysts said Friday they now expect Singapore’s central bank to tighten policy at its meeting next month after a major loosening of the country’s Covid restrictions on Thursday.
“Yesterday’s easing of virus restrictions in Singapore exceeded what we had expected and now means the risks to our above-consensus growth forecast of 4.0% this year are to the upside,” said Alex Holmes, emerging Asia economist at the firm. The measures are also likely to add to inflationary pressures, further increasing the chance that the Monetary Authority of Singapore (MAS) will tighten policy at its meeting next month. ”
US stocks rallied overnight, led by chip stocks. The Dow jumped 349.44 points, or 1%, to close at 34,707.94. The S&P 500 added 1.4% at 4,520.16, and the Nasdaq Composite rose 1.9% to 14,191.84.
Stocks have seenawed this week, alternating between up and down days. The S&P 500 and the Nasdaq are on track to close the week higher.
Apple supplier stocks
Currencies and oil
Oil prices were in focus, falling almost 2% overnight after a volatile session. During Asia trade on Friday, US crude was down 0.15% to 2 112.17 per barrel, and Brent was slightly changed at $ 119.05.
“[International Energy Agency] Members are seeking to reduce their use of its crude, “said ANZ Research analysts Brian Martin and Daniel Hynes. They noted IEA Executive Director Fatih Birol said the group is ready to release more oil from emergency stockpiles if needed.
Contributing to oil’s decline, Organization of the Petroleum Exporting Countries officials have also expressed to the EU their discomfort on a proposed ban on Russian oil, Reuters said citing OPEC sources.
In currencies, the US dollar index, which tracks the greenback against a basket of its peers, was at 98.527, dropping from levels around 98.7 earlier.
The Japanese yen traded at 121.55 per dollar, firmer compared to earlier. The Australian dollar was at $ 0.7517, as it continued to jump from levels around 7 0.74 earlier in the week.