Asian markets jump higher following Friday’s selloff

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Market

Monday, November 26,2018

Asian stock markets were broadly higher in early trading Monday following Friday’s U.S. selloff and another plunge for oil.

Despite the indication of the futures premarket, Japanese stocks started higher amid gains from so-called domestic demand stocks after the holiday weekend, reflecting concerns about global growth. The Nikkei NIK, +0.71%   rose 0.7%, with beverage maker Kirin 2503, +1.34%   , retailer FamilyMart 8028, +6.12%   and furniture retailer Nitori 9843, +2.70%  showing strong gains. But energy and financial stocks fell sharply after end-of-week drops in crude and Treasury yields. Oil explorer Inpex 1605, -3.16%   was down 2.8% and Mitsubishi UFJ 8306, -1.12%   was off another 1.5%.

Hong Kong stocks were solidly higher following Friday’ selling. Despite the weakness in energy following the oil slump, the Hang Seng Index HSI, +1.77%   was up 1.7% amid gains in financial and property stocks. They’re up some 1%, along with internet heavyweight Tencent 0700, +2.27%  . Major Chinese oil giants were down, with Cnooc 0883, -0.16%   off 1%.

Equities benchmarks in mainland China were muted, with the Shanghai Composite SHCOMP, +0.26%   up 0.3% and the smaller-cap Shenzhen Composite 399106, +0.09%   up 0.1%.

After a four-day losing streak, Taiwan’s benchmark Y9999, +0.87%   jumped 1% as the tech-heavy market’s heavyweights rose following recent global weakness for the sector. Taiwan Semiconductor 2330, +2.06%   and Largan Precision 3008, +2.87%   gained 2%. South Korea’s Kospi SEU, +1.21%   rose 1% after four-straight drops of its own, with Samsung 005930, +0.47%   up slightly. Singapore’s Strait Times Index STI, +0.83%   was up almost 1%.

Australia’s ASX 200 XJO, -0.84%   lagged the rest of the region, down 0.6%. Energy and mining stocks were weak, with Oil Search OSH, -4.03%   and Rio Tinto RIO, -3.53%   each down around 3%. New Zealand’s benchmark NZ50GR, -0.45%   was down slightly.

 

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