HONG KONG (China): Tokyo shrugged off nosediving Toshiba shares to trade flat Wednesday morning, but US crude finally ended a complete streak as trading volumes remained light ahead of the New Year.
The troubled Japanese conglomerate’s stock plunged 20% after it announced Tuesday it could possibly book a one-off loss worth several billion dollars over US subsidiary Westinghouse’s acquisition of a nuclear company.
Hong Kong, that has been trading for its first day because long Christmas break, was down 0.3% while Shanghai drifted 0.1% lower.
Chinese investors have endured a tough year through which bonds, shares and currency all have slumped. Shanghai is heading for its largest stop by five years.
The thin trading volume predicted to become carried through in Asian markets throughout the last week of trading for the volatile Year.
Investors have displayed resilience when confronted with shocks such as Brexit vote and Donald Trump’s US presidential win, assisting to weaken the yen and propel the Nikkei to 12-month highs.
“The community isn’t bad, though some foreign investors away on holiday, harm participants plus the market lacks momentum to push prices beyond recent highs,” Chihiro Ohta, a Tokyo-based senior strategist at SMBC Nikko Securities, told Bloomberg News.
Australian shares rose much more than 1%, the most in three weeks after being closed for holidays on Monday and Tuesday.
US crude prices drifted lower, with all the US benchmark contract down Wednesday to finally snap complete streak. , US oil prices gained finished at US$53.90 a barrel, their highest a higher level the year.
Analysts said investors are gaining confidence make fish an agreement by Opec oil producers to limit output will tighten this market.
The yen drifted lower about the dollar for just a second day rapidly Japanese government saying the nation’s industrial production rose 1.5% in November with the previous month.
“Overseas demand, including from third world countries, is recovering and production is growing in order to meet their consumption needs,” Takeshi Minami, chief economist at Norinchukin Research Institute, said.
Regional investors were carrying out a weak lead from Wall Street, together with the Dow again neglecting to break over the landmark 20,000 barrier, finishing up 0.1% at 19,945.04.
However, the Nasdaq finished in a fresh record Tuesday, boosted by strong US consumer data.