Nikkei, Hang Seng close lower as midday rally fades

Nikkei, Hang Seng close lower as midday rally fades

Muted trading in Asian markets persists during holiday week

Asian stock markets were mixed Wednesday as Japan’s midsession recovery had faded anew by the close, led by losses from the auto, energy and insurance sectors.

Japan’s Nikkei NIK, -0.66% closed down nearly 0.7% after the index set 27-year closing highs both Monday and Tuesday. Major automakers tumbled, with Toyota 7203, -2.94% off more than 2% and Honda 7267, -4.25% sinking some 4%. Auto parts maker Denso 6902, -3.41% lost 3%, extending this week’s declines. Dai-ichi Life 8750, -2.87% fell amid the recent downtick on bond yields.

Hong Kong stocks started lower following yesterday’s 2.4% drop, made an intraday charge into the green but ultimately closed lower. The Hang Seng Index HSI, -0.13% was down 0.1%. Tech heavyweight Tencent 0700, -0.32% fell 0.3% after a mixed session. Meanwhile, insurer AIA 1299, -2.59% was off a further 2.5%.

Australia’s ASX 200 XJO, +0.32% extended gains, up 0.3%, with gold mining companies such as Newcrest Mining NCM, +3.30% and Evolution Mining EVN, +3.80% rallying as gold prices hit a nearly two-week high.

New Zealand’s benchmark NZ50GR, -0.35% slipped, as did Taiwan’s Taiex Y9999, -0.51% , while stocks in Singapore STI, +0.76% and Indonesia JAKIDX, -1.16% posted solid gains. Markets in China and South Korea were closed for holidays.

error: Content is protected !!