Asian markets closed mostly higher on Friday’s session, benefiting from a weakening Yuan after U.S. President Donald Trump’s comments.

Asian markets closed mostly higher on Friday’s session, benefiting from a weakening Yuan after U.S. President Donald Trump’s comments.

July 21, 2018 Off By Yhumi Tsun

Asian markets closed mostly higher on Friday’s session, benefiting from a weakening Yuan after U.S. President Donald Trump’s comments on the Federal Reserve and interest rate hikes.

Over in China, the Shanghai Composite rose by 2.04 percent to close the session at 2,829.15 supported by the gains in all sector but mainly Financials that rose by around 4.34 percent. Furthermore, the Shenzhen Composite also advanced by 1.125 percent or 17.71 points to end the session in the green at 1,593.30 due to the gains in all sectors.

Moreover, Hong Kong’s main benchmark Hang Seng rose by 0.76 percent or 213.62 points to trade at 28,224.48 at the close, supported by the gains in Utilities and Energy sectors, with Industrial and Commercial Bank of China Ltd was the best performer, which gained 2.77 percent to settle higher at 5.560.

In South Korea, the country’s benchmark KOSPI added 0.30 percent to end the session up at 2,289.19 affected by gains in Telecom Services and Utility sectors of 1.09 percent and 0.83 percent respectively. In stocks news, Dongsung Pharmaceutical Co Ltd was the best performer stock, surging by 19.17 percent followed by Youlchon Chemical Co Ltd that gained 12.64 percent.


Japanese Stock Market

Japanese market witnessed some downfalls, as Japan’s main index Nikkei 225 fell by 0.29 percent or 66.80 points, to close the session lower at 22,697.88 as losses in Basic Materials, Industrials and Financials sectors pressured the index down.

Among automakers, the market was mixed as Honda declines by 0.3 percent, while Toyota gained around 0.2 percent. Furthermore, the banking sector was also mixed, Mitsubishi UFJ Financials advanced below 0.1 percent, on the flip side, Sumitomo Mitsui Financial tumbled by 0.4 percent. Major exporters were mixed on a stronger Yen, as Sony and Canon edged up in a range of 0.1 percent and 0.3 percent. Meanwhile,  Mitsubishi Electric and Panasonic declined by one percent and around 0.2 percent respectively.

Meanwhile, the best performer stocks were Daiichi Sankyo Co Ltd, which gained 2.81 percent to trade at 4,798 at the close. Furthermore, Konami Holding Corp added 2.52 percent to end in the green at 5,700.

On the flip side, the weakest performing stocks of the session were Dentsu Inc, which dropped by 6.83 percent to trade lower at 4,705 at the close followed by Sumco Corp that lost 4.14 percent to settle at 2,292.

In the forex space, the Japanese Yen fell against the U.S. Dollar on Friday to trade at 112.43 at 9:55 GMT.


Australian Stock Market

On the other hand, Australian shares were higher after the close on Friday, supported by the gains in most sectors except for Basic Materials, which fell by around 1.06 percent. The S&P/ASX 200 index advanced by 23.20 points or 0.37 percent to close the session in the green at 6,285.90.

Key miners closed lower on today’s session, as BHP Billiton lost above one percent, while Fortescue Metals and Rio Tinto were also down by around one percent each. Elsewhere among gold miners, the market ended lower due to higher gold prices but still at one-year lows, where Evolution lost nearly two percent, and Newcrest Mining tumbled by around 0.3 percent. Meanwhile, the four major banks were higher today, as ANZ Banking, National Australia Bank, Commonwealth Bank and Westpac advanced in a range of 0.6 percent and 0.8 percent.

In the stock market, the best acting shares of the session on the S&P/ASX 200 were Afterpay Touch Group Ltd for the second day in a row, which surged by 6.28 percent to close at 14.38. Moreover, Pilbara Minerals Ltd added 4.57 percent to settle in the green at 1.03.

On the other hand, CSR Ltd was the worst performing stock in the market as it declined by 7.95 percent ending down at 4.05, followed by the downfall of Lynas Corporation Ltd by 5.61 percent to close in the red at 2.02.

In the currency market, the Australian Dollar advanced against the U.S. Dollar on Friday’s session to trade at 0.7376 at 9:55 GMT.