Asia-Pacific shares mostly lower

by Jonathan Adams
Hang Seng

The Hang Seng index slipped 0.72%, the Shanghai composite dropped 0.74% and the Shenzhen component declined 1.097%

Asia-Pacific shares were mostly lower in Friday trade after the S&P 500 on Wall Street hit another record closing high overnight.

Hong Kong’s Hang Seng index slipped 0.72% by the afternoon.

Shares of Tencent-backed financial technology firm Linklogis soared more than 9% from their issue price by the afternoon in its Hong Kong debut on Friday. Shares of Chinese tech juggernaut Tencent were flat.

Mainland Chinese stocks fell as the Shanghai composite dropped 0.74% and the Shenzhen component declined 1.097%.

The moves came as official data released Friday showed Chinese consumer and producer inflation rising in March as compared with a year ago.

The consumer price index for March rose 0.4% from last year, more than expectations for a 0.3% rise in a Reuters poll. The producer price index for March climbed 4.4% from last year, against expectations in a Reuters poll for a 3.5% rise.

Elsewhere in Japan, stocks bucked the overall downward trend regionally. The Nikkei 225 added 0.62% while the Topix index gained 0.76%. South Korea’s Kospi dropped 0.18%.

Stocks in Australia slipped as the S&P/ASX 200 dropped 0.16%.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.38%.

Overnight on Wall Street, the S&P 500 advanced 0.42% to 4,097.17 — its second straight record close. The Dow Jones Industrial Average also gained 57.31 points to finish its trading day at 33,503.57 while the tech-heavy Nasdaq Composite climbed 1.03% to finish at 13,829.31.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.132 after an earlier decline from levels around 92.4.

The Japanese yen traded at 109.36 per dollar, stronger than levels above 109.5 against the greenback seen yesterday. The Australian dollar changed hands at $0.7631, higher than levels near $0.76 seen earlier in the week.

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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