Asian stock markets were mixed in early trading Thursday, though Japanese equities continued to power on toward an eighth straight day of gains.
After surging nearly 1% in morning trading, the Nikkei retreated some as it encountered resistance after it briefly breached the 23,000 level. It was last up 0.2%, as the dollar USDJPY, -0.05% rose to ¥111.70 from around ¥117.15 at the end of Tokyo stock trading Wednesday. That helped export-reliant names, with Sony 6758, +1.49% rising 1.2% to hit a fresh 11-year high and Nintendo 7974, +0.94% gaining 1.6%.
Hong Kong stocks slipped, finally taking a break after steady gains as August nears its conclusion. The Hang Seng HSI, -0.27% was off 0.2%. PetroChina 0857, +0.66% gained 1% as oil prices rose overnight, while vehicle manufacturer BYD 1211, -1.41% dropped 2.4% after reporting a 72% plunge in first-half earnings and signaling continued struggles.
Stocks in China struggled for direction, with the Shanghai Composite SHCOMP, -0.37% up slightly and Shenzhen Composite 399106, -0.74% down slightly. Chinese insurers were higher thanks to the news of the government-run China Securities Finance Corp buy stocks in the sector. Oil names were also up after fresh overnight gains for crude.
Taiwan’s Taiex Y9999, -0.03% edged up, though stocks in suppliers of Apple Inc. AAPL, +1.49% iPhone components were mixed following a report by Loup Ventures that upcoming U.S. iPhone sales could be 3% stronger than expected. Taiwan Semiconductor 2330, +1.54% was up 1.3%, but Foxconn 2354, -0.13% and Largan Precision Co. 3008, -0.11% each dipped.
South Korea’s Kospi SEU, +0.22% rose after a report that the Trump administration had allowed targeted relief from some U.S. steel and aluminum quotas. Shares of steelmakers Hyundai Steel 004020, +3.20% and Posco 005490, +2.41% each jumped.
Australia’s ASX 200 XJO, +0.22% was up after Wednesday’s 10½-year closing high, while New Zealand NZ50GR, -0.29% slipped after another record close Wednesday. Benchmarks in Southeast Asia were mixed, with declines in Singapore STI, -0.30% and Malaysia FBMKLCI, +0.03% , but gains in Indonesia JAKIDX, +0.37% .
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