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Asia stocks mixed after Wall Street’s late-day rally on Friday

Asia stocks mixed after Wall Street’s late-day rally on Friday

Asian stock markets were trading mixed on Monday in morning session after a late-day rally on Wall Street on Friday as investors fretted about the risks from looming US inflation data.

Korea’s Kospi rose 0.5% after skidding 6.4% last week, the most since May 2012. Heavily weighted technology stocks gained with Samsung Electronics rebounding 1.43% and SK Hynix adding 0.82%. Financials also traded higher in the early going.

Shipbuilders were mostly in negative territory, with Samsung Heavy down 1.81%. Hyundai Heavy Industries was flat after it reported a miss on fourth-quarter earnings on Friday after the market close.

Down Under, the S&P/ASX 200 shed 0.64% as earnings season continued. Energy-related stocks were down 1.06% in the morning after oil prices slid for the sixth straight session on Friday. Santos fell 1.24% and Beach Energy lost 3.31%.

Gold producers were also weak headed south with Newcrest Mining and Evolution Mining down 1.22% and 3.23%, respectively. Australian retailers were in the red, with Myer underperforming its peers in the sector and trading down 4.7%.

In Greater China, the Hang Seng Index was trading 0.78% higher, while on the mainland, the Shanghai Composite Index was up 0.50% in early morning session.

Japanese markets are closed on Monday in observance of a public holiday.

On the commodities front, oil prices were steady after sinking on Friday for a sixth straight day. US West Texas Intermediate edged up 0.29% to trade at $59.37 per barrel after falling below the $59 level on Friday for the first time this year.

In currencies, the dollar index stood at 90.352. Against the yen, the dollar was mostly stable at 108.77 at 8:06 a.m. HK/SIN.


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