Asian indices remained stable after yesterday’s oil rally


Stocks in Asia were almost unmoved by Thursday’s opening bell, following the rally of oil prices yesterday.

The Japanese benchmark Nikkei 225 index traded close to the flat line on the day due to the performance from its energy sector. Financial and auto stocks were also at the bottom of the benchmark. The released figures which suggested a better than expected industrial and production and retail sales for the month of November in Japan has also highly influenced the index.

Across the Korea Strait, the Kospi index was 0.39 percent up on early trade, with its largest blue-chip technology stocks as its leading advancers. Tech giant Samsung Electronics wedged up by 1.5 percent as it shrugged off the news on Wednesday that showed vice chairman Jay Y. Lee is looked by prosecutors for a 12-year prison sentence. He is currently appealing a 5-year sentence due to corruption claims.

The Aussie benchmark ASX 200 index was only slightly higher by 0.04 percent, with shares from its technology company and the gold market offsetting the poor performance from its real estate investment trusts and utility stocks.

Looking at the corporate news, Mitsubishi UFC Group said that it is cautiously positive that regulators will approve its bid to get as much as 73.8 percent of Bank Danamon. Its shares, however, plunged by 0.98 percent on Wednesday.

Zhejiang Geely Holding Group, an auto manufacturer in China reported that it would acquire an 8.2 percent stake in AB Volvo which is worth more than 27.2 billion Swedish crowns (3.26 billion in USD).


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