Asian stock markets were broadly higher in early trading Monday following Friday’s U.S. selloff and another plunge for oil.
Despite the indication of the futures premarket, Japanese stocks started higher amid gains from so-called domestic demand stocks after the holiday weekend, reflecting concerns about global growth. The Nikkei
rose 0.7%, with beverage maker Kirin
, retailer FamilyMart
and furniture retailer Nitori
showing strong gains. But energy and financial stocks fell sharply after end-of-week drops in crude and Treasury yields. Oil explorer Inpex
was down 2.8% and Mitsubishi UFJ
was off another 1.5%.
Hong Kong stocks were solidly higher following Friday’ selling. Despite the weakness in energy following the oil slump, the Hang Seng Index
was up 1.7% amid gains in financial and property stocks. They’re up some 1%, along with internet heavyweight Tencent
. Major Chinese oil giants were down, with Cnooc
Equities benchmarks in mainland China were muted, with the Shanghai Composite
up 0.3% and the smaller-cap Shenzhen Composite
After a four-day losing streak, Taiwan’s benchmark
jumped 1% as the tech-heavy market’s heavyweights rose following recent global weakness for the sector. Taiwan Semiconductor
and Largan Precision
gained 2%. South Korea’s Kospi
rose 1% after four-straight drops of its own, with Samsung
up slightly. Singapore’s Strait Times Index
was up almost 1%.
Australia’s ASX 200
lagged the rest of the region, down 0.6%. Energy and mining stocks were weak, with Oil Search
and Rio Tinto
each down around 3%. New Zealand’s benchmark
was down slightly.
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