Asian stocks finished mixed Thursday, with Japan and Australia making solid gains but the Hong Kong market declining amid a spate of earnings news.
The Nikkei 225 in Tokyo hiked 100.94 points, or 0.7%, to 15,314.57, to run its winning streak to four. The index overcame a weaker-than-expected report on retail sales in the world’s largest economy. However, trading in Tokyo was thin as many traders were absent for the Obon midsummer holiday.
The Hang Seng Index in Hong Kong dropped 88.98 points, or 0.4%, to 24,801.36, as investors began to take profit from a strong run that started in early July.
The index set a fresh high for the year Wednesday, after a string of weak Chinese economic data Wednesday, including a fall in credit growth in July, fueled hopes for further economic stimulus from policy makers.
Internet giant Tencent Holdings Ltd. led a selloff in technology stocks, falling 2.4%. The firm guided for possibly flat revenue from mobile games in the second half of the year, even as it reported a 59% year-over-year rise in second-quarter profit.
Personal-computer maker Lenovo Group also fell, declining 1.4%, despite reporting solid earnings growth of 23% in the second quarter, on the back of stronger personal computer and smartphone sales. China Mobile Ltd. was up 1.1%, despite a fall in first-half profit due to regulatory policies favoring competition
Australian markets hit a two-week high with a gain of 0.6% to 5548.50, as earnings there magnified a broad-based recovery. Telstra Corp was up 2.2% after the telecoms company said it would buy back up to one billion Australian dollars ($930 million U.S.) of its own shares and that net profit for the year through June rose to A$4.3 billion.
Gaming company Crown Resorts gained 2.7% after it posted a 66% jump in net profit for the year through June, as strong earnings in the gambling hub of Macau continued to offset weakness at its hotels and casinos in Australia.
CHINA
The Shanghai CSI 300 index fell 22.96 points, or 1%, to 2,335.93, as investors there weighed disappointing economic data for July against possibly fresh catalysts from reform.
In other markets;
In Singapore, the Straits Times STI Index docked 6.58 points, or 0.2%, to 3,294.83
In Korea, the Kospi index eked up 0.86 points to 2,063.22
The Taiex Index in Taiwan slid 0.70 points to 9,230.61
In New Zealand, the NZX 50 moved up 7.71 points, or 0.2%, to 5,062.41
Australia’s S&P/ASX 200 grew 33.75 points, or 0.6%, to 5,548.47
