Stocks in Asia were little changed on Friday following a record surge in oil prices overnight that saw U.S. crude futures soaring more than 24%.
In Japan, the Nikkei 225 index inched up 1.47 points, to 17,820.19. The Japanese yen traded at 108.07 per U.S. dollar after an earlier high of 107.79.
In Hong Kong, the Hang Seng Index dropped 43.95 points, or 0.2%, to 23,236.11.
The moves came after an overnight surge in oil prices. In the afternoon of Asian trading hours Friday, prices were oil prices were mixed, with international benchmark Brent crude futures recovering from their earlier slip to rise 1.47% to $30.38 per barrel. U.S. crude futures also fell 2.17% to $24.77 per barrel.
Oil companies in Asia Pacific were mixed, with Australia’s Santos up 0.5% while Japan’s Inpex gained 2.63%. Hong Kong-listed shares of PetroChina, on the other hand, declined 5.56%.
The Australian dollar changed hands at $0.6049 after seeing levels above $0.612 earlier in the week.
CHINA
The CSI 300 lost 21.31 points, or 0.6%, to 3,713.22.
On the economic data front, a private survey released Friday showed China’s services sector shrank further in March. The Caixin/Markit services Purchasing Managers’ Index (PMI) for March was at 43 following a record low of 26.5 in February.
PMI readings below 50 indicate contraction, while figures above that level signify an expansion.
One expert said indicators such as coastal ship volumes and traffic congestion show China is “trying to gradually normalize” its economy.
Investors have been watching data releases out of China for clues on the economic impact of the coronavirus. The first reported cases came out of the country, and authorities imposed measures such as an extended holiday period to prevent the disease’s spread.
In other markets
Markets in Taiwan were shuttered Friday for holiday.
In Korea, the Kospi index eked up 0.58 points to 1,725.44
In Singapore, the Straits Times Index slumped 63.74 points, or 2.6%, to 2,389.29.
In New Zealand, the NZX 50 regained 64.62 points, or 0.7%, to 9,935.18
In Australia, the ASX 200 stumbled 86.82 points, or 1.7%, to 5,067.48
