Most of the Asian markets ended in the positive territory on Thursday , taking cues from the Chinese market, which surged up more than 4.5% and raised hopes that the third largest economy will sustain the growth momentum. However, the markets in Australia, Japan and India ended in the negatie territory amid thin trading as traders preferred to lock-in-gains and move to the sidelines awaiting direction.
In Japan, the benchmark Nikkei 225 Index ended at 10,215, representing a loss of 65.82 points, or 0.640%, while the broader Topix index of all first section stocks were down 7.04 points, or 0.74%, to 943.
Exporters and automakers led the declines after the local currency strengthened against the US dollar, as a stronger yen reduces the amount of realization of export proceeds in local currency and dents profit margins.
Among automakers, Suzuki Motor declined 3.20%, Honda Motor fell 2.41%, Isuzu Motors slumped 5.02%, Toyota Motor shed 1.79%, and Nissan Motor lost 2.50%. However, Mitsubishi Motor managed to end the session unchanged from previous close.
Shipping stocks also ended in negative territory, after Nomura Holdings revised the rating for Kawasaki Kisen, the third largest shipping line in the country. The stock declined 1.76%. Among others, Mitsui OSK Lines dropped 0.70% and Nippon Yusen fell 0.76%.
In China, the Shanghai Composite Index surged 130.05 points, or 4.8 percent to close at 2,845.02. That helped Hong Kong's market, where many Chinese companies are listed, and the benchmark Hang Seng added 1.2 percent to 19,761.68.
Elsewhere:
In South Korea -- the economy grew faster than expected, at 2.6% in the second quarter on improved consumer spending and infrastructure investments. Stocks appeared to have already factored in the news, as the Kospi only rose 0.02% to finish at 1,613.53.
In Australia -- the Australian Securities Exchange's benchmark index, the S&P/ASX200, crept lower by a paltry 0.2% to close at 4,429.60. But the climbing price of gold helped Australia's largest miner, Newcrest Mining Ltd., reach a price of 31.85 Australia dollars ($26.71) a share, a solid jump of 7.7%.
