Asia Mixed

Major Asian markets were mixed by the close on Wednesday, with oil prices continuing to rise. Meanwhile, China released its data on manufacturing activity in the morning.

In Japan, the Nikkei 225 tumbled 21.08 points, or 0.1%, to 28,791.53.

The Japanese yen traded at 110.47 per U.S. dollar, stronger than levels above 110.8 seen earlier in the week.

In Hong Kong, the Hang Seng fell 166.15 points, or 0.6%, to 28,827.95.

China-based drug maker Hutchmed made its debut in Hong Kong, trading around 64.50 Hong Kong dollars ($8.31 U.S.) — up more than 60% from its offer price.

In a Hong Kong exchange filing, China’s biggest bad-debt manager Huarong Asset Management said it cannot estimate when it will publish its 2020 financial results. The firm said “auditors will need more information and time to complete” the audit procedures. It said, however, that failure to provide the results does not constitute a default.

There have been concerns over the creditworthiness of the state-owned firm, which saw its dollar bonds plunge earlier this year. Trading of its shares has been suspended since April 1.

In Korea, tech stocks jumped, with SK Hynix up 2% and LG Electronics rising 1.6%.

Over in Australia, major mining names closed in positive territory, with Rio Tinto jumping 1.3% and Fortescue Metals jumping nearly 1%.

The Australian dollar changed hands at $0.7516, down from levels around 0.758 seen earlier this week.


In Shanghai, the CSI 300 recovered 33.5 points, or 0.7%, to 5,224.04.

Meanwhile, China’s official manufacturing Purchasing Manager’s Index (PMI) grew at a slower clip in June — hit by a resurgence of COVID-19 cases in the major export province of Guangdong that led to port disruptions.

The reading eased to 50.9 in June from 51 in May. The 50-point mark separates growth from contraction.

In other markets

In Singapore, the Straits Times Index restocked 40.97 points, or 1.3% to 3,130.46

The Kospi index in Korea added 10 points, or 0.3%, to 3,296.68.

In Taiwan, the Taiex index leaped 157.27 points, or 0.9%, to 17,555.46

In New Zealand, the NZX 50 moved higher 14.78 points, or 0.1%, to 12,654.61

In Australia, the ASX 200 hiked 11.79 points, or 0.2%, to 7,313.02