Asia-Pacific markets struggled for direction on Thursday as oil prices saw volatile trading following yesterday’s 5% jump.
In Japan, the Nikkei 225 gained 70.23 points, or 0.3%, to 28,110.39, adding to its 3% jump from Wednesday.
The Japanese yen traded at 121.57 per U.S. dollar, weaker as compared with levels below 119.7 seen against the greenback earlier in the week.
In Hong Kong, the Hang Seng index declined 208.13 points, or 0.9%, to 21,945.95.
Shares of Chinese tech giant Tencent dropped 5.9% in Hong Kong after the firm on Wednesday posted its slowest revenue growth on record. Tencent also said it is ‘exploring’ a financial holding company for WeChat Pay if required by Chinese regulators.
Other Chinese tech stocks in Hong Kong were also lower, with Alibaba falling 3.2% and NetEase slipping 2.1%.
Bank of Communications International’s Hao Hong said Chinese internet stocks are “very, very cheap” at the moment, citing Alibaba’s recent announcement to up its share buyback program.
Shares in Singapore gained ground as the country’s prime minister on Thursday announced plans to ease COVID restrictions.
Shares of travel-related stocks were up, with Singapore Airlines and Sats — which provides ground-handling and in-flight catering services — jumping more than 3% each.
The Australian dollar changed hands at $0.7474, having risen from below $0.74 earlier this week.
In other markets
In Shanghai, the CSI 300 slid 25.21 points, or 0.6%, to 4,251.31.
In Singapore, the Straits Times Index gained 35.44 points, or 1.1%, to 3,399.70
In Korea, the Kospi index lost 5.39 points, or 0.2%, to 2,729.66.
In Taiwan, the Taiex index dipped 32.31 points, or 0.2%, to 17,699.06.
In New Zealand, the NZX 50 shed 43.39 points, or 0.4%, to 12,017.61.
In Australia, the ASX 200 advanced 9.2 points, or 0.1%, to 7,387.07.
