Asia report: Most markets higher, Alibaba slides on China probe

Most markets finished higher on Christmas Eve, as investors watched for developments on the Brexit front, while Alibaba shares slid amid reports that Chinese authorities were set to investigate the company.

In Japan, the Nikkei 225 was up 0.54% at 26,668.35, as the yen weakened 0.1% against the dollar to last trade at JPY 103.67.

Uniqlo owner Fast Retailing rose 1.9%, while among the benchmark’s other major components, robotics specialist Fanuc was down 0.28% and technology giant SoftBank Group lost 1.65%.

The broader Topix index was 0.51% firmer by the end of trading in Tokyo, closing at 1,774.27.

On the mainland, the Shanghai Composite was down 0.57% at 3,363.11, and the smaller, technology-centric Shenzhen Composite lost 1.13% to 2,255.55.

South Korea’s Kospi was 1.7% higher at 2,806.86, while the Hang Seng Index in Hong Kong managed gains of 0.16% to 26,386.56.

Shares in online giant Alibaba were down 8.13% in the special administrative region, after reports that China’s State Administrator for Market Regulation had launched an investigation into the company for alleged monopolistic behaviour.

Bloomberg first reported the news, with Chinese state news outlet Xinhua later confirming it.

Chinese authorities also said they would meet with Alibaba affiliate Ant in a bid to oversee the financial technology company’s operations.

The blue-chip technology stocks were higher in Seoul, with Samsung Electronics up 5.28% and SK Hynix ahead 1.72%.

Sentiment was boosted early in the Asian session by fresh hopes of a deal on the Brexit front, following reports overnight that a deal was all but announced.

Reuters cited a senior European Union diplomat as saying that a deal between the UK and the EU was “imminent”, although by the close of trading in Asia on Thursday, nothing had been officially announced.

Oil prices were lower as the region went to bed, with Brent crude last down 0.33% at $51.03 per barrel, and West Texas Intermediate off 0.31% at $47.97.

In Australia, the S&P/ASX 200 gained 0.33% to 6,664.80, while across the Tasman Sea, New Zealand’s S&P/NZX 50 was ahead 0.14% at 13,037.94.

The down under dollars were both stronger on the greenback, with the Aussie last ahead 0.3% at AUD 1.3159, and the Kiwi advancing 0.27% to NZD 1.4056.