Asia report: Stocks mixed, Suncity trading halted in Hong Kong

Stocks were mixed at the close in Asia on Thursday, with investors still struggling to decipher the likely impact of the ‘Omicron’ variant of Covid-19.

In Japan, the Nikkei 225 was down 0.47% at 28,725.47, as the yen strengthened 0.13% on the dollar to last trade at JPY 113.52.

Technology giant SoftBank Group jumped 1.06%, while among the benchmark’s other major components, robotics specialist Fanuc was down 1.84% and Uniqlo owner Fast Retailing lost 0.17%.

The broader Topix index ended the session 0.57% weaker at 1,990.79.

On the mainland, the Shanghai Composite was ahead 0.98% at 3,673.04, and the smaller, technology-centric Shenzhen Composite advanced 0.87% to 2,543.16.

South Korea’s Kospi gained 0.93% to 3,029.57, while the Hang Seng Index in Hong Kong was 1.08% firmer at 24,254.86.

Trading in Macau-based casino operator Suncity Group and its subsidiary Summit Ascent Holdings were halted in the special administrative region over a pending announcement.

According to Reuters, the company was possibly defaulting on a loan, after its chief executive officer was arrested in late November over cross-border gambling allegations.

The blue-chip technology stocks were on the front foot in Seoul, with Samsung Electronics up 1.03% and SK Hynix rising 2.92%.

“While European stock markets took a step back yesterday, US stock markets still managed to rise,” said analysts at Rabobank of the mixed fortunes of markets in the last 24 hours.

“The Stoxx 50 lost 1.01%, but the S&P 500 gained 0.31%.

“Asia-Pacific stock markets are mixed this morning, and the 10-year US Treasury yield climbed to 1.54% yesterday, but is moving this morning around 1.50%.”

Oil prices were lower as the region went to bed, with Brent crude last down 0.57% at $75.39 per barrel, and West Texas Intermediate losing 0.36% to $72.10.

In Australia, the S&P/ASX 200 lost 0.28% to 7,384.50, while across the Tasman Sea, New Zealand’s S&P/NZX 50 was 0.75% weaker at 12,771.83.

The down under dollars were both weaker against the greenback, with the Aussie last off 0.32% at AUD 1.3988, and the Kiwi retreating 0.12% to NZD 1.4703.