Asian Shares: Asia's Energy Shares Lower as Oil Price Falls -- Update
29 Dezembro 2015 - 3:29AM
Dow Jones News
By Chao Deng
Shares in Australia led most Asian markets higher by midday
Tuesday, although declines in energy kept a cap on gains.
Australia's S&P ASX 200 was up 0.9% at 5253.70, helped by
consumer staples and discretionary shares, which rose 2.2% and 1.7%
respectively. Banks on the index were also up, by 1.1%.
"We're still pretty range bound" as volumes are light, said
Andrew Sullivan, managing director at Haitong International
Securities. But, these sectors are getting a bit of a boost from
expectations of spending around the holidays, and benefits to banks
from an environment of higher interest rates. Banks can start
charging higher margins when benchmark rates rise. Earlier this
month, the U.S. Federal Reserve increased short-term rates for the
first time in years.
Australian shares are now up for an eighth-straight session,
reopening from Monday when markets there were closed for Boxing
Day.
Elsewhere Tuesday, Hong Kong's Hang Seng Index was up 0.3%, and
the Shanghai Composite Index was up 0.2%. The latter was recovering
from a 2.6% selloff Monday, its worst daily percentage drop in a
month.
The Nikkei Stock Average gained 0.5% and South Korea's Kospi was
flat.
A fresh selloff in oil prices pressured energy shares, although
they recovered slightly in the afternoon.
The sector was down 0.1% in both Australia and Hong Kong. In
Australia, these shares have been some of the worst performing in
Asia in the month to date, down more than 8%.
A global glut of crude oil has contributed to a 30% fall in U.S.
oil prices this year. Last week's respite in oil-price declines
helped lure investors back to the energy sector. But U.S. crude
prices fell again Monday, down 3.4% to $36.81 a barrel.
U.S. stocks slipped overnight, with energy stocks notching some
of the steepest declines, including Chevron Corp. on the Dow Jones
Industrial Average.
Brent crude oil prices were last recovering by 0.1% to $36.67 a
barrel in Asia trade Tuesday.
In China, investors continue to gauge several concerns as the
year winds down: scrutiny by Chinese officials over capital flight
as the economy slows; a potential flood of new shares to the market
next year as China launched a registration-based IPO system; and
possible selling by large Chinese shareholders next year, once
authorities allow them to. A six-month ban on selling by large
shareholders, put in place during July, is set to expire in early
January.
Hong Kong-listed property developer China Vanke Co., whose
management is in the middle of a fight to maintain control of the
company from a group of activist shareholders, said Tuesday that it
had signed an initial agreement to buy a company, without giving
details of the potential target or seller. The move would lead to
an issuance of new shares, which would help Vanke fend off attempts
by the activists, led by Baoneng Group, to buy it.
Shares of the firm remained suspended, having soared 19% this
month through Dec. 18.
Shares of Real Nutriceutical Group Ltd., which has been targeted
by short seller Glaucus Research Group California LLC, were down
3.6% even after the firm said late Monday that its chief executive
had stepped in to support the stock. Shares plunged 16% Monday when
they resumed trading for the first time following a suspension on
Oct. 22. The firm sells nutritional supplements and health
drinks.
Gold prices were up 0.3% at $1071.40 a troy ounce.
Kosaku Narioka contributed to this article.
Write to Chao Deng at Chao.Deng@wsj.com
(END) Dow Jones Newswires
December 29, 2015 00:14 ET (05:14 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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