Market Update
Asian stocks ended mixed on Wednesday after Japanese exports data undershot market expectations, despite rising 9.1% in November � the first time in nine months. The data had initially boosted investor confidence in global economic recovery across the region but some bourses failed to hold onto gains.
At 3.45 p.m. (I.S.T) Japan's Nikkei and Bombay's Sensex slipped 0.2%, while China's Shanghai Composite closed down 0.9%. Australia's ASX added 0.1% and Hong Kong's Hang Seng gained 0.2%.
In China, oil producers and refiners outperformed in Hong Kong and Shanghai markets after China's National Development and Reform Commission allowed an increase in fuel prices by 310 yuan per metric ton and diesel by 300 yuan per metric ton, effective Wednesday.
Trading was thin ahead of a holiday in Tokyo on Thursday, while crude oil prices rose more than $90 a barrel for the second consecutive day.
Stocks on The Move
Japanese exporters like Honda ended 0.2% higher but Nissan and Toyota slipped 0.1% and 0.3% respectively. The world's biggest camera maker Canon jumped 1.9% after the Nikkei business daily said the company might post an 84% increase in annual operating profit.
Among Japanese trading companies dealing mainly in commodities shares of Marubeni rose 0.9%. Mitsubishi and Mitsui ended up 0.7%.
Across the region, major banking stocks fell. Shares of Commonwealth Bank of Australia and ANZ Banking fell 0.3%, Westpac Banking lost 0.5% and National Bank of Australia slipped 0.7%.
Miners BHP Billiton and Rio Tinto advanced 0.8% and 0.1%, while Fortescue Metals added 1.2%.
In mainland China, shares of Jiangxi Copper and Aluminum Corp of China, which advanced 2% each earlier in the day, closed up 0.1% and 0.4% respectively, while Yunnan Copper fell 0.2% in Shenzhen.
Shares of Sinopec, officially called China Petroleum & Chemical, were up 2.5%, while PetroChina jumped 0.7%.
Shares of property developers closed mixed. Gemdale dropped 1.1% and Poly Real Estate advanced 2%. The largest publicly traded developer China Vanke slipped 0.9% in Shenzhen.
Banking stocks pulled the Indian benchmark index down. State Bank of India closed flat. HDFC Bank, which had soared 1.5%, snapped gains and ended 1.5% lower.
IT-related firms stumbled with the exception of Infosys Technologies, which advanced 0.2%. Wipro fell 1.4% and Tata Consultancy Services slumped 0.8%.