Markets finish mixed, Asiana Airlines handed lifeline

Markets finish mixed, Asiana Airlines handed lifeline.

Markets in Asia finished in a mixed state on Monday, as sentiment continued to be relatively stable following the release of particularly strong data from China on Friday.

In Japan, the Nikkei 225 was up 1.37% at 22,169.11, as the yen strengthened 0.06% against the dollar to last trade at JPY 111.95.

On the mainland, the Shanghai Composite was 0.34% lower at 3,177.79, and the smaller, technology-heavy Shenzhen Composite slipped 0.84% to 1,723.90.

South Korea’s Kospi was ahead 0.42% at 2,242.88, while the Hang Seng Index in Hong Kong lost 0.33% to settle at 29,810.72.

Asiana Airlines was a big winner in Seoul, soaring 30% after its largest shareholder Kumho Industrial confirmed it would offload its entire stake to help keep the carrier viable.

That came after several weeks of hand-wringing over Asiana’s future, after auditors refused to sign off its 2018 accounts, leading to a series of warnings over its credit ratings.

Affiliates of Asiana Airlines, Air Busan and Asiana IDT, were in the green by 29.94% and 29.78% respectively.

Sentiment in the region was given a boost on Friday, after official Customs data out of China showed dollar-denominated exports were 14.2% higher year-on-year, compared to expectations for a gain of around 7.3%.

Imports failed to reach forecasts, however, reiterating the belief that domestic demand was still not up to scratch.

“Stronger than expected China trade and credit data triggered a risk on move on Friday,” noted National Australia Bank senior foreign exchange strategist Rodrigo Catril.

Oil prices were lower as the region went to bed, with Brent crude last down 0.8% at $70.98 per barrel, and West Texas Intermediate falling 0.87% to $63.34.

In Australia, the S&P/ASX 200 was flat, closing at 6,251.40, with most subindices in the red, although the energy sector was up 0.54% and the hefty financials were 0.39% ahead.

Across the Tasman Sea, New Zealand’s S&P/NZX 50 was ahead 0.8% at 9,846.35, led higher by specialty dairy exporter A2 Milk, which was 4.2% firmer.

The down under dollars were little changed on the greenback, with the Aussie last standing firm at AUD 1.3942, and the Kiwi 0.02% weaker at NZD 1.4791.

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