Yesterday’s OPEC decision on extending production cut by 9 months disappointed markets, oil prices fell by almost 5 percent. A slump in crude weighed on energy shares as most Asian markets headed for a lower finish to the week.
Nikkei 225 closed lower by 0.64 compared to yesterday’s close despite bullish momentum on Wall Street, where 6th consecutive gaining session took US cash indices to new record highs.
Nikkei 225 closed today lower by 0.64 percent as oil prices weighed on energy shares. Source: Bloomberg
Among losers, Unitika Ltd closed lower by 3.66 percent. Today’s biggest gainer in Nikkei 225 was NEC Corporation which owns 49 percent of Automotive Energy Supply Corporation. NEC shares rose as 3.2 percent in Friday on reports of buying 51 percent stake of Nissan Motor Co. in AES by Chinese private equity firm for $1 billion.
Australian ASX200 closed lower today by 0.66 percent on drop in banking sector and miners, with drop in the iron ore futures pushing the index sharply lower. Despite Friday’s drop, index managed to close higher on the week.
On Friday, China stocks reversed earlier losses thanks to blue chip index, CSI300 posting its best week in six moths offsetting Moody’s decision of credit rating cut with a change in outlook from stable to negative.