Home / Asia / Shanghai bucks Asia trend to arise 0.9%; ASX falls 2%

Shanghai bucks Asia trend to arise 0.9%; ASX falls 2%

The Shanghai multiple bucked a generally downward trend in Asia on Wednesday as vital indexes in Australia, Japan, and Hong Kong all fell.

Analysts forked to a multiple of factors that kept investors skittish, including low oil prices, loath certainty in a ability of executive banks to coax growth, diseased data, and renewed concerns over China’s renminbi.

The Shanghai composite gained 26.23 points, or 0.9 percent, to 2,929.56 while a Shenzhen composite was prosaic during 1,876.47.

The Japanese benchmark Nikkei 225 index retraced waste over 1.7 percent early on to tighten down 136.26 points, or 0.85 percent, during 15,915.79. The broader Topix also pared waste of over 1 percent though finished reduce 6.64 points, or 0.51 percent, to 1,284.53.

Across a Korean Strait, a Kospi finished nearby prosaic during 1,912.53. Hong Kong’s Hang Seng index sealed down 222.33 points, or 1.15 percent, during 19192.45.

Down Under, a SP/ASX 200 extended waste from Tuesday by shutting down 104.56 points, or 2.10 percent, during 4,875.01, with many sectors finishing in a red. The heavily weighted financials zone was down 2.54 percent, appetite fell 3.44 percent, and a materials zone sole off 3.62 percent.

Overnight comments from Saudi Arabia’s oil minister, Ali bin Ibrahim Al-Naimi, dashed hopes for a probable prolongation cut to tackle a tellurian supply bolt and sent already low oil prices reduce still.

“Oil is apparently one of a large pitch factors out there,” pronounced Andrew Sullivan, handling executive for sales trade during Haitong International Securities.

But, Sullivan told CNBC’s “Squawk Box”, “the other vital thing is people are only examination a executive banks and quick entrance to a end that there’s not an awful lot that executive banks can do.”

“And this pierce to disastrous seductiveness rates for a lot of people is indeed a bad thing,” he added.

Article source: http://www.cnbc.com/2016/02/23/asia-stock-markets-to-focus-on-saudi-oil-minister-naimi-comments-at-ceraweek-earnings.html