Asian markets flat as key bourses close on holidays

Tokyo inched up 0.06%, or 10.21 points, to finish at 17,818.96, while Seoul edged up 0.08%, or 1.55 points, to finish at 1,948.16. 

Shanghai jumped 2.77%, or 85.06 points, to 3,157.60 on turnover of 488.9 billion yuan ($78.52 billion). 

The close marked the highest since November 8, 2010 when the Shanghai index ended at 3,159.51 points. 

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, rose 1.04%, or 14.86 points, to 1,439.48 on turnover of 221.2 billion yuan ($35.57 billion).

Financial stocks lead the increases – Bank of Communications rose by 4% and Industrial and Commercial Bank of China was 3.2% higher.

In Japan, the market largely shrugged off a barrage of fresh Japanese data that provided further evidence of slowdown in the world’s number 3 economy.

The nation’s industrial output suffered a surprise drop in November, turning down after two months of rises. 

Japanese core consumer inflation continued to slow in November, dealing another challenge to Tokyo and the Japanese central bank’s battle to conquer years of deflation.

Taipei rose 0.6%, or 55.37 points, to 9,214.07.

Closed markets

Markets in Hong Kong, Australia, New Zealand, the Philippines and Indonesia were closed Friday for a public holiday.

There was also no overnight guidance from Europe or the US markets, which were closed for Christmas.

Oil prices rose in Asia on Friday as dealers reacted to a surprise Islamist attack on Libya’s main oil terminals that left 22 soldiers dead.

US benchmark West Texas Intermediate for February delivery rose 10 cents to $55.94 in afternoon trade, while Brent for February gained 9 cents to $60.33.

Since fresh clashes between government forces and the jihadists erupted on December 13, Libya’s oil production has dropped to nearly 350,000 barrels per day compared with 800,000 previously, according to industry experts.

Production in Libya, a member of the OPEC oil-producing cartel, has only just started to rise following a prolonged disruption due to civil unrest.

On the currency markets, the greenback was changing hands at 120.25 yen, edging up from 120.14 in Asia on Thursday. 

The euro was mixed at $1.2214 and 146.87 yen, from $1.2216 and 146.78 yen.

Gold was at $1,196.96 an ounce, compared to $1,179.80 late Christmas Eve.

In other markets:

• Mumbai rose 0.12%, or 33.17 points, to end at 27,241.78 points.
• Housing Development Finance Corp gained 1.18% to 1,114.05 rupees, while auto maker Maruti fell 1.31% to 3,330.95 rupees.
• Kuala Lumpur gained 0.84%, or 14.7 points, to 1,764.44.
• Malayan Banking rose 1.66  percent to 9.16 ringgit, while AMMB Holdings went up 0.30% to 6.60 ringgit. 
• Singapore closed up 0.23%, or 7.77 points, to 3,353.68.
• Real estate developer Capitaland gained 0.93% to Sg$3.27 while United Overseas Bank rose 0.49% to Sg$24.48.
• Bangkok gained 0.3%, or 5.52 points, to close at 1,510.41.
• True Corporation lost 2.65%, or 0.3 points, to 11.00 baht, while Kasikorn Bank gained 0.44%, or 1 point, to close at 230.00 baht. – Rappler.com

$1=P44.75