Canberra, Nov. 19, (dpa-AFX/GNA) – Asian stocks ended mixed on Friday after Japan unveiled a record 56-trillion-yen (490-billion-dollar) stimulus package, but Chinese e-commerce giant Alibaba missed revenue and earnings expectations, heightening worries about Beijing’s broad regulatory crackdown and slowing growth in the world’s second-biggest economy.
Chinese shares rallied after reports that Beijing is likely to introduce more tax and fee reductions that could amount to more than 500 billion yuan (78.31 billion dollars).
The benchmark Shanghai Composite index climbed 39.66 points, or 1.12 percent, to settle at 3,560.37. Hong Kong’s Hang Seng index dropped 269.75 points, or 1.07 percent, to 25,049.97, after Alibaba Group Holding reported disappointing results. Shares of the e-commerce giant plunged 10.7 percent.
Japanese shares advanced after Prime Minister Fumio Kishida announced a fresh stimulus package with spending worth around 56 trillion yen. Investors shrugged off data showing that October consumer inflation eased to an annual 0.1 percent from the previous month’s 0.2 percent.
The Nikkei average inched up 147.21 points, or half a percent, to 29,745.87, while the broader Topix index closed 0.44 percent higher, at 2,044.53.
Chipmaking giants tracked their US peers higher, with Tokyo Electron rallying 3.7 percent. Advantest and Screen Holdings both rose about 1.6 percent after Nvidia beat earnings and sales expectations for the third quarter.
Oil company Inpex Corp jumped 3.2 per cent after a rebound in oil prices. Kubota added 6.2 percent after it agreed to raise its stake in Indian tractor maker Escorts.
SoftBank Group declined 1.9 percent after Alibaba Group, which represents one of Softbank’s largest investments, slashed its forecast for annual revenue growth.
Australian markets eked out modest gains as banks rebounded and US-based investment management company Blackstone launched its third attempt to take over gambling and hotels giant Crown Resorts.
The benchmark S&P/ASX 200 index edged up 17.30 points, or 0.23 percent, to 7,396.50, while the broader All Ordinaries index ended up 16.70 points, or 0.22 percent, at 7,729.90.
Commonwealth Bank rose 0.4 per cent after foraying into the cryptocurrency space, while the other three big banks ended with modest losses. Crown Resorts surged as much as 16.6 percent after Blackstone increased its offer for the troubled casino group.
Miners BHP, Fortescue Metals Group and Rio Tinto rose between 0.8 per cent and 1.1 percent.
Seoul stocks bounced back as foreign and institutional investors went bargain hunting after three days of losses. The Kospi average climbed 23.64 points, or 0.80 percent, to 2,971.02. Technology, automobile and biotechnology stocks led the market advance.
Pharmaceutical giant Samsung Biologics jumped more than 6 percent after the country registered its highest daily jump in Covid-19 cases since the start of the pandemic.
LG Electronics soared 9 percent after reports that Apple Inc is accelerating plans for a battery-powered autonomous vehicle within four years.
Producer prices in South Korea were up 0.8 per cent month-on-month in October, the Bank of Korea said today – accelerating from 0.4 percent in September.
New Zealand shares fell, with the benchmark NZX-50 index closing down 60.21 points, or 0.47 percent, at 12,740.12, as investors weighed the prospects of higher interest rates.
Retirement village owner Ryman Healthcare lost 4.8 percent despite the company reporting a 33-percent lift in its first half profit.
US stocks fluctuated before closing mixed overnight as concerns over inflation and supply chain problems offset latest economic data painting a positive picture of the world’s largest economy. The technology-heavy Nasdaq Composite rose half a percent and the S&P 500 edged up 0.3 percent to reach new record closing highs, while the Dow slipped 0.2 percent.
GNA